Nevada Life and Health License Exam Prep Questions With Complete Solutions(Guaranteed Success)Already Passed!!!

Nevada Life and Health License Exam Prep Questions With Complete Solutions(Guaranteed Success)Already Passed!!! What are the four required elements of an insurance contract? - correct answer...Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - correct answer...General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insurance? - correct answer...At the time of application. When does coverage begin, if the premium was submitted with the application, and the policy was issued two weeks later? - correct answer...At the time of the application. If an agent makes a mistake on the application and then corrects it, who must initial that change? - correct answer...The applicant. Insurers may change what on a guaranteed renewable health insurance polity? - correct answer...The rates by class. At what age may an individual make withdrawals from an HSA for nonhealth purposes without being penalized? - correct answer...At age 65. Which provision states how much time must pass between two like illnesses in order for the second one to be covered under a new set of benefits? - correct answer...Recurrent Disability Provision In forming an insurance contract, when does acceptance occur? - correct answer...When an insurer's underwriter approves coverage What is an important feature of a dental expense insurance plan that is not found in a medical expense insurance plan? - correct answer...Diagnostic and preventive care What best describes the "first-dollar coverage" principle in basic medical insurance? - correct answer...The insured is not required to pay a deductible Occasional visits by what medical professionals will not be covered under Long-Term Care's home health care? - correct answer...Attending physicians Can an individual who belongs to a POS plan use an out-of-network physician? - correct answer...Yes, they can use any physician even if not part of the HMO What is the advantage of reinstating a policy instead of applying for a new one? - correct answer...The original age is used for premium determination What would basic medical expense coverage not cover? - correct answer...Surgeon's services What is not provided by an HMO? - correct answer...Reimbursement What insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? - correct answer...Third-party ownership What is not true about dividends? - correct answer...Dividend amounts are guaranteed in the policy What is not true about Accidental Death and Dismemberment? - correct answer...Death benefits are paid only if death occurs within 24 hours of an accident When would a 20-pay whole life policy endow? - correct answer...When the insured reaches age 100 What section of a health policy that states the causes of eligible loss under which an insurance is assumed to be disabled? - correct answer...Insuring Clause The insurance clause of a disability policy usually states what except? - correct answer...The method of premium payment What best describes annually renewable term insurance? - correct answer...It is level term insurance What best describes an annuity period? - correct answer...Period of time during which accumulated money is converted into income payments What is an eligibility requirement for all Social Security Disability Income benefits? - correct answer...Have attained fully insured status What protects the insured from unintentional policy lapse due to a nonpayment of premium? - correct answer...Automatic premium loan What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association be obligated to pay with respect to life insurance death benefits for one life? - correct answer...$300,000 What is the penalty for transacting insurance without a proper license? - correct answer...$1,000 for each violation What type of misrepresentation persuades an insured to cancel, lapse, or switch policies from one to another? - correct answer...Twisting The patient protection and affordable care act includes what except? - correct answer...Individual tax deduction for premiums paid What entity determines if an advertisement is deceptive of confusing? - correct answer...The Commissioner How many days does a nonresident procedure have to file a change of address when the agent moves to Nevada from another state? - correct answer...30 days What is not considered a misrepresentation? - correct answer...Making comparisons between different policies A producer who has allowed their license to lapse may reinstate the license without retaking the examination within what maximum time period? - correct answer...12 months or 1 year Who is a person, other than a viator, that enters into a viatical settlement? - correct answer...Viatical Settlement Provider How many days after cancellation of a license in another state does a new resident agent have to apply for Nevada producer license without having to fulfill licensing examination and education requirements? - correct answer...90 days What are the three basic types of term life insurance? - correct answer...The three basic types of term life insurance are level, increasing, and decreasing. When would a whole life insurance policy mature? - correct answer...The whole life insurance policy matures when the insured dies or turns 100. Who is an annuitant? - correct answer...The annuitant is the person on whose life expectancy the annuity is written and who receives benefits from the annuity. What constitutes the entire contract? - correct answer...The entire contract constitutes the policy, a copy of application, and any riders or amendments. Which rider allows an insured to purchase additional coverage without evidence of insurability? - correct answer...The Guaranteed Insurability Rider allows an insured to purchase additional coverage without evidence of insurability. What are the three nonforfeiture options? - correct answer...The three nonforfeiture options are reduced paid-up, extended term, and cash surrender value. In group life insurance, who receives the master contract? - correct answer...The employer receives the master contract in group life insurance. What are some examples of qualified retirement plans? - correct answer...Traditional IRA, Roth IRA, SIMPLE, SEP, and 401(k) When would life insurance death benefits be tax free? - correct answer...If paid as a lump sum to the beneficiary What do individuals use to transfer their risk of loss to a larger group? - correct answer...Insurance What is insurance the transfer of? - correct answer...Risk Insurance is a contract by which one seeks to protect another from - correct answer...Loss What type of report provides information about the applicant's hobbies, habits, and financial status? - correct answer...Inspection Report What law protects consumers from the circulation of inaccurate or obsolete information - correct answer...The Fair Credit Reporting Act What term describes the fee a person pays an insurance company to receive coverage? - correct answer...Premium What is the purpose of the agent's report during the application process? - correct answer...The agent's report discusses the agent's personal observations about the proposed insured that may help in the underwriting process. What two elements are necessary for a life insurance contract to have a legal purpose? - correct answer...Insurable interest and consent What does it mean when health insurance contracts are unilateral? - correct answer...Only one party makes a legally enforceable promise How is the information obtained for an investigative consumer report? - correct answer...Through interviews with the applicant's associates, friends, and neighbors