Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED

Nevada Life and Health Exam Questions With100%Verified Solutions A+GRADED Z owns a disability income policy with a 30 day elimination period. Z contracts pneumonia that leaves him unable to work from January 1 until January 15. He then becomes disabled from an accident on February 1 and the disability last until July 1 the same year. She will become eligible to receive benefits starting on? - correct answer...March 1. The elimination period is the period of time between the onset of a disability, and the time you're eligible for benefits. It is best thought of as a deductible. For your policy. After a 30 day elimination. Z will become eligible for receiving benefits on March 1. Which of the following best describes how pre-administration certifications are used? - correct answer...Used to prevent nonessential medical costs. Pre-administration certification is used to prevent unnecessary medical costs When an insurance company sends a policy to the insured with an attached application, the element that makes the application part of the contract between the insured and the insurer is called: - correct answer...Entire Contract provision At the age of 45, an individual with draws $50,000 from his qualified profit-sharing plan and then deposit this amount into a personal savings account. This action would result in: - correct answer...Income tax and a 10% penalty assessed upon funds withdrawn from the qualified plan. The IRS says that withdraws of funds from a profit sharing plan may be subject to a 10% tax penalty in addition to income taxes if they are made before the age of 59 1/2. This same early withdrawal penalty applies to funds taken out of for 401(k) plans and traditional individual retirement accounts. If, at a time of an insured's death, the insurance company discovers that the insured's age was missed stated on the application for life insurance, the company will most likely: - correct answer...Pay the policy proceeds in the amount the premiums would have purchased at the intrudes actual age An insurance company must clearly specify questions design to obtain information solely for marketing research: - correct answer...In any insurance transaction. An insurance company must clearly specify questions designed to obtain information for marketing research in any insurance transaction. What foremost an applicant be provided with prior to policy delivery if it's replacing an existing health policy? - correct answer...Notice regarding replacement. Health insurance application forms must contain a question asking the applicant whether the policy being applied for is intended to replace a health policy currently in force. If so the agent must provide the applicant with a notice regarding replacement prior to delivering the policy. A variable insurance policy: - correct answer...Does not guarantee a return of its investment accounts. In contrast variable insurance products do not guarantee contract cash values, and it is the policy owner who assumes the investment risk. Variable life insurance contracts do not make any promises as to either interest rates or minimum cash values. An individual disability income insurance applicant may be required to submit all the following except: - correct answer...Spouses occupation. In this situation, a spouse is occupation is not necessary for the application Which of the following statements about health reimbursement arrangements (HRA) is correct? - correct answer...If the employee paid for qualified medical expenses, the reimbursement may be tax-free. Under a health reimbursement arrangement, reimbursements may be tax-free if the employee paid for qualified medical expenses What is considered to be a characteristic of conditionally Renewable Health insurance policy? - correct answer...Premiums may increase at time of renewal. A conditionally Renewable Health entrance Paul's he can increase premiums at the time of renewal. What action can policyholder take if an application for a bank loan requires collateral? - correct answer...Assign policy ownership to the bank. A policy owner may assign ownership of a policy to a bank as collateral. One of the stated purposes of the life and health insurance guaranty association is to: - correct answer...Assist in the prevention of insurer insolvencies. One of the stated purposes of the life and health insurance guaranty association is to assist in the prevention of insure insolvencies K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the common disaster clause if K and her husband were both killed in an automotive accident, where would the death proceeds be directed? - correct answer...The daughter. With a common disaster Provision a policy owner can be sure that is both insured and the primary beneficiary die within a short period of time the death benefits will be paid to contingent beneficiary Which of the following types of policies pays a benefit if the insured goes blind? - correct answer...AD&D. An accidental death and dismemberment policy can provide financial benefits if an insured is killed loses limb suffers blindness or is paralyzed in a covered accident. Basic Medical Expense Insurance - correct answer...has lower benefit limits than Major Medical insurance. Basic medical expense insurance typically has lower benefit limits than major medical insurance. The amount of coverage on a group credit life policy is limited to: - correct answer...the insured's total loan value. With a group credit life policy, the amount of insurance on the life of a debtor is limited to the total amount of the insured loan What is a warranty? - correct answer...A warranty is a statement guaranteed to be true Which of the following types of organizations are pre-paid group health plans, we are members paying advance for the services of participating physicians and hospitals that have agreements? - correct answer...HMO A health maintenance organization or HMO is a prepaid group health plan where members paying advance for the services of participating positions and hospitals that have agreements. A characteristic of preferred provider organizations would be: - correct answer...Discounted fees for the patient. Under preferred provider organizations patient fees are discounted in return for using listed providers. The policy owner does not pay the premium by the due date the - correct answer...The policy owner can make a premium payment during the grace period. If the insurance must provide a prospective buyer with a(n): - correct answer...Buyers guide and policy summary