Nevada Life and Health License Exam
Prep Questions and Answers 100%
Solved
What are the four required elements of an insurance contract? -
✔✔Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? - ✔✔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? - ✔✔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? - ✔✔At the time of
the application.
If an agent makes a mistake on the application and then corrects it, who
must initial that change? - ✔✔The applicant.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Insurers may change what on a guaranteed renewable health insurance
polity? - ✔✔The rates by class.
At what age may an individual make withdrawals from an HSA for
nonhealth purposes without being penalized? - ✔✔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? - ✔✔Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? -
✔✔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? - ✔✔Diagnostic and
preventive care
What best describes the "first-dollar coverage" principle in basic medical
insurance? - ✔✔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? - ✔✔Attending physicians
Can an individual who belongs to a POS plan use an out-of-network
physician? - ✔✔Yes, they can use any physician even if not part of the
HMO
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,What is the advantage of reinstating a policy instead of applying for a new
one? - ✔✔The original age is used for premium determination
What would basic medical expense coverage not cover? - ✔✔Surgeon's
services
What is not provided by an HMO? - ✔✔Reimbursement
What insurance arrangements will be appropriate for a parent buying a life
insurance policy on a child where the parent is the policyowner? - ✔✔Third-
party ownership
What is not true about dividends? - ✔✔Dividend amounts are guaranteed
in the policy
What is not true about Accidental Death and Dismemberment? - ✔✔Death
benefits are paid only if death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? - ✔✔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? - ✔✔Insuring Clause
The insurance clause of a disability policy usually states what except? -
✔✔The method of premium payment
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, What best describes annually renewable term insurance? - ✔✔It is level
term insurance
What best describes an annuity period? - ✔✔Period of time during which
accumulated money is converted into income payments
What is an eligibility requirement for all Social Security Disability Income
benefits? - ✔✔Have attained fully insured status
What protects the insured from unintentional policy lapse due to a
nonpayment of premium? - ✔✔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? - ✔✔$300,000
What is the penalty for transacting insurance without a proper license? -
✔✔$1,000 for each violation
What type of misrepresentation persuades an insured to cancel, lapse, or
switch policies from one to another? - ✔✔Twisting
The patient protection and affordable care act includes what except? -
✔✔Individual tax deduction for premiums paid
What entity determines if an advertisement is deceptive of confusing? -
✔✔The Commissioner
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Prep Questions and Answers 100%
Solved
What are the four required elements of an insurance contract? -
✔✔Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? - ✔✔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? - ✔✔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? - ✔✔At the time of
the application.
If an agent makes a mistake on the application and then corrects it, who
must initial that change? - ✔✔The applicant.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Insurers may change what on a guaranteed renewable health insurance
polity? - ✔✔The rates by class.
At what age may an individual make withdrawals from an HSA for
nonhealth purposes without being penalized? - ✔✔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? - ✔✔Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? -
✔✔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? - ✔✔Diagnostic and
preventive care
What best describes the "first-dollar coverage" principle in basic medical
insurance? - ✔✔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? - ✔✔Attending physicians
Can an individual who belongs to a POS plan use an out-of-network
physician? - ✔✔Yes, they can use any physician even if not part of the
HMO
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,What is the advantage of reinstating a policy instead of applying for a new
one? - ✔✔The original age is used for premium determination
What would basic medical expense coverage not cover? - ✔✔Surgeon's
services
What is not provided by an HMO? - ✔✔Reimbursement
What insurance arrangements will be appropriate for a parent buying a life
insurance policy on a child where the parent is the policyowner? - ✔✔Third-
party ownership
What is not true about dividends? - ✔✔Dividend amounts are guaranteed
in the policy
What is not true about Accidental Death and Dismemberment? - ✔✔Death
benefits are paid only if death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? - ✔✔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? - ✔✔Insuring Clause
The insurance clause of a disability policy usually states what except? -
✔✔The method of premium payment
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, What best describes annually renewable term insurance? - ✔✔It is level
term insurance
What best describes an annuity period? - ✔✔Period of time during which
accumulated money is converted into income payments
What is an eligibility requirement for all Social Security Disability Income
benefits? - ✔✔Have attained fully insured status
What protects the insured from unintentional policy lapse due to a
nonpayment of premium? - ✔✔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? - ✔✔$300,000
What is the penalty for transacting insurance without a proper license? -
✔✔$1,000 for each violation
What type of misrepresentation persuades an insured to cancel, lapse, or
switch policies from one to another? - ✔✔Twisting
The patient protection and affordable care act includes what except? -
✔✔Individual tax deduction for premiums paid
What entity determines if an advertisement is deceptive of confusing? -
✔✔The Commissioner
4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
