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NV XCEL Exam Questions and
Answers 100% Pass
An incomplete life insurance app submitted to an insurer will result in which of these actions? - ✔✔App
will be returned to the writing agent
Which of the following is an ex of defamation?
(A) Circulating brochures falsely denouncing financial condition of an insurer
(B) Making statements that encourage purchase of term life insurance over whole life
(C) Issuing pamphlets containing false info about term life
(D) Publishing a newsletter that makes reference to reputable brokers in area - ✔✔Circulating brochures
falsely denouncing financial condition of an insurer
Which statement about a whole life policy is correct?
(A) Bene may be changed only w/consent of premium payor
(B) Premiums are flexible
(C) Cash value may be borrowed against
(D) Death benefit can usually be adjusted - ✔✔Cash value may be borrowed against
Who signs a "Notice Regarding Replacement" form when an application is taken for a new life insurance
policy that replaces an existing one?
(A) Beneficiary
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(B) Applicant only
(C) Producer only
(D) Producer and applicant - ✔✔Producer and applicant
Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory
group Term Life plan to all its eligible employees?
(A) Portion of death proceeds are taxable to bene
(B) Portion of premiums paid for by employer may be a tax deduction
(C) Portion of death proceeds are taxable to estate
(D) Portion of premiums paid for by employee may be a tax deduction - ✔✔Portion of premiums paid by
employer may be a tax deduction (In a contributory plan for its share of premium costs)
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term coverage on
himself under the same policy. What kind of policy should Q purchase?
(A) Joint policy
(B) Joint survivor policy
(C) Whole life policy with a guaranteed insurab9ility option
(D) Whole life policy with other insured rider - ✔✔Whole life policy with other insured rider
All of the following are examples of insurance advertisement EXCEPT
(A) A newspaper notice announcing free insurance advice
(B) An employer newsletter announcing the availability of coverage for employees
(C) A direct mail brochure announcing specific insurance plans
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(D) A tv spot announcing an insurance company's new product - ✔✔An employer newsletter announcing
the availability of coverage for employees
Which of these provisions is NOT required in life insurance policies?
(A) Grace period
(B) Free look
(C) Entire contract
(D) Extended term - ✔✔Extended term
Which of the following annuities pay benefits based on units rather than specific dollar amounts?
(A) Flexible annuity
(B) Single premium annuity
(C) Variable annuity
(D) Deferred annuity - ✔✔Variable annuity
NV's 10-day free-look period for life insurance policies begins at the
(A) date of delivery
(B) date of application
(C) date of approval
(D) date of physical exam - ✔✔date of delivery
Which of following is a req to attain a nonres producer license?
(A) Pass special exam for nonres producers
(B) Be licensed as producer in producer's state of domicile
Emily Charlene © 2025, All Rights Reserved.
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(C) Own real estate in NV
(D) Maintain a specific sales quota in res state - ✔✔Be licensed as producer in producer's state of domicile
NV Life & Health insurance guaranty association
(A) Assists in underwriting large policies
(B) is funded by producers through their commissions
(C) is financed by US treasury
(D) is funded by insurance companies through assessments - ✔✔Is funded by insurance companies
through assessments
An individual who has a contract w/an insurance company to represent it is called a
(A) producer
(B) director
(C) administrator
(D) representative - ✔✔Producer
Which action will a life insurance company most likely take if an insured dies & it is discovered that
insured's age was misstated on the app? - ✔✔Pay an amount premiums would have purchased at
insured's actual age
In a qualified retirement plan, the yearly contributions to an employee's account
(A) are restricted to maximum levels set by IRS
(B) are not tax-deductible
(C) are restricted to minimum levels set by IRS
Emily Charlene © 2025, All Rights Reserved.
NV XCEL Exam Questions and
Answers 100% Pass
An incomplete life insurance app submitted to an insurer will result in which of these actions? - ✔✔App
will be returned to the writing agent
Which of the following is an ex of defamation?
(A) Circulating brochures falsely denouncing financial condition of an insurer
(B) Making statements that encourage purchase of term life insurance over whole life
(C) Issuing pamphlets containing false info about term life
(D) Publishing a newsletter that makes reference to reputable brokers in area - ✔✔Circulating brochures
falsely denouncing financial condition of an insurer
Which statement about a whole life policy is correct?
(A) Bene may be changed only w/consent of premium payor
(B) Premiums are flexible
(C) Cash value may be borrowed against
(D) Death benefit can usually be adjusted - ✔✔Cash value may be borrowed against
Who signs a "Notice Regarding Replacement" form when an application is taken for a new life insurance
policy that replaces an existing one?
(A) Beneficiary
Emily Charlene © 2025, All Rights Reserved.
,2|Page
(B) Applicant only
(C) Producer only
(D) Producer and applicant - ✔✔Producer and applicant
Under federal tax laws, what is the tax treatment for an employer providing $50,000 of a contributory
group Term Life plan to all its eligible employees?
(A) Portion of death proceeds are taxable to bene
(B) Portion of premiums paid for by employer may be a tax deduction
(C) Portion of death proceeds are taxable to estate
(D) Portion of premiums paid for by employee may be a tax deduction - ✔✔Portion of premiums paid by
employer may be a tax deduction (In a contributory plan for its share of premium costs)
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term coverage on
himself under the same policy. What kind of policy should Q purchase?
(A) Joint policy
(B) Joint survivor policy
(C) Whole life policy with a guaranteed insurab9ility option
(D) Whole life policy with other insured rider - ✔✔Whole life policy with other insured rider
All of the following are examples of insurance advertisement EXCEPT
(A) A newspaper notice announcing free insurance advice
(B) An employer newsletter announcing the availability of coverage for employees
(C) A direct mail brochure announcing specific insurance plans
Emily Charlene © 2025, All Rights Reserved.
,3|Page
(D) A tv spot announcing an insurance company's new product - ✔✔An employer newsletter announcing
the availability of coverage for employees
Which of these provisions is NOT required in life insurance policies?
(A) Grace period
(B) Free look
(C) Entire contract
(D) Extended term - ✔✔Extended term
Which of the following annuities pay benefits based on units rather than specific dollar amounts?
(A) Flexible annuity
(B) Single premium annuity
(C) Variable annuity
(D) Deferred annuity - ✔✔Variable annuity
NV's 10-day free-look period for life insurance policies begins at the
(A) date of delivery
(B) date of application
(C) date of approval
(D) date of physical exam - ✔✔date of delivery
Which of following is a req to attain a nonres producer license?
(A) Pass special exam for nonres producers
(B) Be licensed as producer in producer's state of domicile
Emily Charlene © 2025, All Rights Reserved.
, 4|Page
(C) Own real estate in NV
(D) Maintain a specific sales quota in res state - ✔✔Be licensed as producer in producer's state of domicile
NV Life & Health insurance guaranty association
(A) Assists in underwriting large policies
(B) is funded by producers through their commissions
(C) is financed by US treasury
(D) is funded by insurance companies through assessments - ✔✔Is funded by insurance companies
through assessments
An individual who has a contract w/an insurance company to represent it is called a
(A) producer
(B) director
(C) administrator
(D) representative - ✔✔Producer
Which action will a life insurance company most likely take if an insured dies & it is discovered that
insured's age was misstated on the app? - ✔✔Pay an amount premiums would have purchased at
insured's actual age
In a qualified retirement plan, the yearly contributions to an employee's account
(A) are restricted to maximum levels set by IRS
(B) are not tax-deductible
(C) are restricted to minimum levels set by IRS
Emily Charlene © 2025, All Rights Reserved.
