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NEVADA LIFE AND HEALTH LICENSE EXAM LATEST 2025 ACTUAL
EXAM WITH COMPLETE EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED||
an insurer has discovered a representation on a life policy
application regarding an insureds age. The insured is 10 years
older than he stated on application. what will insurer do regarding
death benefit - ANSWER-pay a reduced death benefit
what provision in a life policy extends coverage beyond the
premium due date? - ANSWER-grace period
When will a contingent beneficiary receive death benefit from a
life insurance policy? - ANSWER-when primary beneficiary dies
before the insured
what happens to the proceeds of a life insurance policy if there is
no named beneficary? - ANSWER-paid to insureds estate
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what type of assignment is used to secure the payment of a debt
with an existing life insurance policy? - ANSWER-collateral
Assignment
is the beneficiary required to have insurable interest in the
insured? - ANSWER-no
what life policy riders allows the company to forgo collecting the
premium if the insured becomes disabled? - ANSWER-waiver of
premium
what are policy dividends? - ANSWER-Return of unused
premiums
what type of beneficiary can be changed at any point by the
policyowner? - ANSWER-revocable
Which of the two types of policy assignments requires transfer of
all ownership rights in the policy to a third party? - ANSWER-
absolute assignment
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what happens to policy cash value under an extended term
nonforfeiture option? - ANSWER-the cash value is converted to
the same face amount as in the whole life policy
when an insurance company use suicide as a defense against
paying a death claim? - ANSWER-when a suicide is committed
within a specified period of the time after the policy is purchased
(usually 2 years)
what type of beneficiary is next in line after the primary -
ANSWER-contingent beneficiary
what is the purpose of the free look period? - ANSWER-to allow
the insured to return the policy for full refund
what would be considered a third party owner? - ANSWER-
individual or an entity who is not the insured
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what type of policy issues a certificate of insurance to the
insureds? - ANSWER-group policy
primary purpose of 401(K) - ANSWER-provide retirement income
what are the characteristics of the group that underwriters will
consider before issuing a group policy? - ANSWER-groups size,
purpose, financial strength and turnover
what qualified plan is suitable for the self employed ? - ANSWER-
HR-10 or Keogh
Why are dividends in life insurance policies not taxable? -
ANSWER-dividends are not considered income for tax purposes;
they are a return of unused premiums
what is the main purpose of the 7 pay test? - ANSWER-To
determine if a life insurance policy is a Modified Endowment
Contract
NEVADA LIFE AND HEALTH LICENSE EXAM LATEST 2025 ACTUAL
EXAM WITH COMPLETE EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED||
an insurer has discovered a representation on a life policy
application regarding an insureds age. The insured is 10 years
older than he stated on application. what will insurer do regarding
death benefit - ANSWER-pay a reduced death benefit
what provision in a life policy extends coverage beyond the
premium due date? - ANSWER-grace period
When will a contingent beneficiary receive death benefit from a
life insurance policy? - ANSWER-when primary beneficiary dies
before the insured
what happens to the proceeds of a life insurance policy if there is
no named beneficary? - ANSWER-paid to insureds estate
,2|Page
what type of assignment is used to secure the payment of a debt
with an existing life insurance policy? - ANSWER-collateral
Assignment
is the beneficiary required to have insurable interest in the
insured? - ANSWER-no
what life policy riders allows the company to forgo collecting the
premium if the insured becomes disabled? - ANSWER-waiver of
premium
what are policy dividends? - ANSWER-Return of unused
premiums
what type of beneficiary can be changed at any point by the
policyowner? - ANSWER-revocable
Which of the two types of policy assignments requires transfer of
all ownership rights in the policy to a third party? - ANSWER-
absolute assignment
,3|Page
what happens to policy cash value under an extended term
nonforfeiture option? - ANSWER-the cash value is converted to
the same face amount as in the whole life policy
when an insurance company use suicide as a defense against
paying a death claim? - ANSWER-when a suicide is committed
within a specified period of the time after the policy is purchased
(usually 2 years)
what type of beneficiary is next in line after the primary -
ANSWER-contingent beneficiary
what is the purpose of the free look period? - ANSWER-to allow
the insured to return the policy for full refund
what would be considered a third party owner? - ANSWER-
individual or an entity who is not the insured
, 4|Page
what type of policy issues a certificate of insurance to the
insureds? - ANSWER-group policy
primary purpose of 401(K) - ANSWER-provide retirement income
what are the characteristics of the group that underwriters will
consider before issuing a group policy? - ANSWER-groups size,
purpose, financial strength and turnover
what qualified plan is suitable for the self employed ? - ANSWER-
HR-10 or Keogh
Why are dividends in life insurance policies not taxable? -
ANSWER-dividends are not considered income for tax purposes;
they are a return of unused premiums
what is the main purpose of the 7 pay test? - ANSWER-To
determine if a life insurance policy is a Modified Endowment
Contract
