©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
Nevada Life & Health Exam Questions And
Answers 2025 Update.
In forming an insurance contract, when does acceptance usually occurs ? - Answer✔when
insurer approves a prepaid application
benefits periods for individually short-term disability policies will usually continue from... -
Answer✔six months to two years
when an employee covered under a health reimbursment account changes employer, the HRA
? - Answer✔stays with the employer
most policies will pay the accident death benefits as long is caused by the accident that occurs
within - Answer✔90 days
which report will provide the underwriter with the information about a consumer's credit ? -
Answer✔consumers report
what's the initial period of time specified in a disability income policy that must pass after the
policy is in force before a loss can be covered ? - Answer✔probationary period
todd has been informed that he has an hernia which requires repair. he researches the cost and
learns his insurance will cover 200 points worth of surgical expenses. each point represents
$10, which it means $2,000 of his surgery be covered by his plan. what system is todd insurance
company is using ? - Answer✔relative value
a participating insurance policy may.... - Answer✔pay dividends to policyowners
an agent makes a mistake on the application and then corrects his mistake by physically
entering the necessary information, who must then initial the change ? - Answer✔the applicant
HIPPAA or health unsurance portability and accountability act, applies to groups of - Answer✔2
or more
which statement is correct concerning the COBRA act of 1985 - Answer✔it covers terminated
employee's and dependants for up to 36 months after a qualifying event
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
a man decides to purchase a $100,000 annually renewable term insurance life policy to provide
additional protection until his children finished college, he discovered that this policy -
Answer✔required a premium increase at each renewal
when a life insurance policy is cancelled and the insured selected the extended term
nonforfeiture option, the cash value will be used to purchase term insurance that has the face
amount of ? - Answer✔equal to the original policy, for as long of a period of time that the cash
value will purchase
ron joins the PPO that is provided by his employer. if ron decides to go to a physician who is not
a PPO provider, what would happens ? - Answer✔the PPO will pay reduced benefits
if a life insurance develops cash value faster than a seven-paywhole life contract, it's a -
Answer✔modified endowment contract
an adjustable life policyowner can.... - Answer✔change the coverage period
what's the purpose of the buyer's guide ? - Answer✔to allow the consumer to compare the
costs of differents policies
what's the purpose of a disclosure statement in life insurance policies ? - Answer✔help
consumers make more informed decisions
a married couple owns a permanent policy which covers both of their lives and pays the face
amount of the policy upon the death of the first. wich policy is that ? - Answer✔joint life policy
the provisions which prevents the insured, from bringing any legal action against the company
for the last 60 days after proof of loss, is known as - Answer✔legal actions
regarding the concept of creditable coverage, the number of days of coverage spent under the
group plan, will be used to reduce the 12-month waiting period for pre-existing conditions
coverage, if the employee does not have a break in coverage of more than.... - Answer✔63 days
which of the following provisions would prevent an insurance company from paying a
reimbursement claim to someone other than the policyowner ? - Answer✔payment of claims
what is "not" correct about the required provisions of a health insurance policy ? -
Answer✔that a reinstated policy provides immediate coverage for an illness
the limits of a health reimbursement account are set by.... - Answer✔the employer
when a replecement is involved, a replacing insurance company is "not" reponsible for.... -
Answer✔providing a copy of the important notice regarding replacement of life insurance to
the applicant
2
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
an individual has just been diagnosed with a quickly-spreading fatal form of cancer, his
oncologist predicts that he will live for 5 months. he applies for individual life insurance. what
risk classification will he most likely receive ? - Answer✔declined
a statements concerning Medicare part B says.. - Answer✔it pays for physician services,
diagnostic test and physical therapy
is a false statement that in a modified endowment contract (MEC).... - Answer✔the
policyowner can receive contributions at any time without been penalized
which rider would not increase the premium for a policyowner ? - Answer✔impairment rider
what entity has the authority to make changes to an insurance policy ? - Answer✔insurer's
executive officer
is incorrect regarding whole life insurance ... - Answer✔that the policy loans are tax-deductible
which rider available in disability income insurance, will provide benefits above the base policy
amount ? - Answer✔multiple indemnity rider
julie pays for her life insurance annually. until now she has collected an non-taxable dividend
check each year. julie has decided that she would rather use the dividends to help pay for her
next premium, what option would allow her to do this ? - Answer✔reduction of premium
option
an agent tries to sell insurance to an applicant who appears to be confused but is eventually
able to give enough info for the applicationto be completed. after the policy was issued the
agent talked to the insured's family and they explained that the insured was recovering from a
surgery and might have been under the influence of meds at the time of application. what
happen then ? - Answer✔the policy may be voided if it can be proven that the applicant was
not capable of making a buying decision at the time of the application
donald purchase a life insurance from company. the agent told him that depending upon the
company's investements and expense factor the cash value could be more or less than those
show in the policy at issue time. donald policy is.. - Answer✔interest-sensitive whole life
how long does an insurer have to contest fraudulent misstatements made in a health insurance
application ? - Answer✔as long as the policy is in force
what is "not" a feature of a non-cancelable policy ? - Answer✔that the insurer may terminate
the contract only at renewal for certain conditions
what best defines target premium in a universal policy ? - Answer✔the recommended amount
to keep the policy en force throughout it's lifetime
3
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
a license agent in utha want to become a nonresident agent in nevada in the same line of
insurance, considering that all requirements are met, what is more likely to happen ? -
Answer✔the division will waive education and examination requirements
after a person's employment is terminated, it's possible to obtain individual health insurance,
after loosing the group health coverage provided by the employer, which of the following is
"not" true ? - Answer✔A) the employee can convert from group to individual withing 31 days of
termination
B)the premium of the individual health policy can be higher than the original policy
*C)by law, the new individual policy must provide the same benefits as the group insurance
policy, that is not true.
what type of individual may act as a producer without a license? - Answer✔an insurer company
president who is solely responsible for the administration of the company
on it's advertisement, a company claims that it has funds in its possession that are, in fact, no
available for the payment of losses of claims. the company is guilty of... -
Answer✔misrepresentation
for the purpose of determining its financial condition, fulfillment of its contractual obligations
and compliance with nevada law, the commissioner will examine affairs of each insurer as often
as deemed necessary. each domestic insurer must be examined at least - Answer✔every 5
years
what provides specific information about the products that an insurer is offering and must be
left with a prospective insured at the time of the application ? - Answer✔policy summary
what type of insurance company is an incorporated insurer without capital stock or shares ? -
Answer✔mutual insurer
what's the penalty for transacting insurance without a proper license? - Answer✔$1,000
how many hours of approved continued education within a 3 year period are required ? -
Answer✔30 hours
how many consecutive months of coverage(other than in an acute care unit of a hospital) does
LTC insurance cover in Nevada ? - Answer✔24 months
existing insurers must provide policyowners with a policy summary for the existing life
insurance within how many days of receiving the written communication of replacement ? -
Answer✔20 days
4
Nevada Life & Health Exam Questions And
Answers 2025 Update.
In forming an insurance contract, when does acceptance usually occurs ? - Answer✔when
insurer approves a prepaid application
benefits periods for individually short-term disability policies will usually continue from... -
Answer✔six months to two years
when an employee covered under a health reimbursment account changes employer, the HRA
? - Answer✔stays with the employer
most policies will pay the accident death benefits as long is caused by the accident that occurs
within - Answer✔90 days
which report will provide the underwriter with the information about a consumer's credit ? -
Answer✔consumers report
what's the initial period of time specified in a disability income policy that must pass after the
policy is in force before a loss can be covered ? - Answer✔probationary period
todd has been informed that he has an hernia which requires repair. he researches the cost and
learns his insurance will cover 200 points worth of surgical expenses. each point represents
$10, which it means $2,000 of his surgery be covered by his plan. what system is todd insurance
company is using ? - Answer✔relative value
a participating insurance policy may.... - Answer✔pay dividends to policyowners
an agent makes a mistake on the application and then corrects his mistake by physically
entering the necessary information, who must then initial the change ? - Answer✔the applicant
HIPPAA or health unsurance portability and accountability act, applies to groups of - Answer✔2
or more
which statement is correct concerning the COBRA act of 1985 - Answer✔it covers terminated
employee's and dependants for up to 36 months after a qualifying event
1
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
a man decides to purchase a $100,000 annually renewable term insurance life policy to provide
additional protection until his children finished college, he discovered that this policy -
Answer✔required a premium increase at each renewal
when a life insurance policy is cancelled and the insured selected the extended term
nonforfeiture option, the cash value will be used to purchase term insurance that has the face
amount of ? - Answer✔equal to the original policy, for as long of a period of time that the cash
value will purchase
ron joins the PPO that is provided by his employer. if ron decides to go to a physician who is not
a PPO provider, what would happens ? - Answer✔the PPO will pay reduced benefits
if a life insurance develops cash value faster than a seven-paywhole life contract, it's a -
Answer✔modified endowment contract
an adjustable life policyowner can.... - Answer✔change the coverage period
what's the purpose of the buyer's guide ? - Answer✔to allow the consumer to compare the
costs of differents policies
what's the purpose of a disclosure statement in life insurance policies ? - Answer✔help
consumers make more informed decisions
a married couple owns a permanent policy which covers both of their lives and pays the face
amount of the policy upon the death of the first. wich policy is that ? - Answer✔joint life policy
the provisions which prevents the insured, from bringing any legal action against the company
for the last 60 days after proof of loss, is known as - Answer✔legal actions
regarding the concept of creditable coverage, the number of days of coverage spent under the
group plan, will be used to reduce the 12-month waiting period for pre-existing conditions
coverage, if the employee does not have a break in coverage of more than.... - Answer✔63 days
which of the following provisions would prevent an insurance company from paying a
reimbursement claim to someone other than the policyowner ? - Answer✔payment of claims
what is "not" correct about the required provisions of a health insurance policy ? -
Answer✔that a reinstated policy provides immediate coverage for an illness
the limits of a health reimbursement account are set by.... - Answer✔the employer
when a replecement is involved, a replacing insurance company is "not" reponsible for.... -
Answer✔providing a copy of the important notice regarding replacement of life insurance to
the applicant
2
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
an individual has just been diagnosed with a quickly-spreading fatal form of cancer, his
oncologist predicts that he will live for 5 months. he applies for individual life insurance. what
risk classification will he most likely receive ? - Answer✔declined
a statements concerning Medicare part B says.. - Answer✔it pays for physician services,
diagnostic test and physical therapy
is a false statement that in a modified endowment contract (MEC).... - Answer✔the
policyowner can receive contributions at any time without been penalized
which rider would not increase the premium for a policyowner ? - Answer✔impairment rider
what entity has the authority to make changes to an insurance policy ? - Answer✔insurer's
executive officer
is incorrect regarding whole life insurance ... - Answer✔that the policy loans are tax-deductible
which rider available in disability income insurance, will provide benefits above the base policy
amount ? - Answer✔multiple indemnity rider
julie pays for her life insurance annually. until now she has collected an non-taxable dividend
check each year. julie has decided that she would rather use the dividends to help pay for her
next premium, what option would allow her to do this ? - Answer✔reduction of premium
option
an agent tries to sell insurance to an applicant who appears to be confused but is eventually
able to give enough info for the applicationto be completed. after the policy was issued the
agent talked to the insured's family and they explained that the insured was recovering from a
surgery and might have been under the influence of meds at the time of application. what
happen then ? - Answer✔the policy may be voided if it can be proven that the applicant was
not capable of making a buying decision at the time of the application
donald purchase a life insurance from company. the agent told him that depending upon the
company's investements and expense factor the cash value could be more or less than those
show in the policy at issue time. donald policy is.. - Answer✔interest-sensitive whole life
how long does an insurer have to contest fraudulent misstatements made in a health insurance
application ? - Answer✔as long as the policy is in force
what is "not" a feature of a non-cancelable policy ? - Answer✔that the insurer may terminate
the contract only at renewal for certain conditions
what best defines target premium in a universal policy ? - Answer✔the recommended amount
to keep the policy en force throughout it's lifetime
3
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED 8:10PM.
a license agent in utha want to become a nonresident agent in nevada in the same line of
insurance, considering that all requirements are met, what is more likely to happen ? -
Answer✔the division will waive education and examination requirements
after a person's employment is terminated, it's possible to obtain individual health insurance,
after loosing the group health coverage provided by the employer, which of the following is
"not" true ? - Answer✔A) the employee can convert from group to individual withing 31 days of
termination
B)the premium of the individual health policy can be higher than the original policy
*C)by law, the new individual policy must provide the same benefits as the group insurance
policy, that is not true.
what type of individual may act as a producer without a license? - Answer✔an insurer company
president who is solely responsible for the administration of the company
on it's advertisement, a company claims that it has funds in its possession that are, in fact, no
available for the payment of losses of claims. the company is guilty of... -
Answer✔misrepresentation
for the purpose of determining its financial condition, fulfillment of its contractual obligations
and compliance with nevada law, the commissioner will examine affairs of each insurer as often
as deemed necessary. each domestic insurer must be examined at least - Answer✔every 5
years
what provides specific information about the products that an insurer is offering and must be
left with a prospective insured at the time of the application ? - Answer✔policy summary
what type of insurance company is an incorporated insurer without capital stock or shares ? -
Answer✔mutual insurer
what's the penalty for transacting insurance without a proper license? - Answer✔$1,000
how many hours of approved continued education within a 3 year period are required ? -
Answer✔30 hours
how many consecutive months of coverage(other than in an acute care unit of a hospital) does
LTC insurance cover in Nevada ? - Answer✔24 months
existing insurers must provide policyowners with a policy summary for the existing life
insurance within how many days of receiving the written communication of replacement ? -
Answer✔20 days
4
