Nevada Life and Health License Exam
Prep Questions WITH Answers
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.
- 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
- 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
- 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
- How many days does a nonresident procedure have to file a change of
address when the agent moves to Nevada from another state? - -30 days
- What is not considered a misrepresentation? - -Making comparisons
between different policies
- A producer who has allowed their license to lapse may reinstate the license
without retaking the examination within what maximum time period? - -12
months or 1 year
- Who is a person, other than a viator, that enters into a viatical settlement?
- -Viatical Settlement Provider
- How many days after cancellation of a license in another state does a new
resident agent have to apply for Nevada producer license without having to
fulfill licensing examination and education requirements? - -90 days
- What are the three basic types of term life insurance? - -The three basic
types of term life insurance are level, increasing, and decreasing.
- When would a whole life insurance policy mature? - -The whole life
insurance policy matures when the insured dies or turns 100.
- Who is an annuitant? - -The annuitant is the person on whose life
expectancy the annuity is written and who receives benefits from the
annuity.
- What constitutes the entire contract? - -The entire contract constitutes the
policy, a copy of application, and any riders or amendments.
- Which rider allows an insured to purchase additional coverage without
evidence of insurability? - -The Guaranteed Insurability Rider allows an
insured to purchase additional coverage without evidence of insurability.
Prep Questions WITH Answers
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.
- 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
- 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
- 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
- How many days does a nonresident procedure have to file a change of
address when the agent moves to Nevada from another state? - -30 days
- What is not considered a misrepresentation? - -Making comparisons
between different policies
- A producer who has allowed their license to lapse may reinstate the license
without retaking the examination within what maximum time period? - -12
months or 1 year
- Who is a person, other than a viator, that enters into a viatical settlement?
- -Viatical Settlement Provider
- How many days after cancellation of a license in another state does a new
resident agent have to apply for Nevada producer license without having to
fulfill licensing examination and education requirements? - -90 days
- What are the three basic types of term life insurance? - -The three basic
types of term life insurance are level, increasing, and decreasing.
- When would a whole life insurance policy mature? - -The whole life
insurance policy matures when the insured dies or turns 100.
- Who is an annuitant? - -The annuitant is the person on whose life
expectancy the annuity is written and who receives benefits from the
annuity.
- What constitutes the entire contract? - -The entire contract constitutes the
policy, a copy of application, and any riders or amendments.
- Which rider allows an insured to purchase additional coverage without
evidence of insurability? - -The Guaranteed Insurability Rider allows an
insured to purchase additional coverage without evidence of insurability.
