Nevadal Lifel andl Healthl Insurancel
Practicel Examl (Latestl 2025/l 2026l
Update)l Questionsl &l Answers|l Gradel A|l
100%l Correctl (Verifiedl Solution)
Q:l Whichl ofl thesel isl anl elementl ofl al Variablel Lifel policy?
Al fixed,l levell premium
Insurerl assumesl thel investmentl risk
Nol investmentl riskl tol thel policyowner
Ratel ofl returnsl arel guaranteed
Answer:
Al fixed,l levell premium
Q:l Dl needsl lifel insurancel thatl providesl coveragel forl onlyl al limitedl amountl ofl timel
whilel alsol payingl thel lowestl possiblel premium.l Whatl kindl ofl policyl isl needed?
Limited-Payl life
Gradel premium
Levell term
Endowment
Answer:
Levell term
Q:l Kl appliesl forl al lifel insurancel policyl onl herselfl andl submitsl thel initiall premiuml
withl thel application.l Shel isl givenl al receiptl byl thel agentl statingl thatl coveragel beginsl
immediatelyl ifl thel applicationl isl approved.l Whatl kindl ofl receiptl wasl used?
Binding
Initiall Premium
Conditional
Contingent
Answer:
Conditional
Q:l Whichl ofl thesel requirel anl offer,l acceptance,l andl consideration?
Warranty
Estoppel
Contract
Representation
,Answer:
Contract
Q:l Inl al Keyl Employeel lifel insurancel policy,l thel third-partyl ownerl canl bel alll ofl thel
following,l Except:l
Applicant
Owner
Payor
Insured
Answer:
Insured
Q:l Rl hadl receivedl fulll disabilityl incomel benefitsl forl 6l months.l Whenl hel returnsl tol
work,l hel isl onlyl ablel tol resumel halfl hisl normall dailyl workload.l Whichl provisionl paysl
reducedl benefitsl tol Rl whilel hel isl notl workingl atl fulll capacity?
Residuall Disability
Recurrentl Disability
Presumptivel Disability
Occupationall Disability
Answer:
Residuall Disability
Q:l Pl isl al fortyl yearl oldl womanl andl wouldl likel tol purchasel anl annuityl thatl willl
providel al lifetimel incomel streaml beginningl atl agel sixty.l Whichl ofl thel followingl didl
shel NOTl buy?
Al straightl lifel deferredl annuity
Al straightl lifel annuity
Anl immediatel annuity
Al deferredl annuity
Answer:
Anl immediatel annuity
Q:l Whichl ofl thel followingl bestl describesl al contingentl beneficiary?
Personl designatedl byl thel insuredl tol receivel policyl proceedsl inl thel eventl thatl thel
primaryl beneficiaryl diesl beforel thel insured
Personl designatedl byl thel primaryl beneficiary'sl executorl tol receivel policyl proceeds
Personl designatedl byl thel statel tol receivel policyl proceedsl inl thel eventl thatl thel primaryl
beneficiaryl dies
Personl designatedl byl thel insurancel companyl tol receivel policyl proceedsl inl thel eventl
thatl thel primaryl beneficiaryl dies
Answer:
,Personl designatedl byl thel insuredl tol receivel policyl proceedsl inl thel eventl thatl thel
primaryl beneficiaryl diesl beforel thel insured
Q:l Whichl Typel ofl Lifel insurancel beneficiaryl requiresl his/herl consentl whenl al changel
ofl beneficiaryl isl attemptedl byl thel policyl owner?
Irrevocablel beneficiary
Tertiaryl beneficiary
Primaryl beneficiary
Revocablel beneficiary
Answer:
Irrevocablel beneficiary
Q:l Whichl ofl thel followingl arel NOTl managedl carel organizations?
Point-of-Servicel planl (POS)
Preferredl Providerl Organizationl (PPO)
Medicall Informationl Bureaul (MIB)
Healthl Maintencel Organizationl (HMO)
Answer:
Medicall Informationl Bureaul (MIB)
Q:l Anl insurerl mustl providel anl insuredl withl claiml formsl withinl __l daysl afterl
receivingl noticel ofl al loss.
5
10
15
20
Answer:
15
Q:l Thel Commissionerl doesl NOTl havel thel powerl to:
subpoenal documents
examinel witnessesl underl oath
incarceratel al producer
inquirel aboutl violationsl ofl thel insurancel laws
Answer:
incarceratel al producer
Q:l Al Limited-Payl Lifel policyl has:
gradedl deathl benefits
nol cashl value
premiuml paymentsl limitedl tol al specifiedl numberl ofl years
, premiuml paymentsl thatl arel paidl tol agel 100
Answer:
premiuml paymentsl limitedl tol al specifiedl numberl ofl years
Q:l Al retirementl planl thatl setsl asidel partl ofl thel company'sl netl incomel forl
distributionsl tol qualifiedl employeesl isl calledl a:
rolloverl plan
403(b)l plan
profit-sharingl plan
salaryl reductionl plan
Answer:
profit-sharingl plan
Q:l Whenl al lifel insurancel policyl exceedsl certainl IRSl tablel values,l thel resultl wouldl
createl whichl ofl thel following?
1035l Exchange
Anl investment
Modifiedl Endowmentl Contractl (MEC)
Endowment
Answer:
Modifiedl Endowmentl Contractl (MEC)
Q:l Whichl ofl thesel isl NOTl al reasonl forl purchasingl lifel insurancel onl thel lifel ofl al
minor?
Ifl bothl parentsl werel tol die,l itl wouldl providel deathl benefitsl tol thel child
Providesl fundsl forl finall expensesl ifl thel childl werel tol die
Providesl livingl benefitsl forl thel child'sl collegel education
Providesl childl withl insurancel now,l inl casel thel childl becomesl uninsurablel later
Answer:
Ifl bothl parentsl werel tol die,l itl wouldl providel deathl benefitsl tol thel child
Q:l Whichl ofl thel followingl typesl ofl healthl coveragel frequentlyl usesl al deductible?
Majorl Medicall policy
Basicl Surgicall policy
Basicl Hospitall policy
Worker'sl Compensation
Answer:
Majorl Medicall policy
Q:l Whatl percentl ofl personall lifel insurancel premiumsl isl usuallyl deductiblel forl federall
incomel taxl purposes?
Practicel Examl (Latestl 2025/l 2026l
Update)l Questionsl &l Answers|l Gradel A|l
100%l Correctl (Verifiedl Solution)
Q:l Whichl ofl thesel isl anl elementl ofl al Variablel Lifel policy?
Al fixed,l levell premium
Insurerl assumesl thel investmentl risk
Nol investmentl riskl tol thel policyowner
Ratel ofl returnsl arel guaranteed
Answer:
Al fixed,l levell premium
Q:l Dl needsl lifel insurancel thatl providesl coveragel forl onlyl al limitedl amountl ofl timel
whilel alsol payingl thel lowestl possiblel premium.l Whatl kindl ofl policyl isl needed?
Limited-Payl life
Gradel premium
Levell term
Endowment
Answer:
Levell term
Q:l Kl appliesl forl al lifel insurancel policyl onl herselfl andl submitsl thel initiall premiuml
withl thel application.l Shel isl givenl al receiptl byl thel agentl statingl thatl coveragel beginsl
immediatelyl ifl thel applicationl isl approved.l Whatl kindl ofl receiptl wasl used?
Binding
Initiall Premium
Conditional
Contingent
Answer:
Conditional
Q:l Whichl ofl thesel requirel anl offer,l acceptance,l andl consideration?
Warranty
Estoppel
Contract
Representation
,Answer:
Contract
Q:l Inl al Keyl Employeel lifel insurancel policy,l thel third-partyl ownerl canl bel alll ofl thel
following,l Except:l
Applicant
Owner
Payor
Insured
Answer:
Insured
Q:l Rl hadl receivedl fulll disabilityl incomel benefitsl forl 6l months.l Whenl hel returnsl tol
work,l hel isl onlyl ablel tol resumel halfl hisl normall dailyl workload.l Whichl provisionl paysl
reducedl benefitsl tol Rl whilel hel isl notl workingl atl fulll capacity?
Residuall Disability
Recurrentl Disability
Presumptivel Disability
Occupationall Disability
Answer:
Residuall Disability
Q:l Pl isl al fortyl yearl oldl womanl andl wouldl likel tol purchasel anl annuityl thatl willl
providel al lifetimel incomel streaml beginningl atl agel sixty.l Whichl ofl thel followingl didl
shel NOTl buy?
Al straightl lifel deferredl annuity
Al straightl lifel annuity
Anl immediatel annuity
Al deferredl annuity
Answer:
Anl immediatel annuity
Q:l Whichl ofl thel followingl bestl describesl al contingentl beneficiary?
Personl designatedl byl thel insuredl tol receivel policyl proceedsl inl thel eventl thatl thel
primaryl beneficiaryl diesl beforel thel insured
Personl designatedl byl thel primaryl beneficiary'sl executorl tol receivel policyl proceeds
Personl designatedl byl thel statel tol receivel policyl proceedsl inl thel eventl thatl thel primaryl
beneficiaryl dies
Personl designatedl byl thel insurancel companyl tol receivel policyl proceedsl inl thel eventl
thatl thel primaryl beneficiaryl dies
Answer:
,Personl designatedl byl thel insuredl tol receivel policyl proceedsl inl thel eventl thatl thel
primaryl beneficiaryl diesl beforel thel insured
Q:l Whichl Typel ofl Lifel insurancel beneficiaryl requiresl his/herl consentl whenl al changel
ofl beneficiaryl isl attemptedl byl thel policyl owner?
Irrevocablel beneficiary
Tertiaryl beneficiary
Primaryl beneficiary
Revocablel beneficiary
Answer:
Irrevocablel beneficiary
Q:l Whichl ofl thel followingl arel NOTl managedl carel organizations?
Point-of-Servicel planl (POS)
Preferredl Providerl Organizationl (PPO)
Medicall Informationl Bureaul (MIB)
Healthl Maintencel Organizationl (HMO)
Answer:
Medicall Informationl Bureaul (MIB)
Q:l Anl insurerl mustl providel anl insuredl withl claiml formsl withinl __l daysl afterl
receivingl noticel ofl al loss.
5
10
15
20
Answer:
15
Q:l Thel Commissionerl doesl NOTl havel thel powerl to:
subpoenal documents
examinel witnessesl underl oath
incarceratel al producer
inquirel aboutl violationsl ofl thel insurancel laws
Answer:
incarceratel al producer
Q:l Al Limited-Payl Lifel policyl has:
gradedl deathl benefits
nol cashl value
premiuml paymentsl limitedl tol al specifiedl numberl ofl years
, premiuml paymentsl thatl arel paidl tol agel 100
Answer:
premiuml paymentsl limitedl tol al specifiedl numberl ofl years
Q:l Al retirementl planl thatl setsl asidel partl ofl thel company'sl netl incomel forl
distributionsl tol qualifiedl employeesl isl calledl a:
rolloverl plan
403(b)l plan
profit-sharingl plan
salaryl reductionl plan
Answer:
profit-sharingl plan
Q:l Whenl al lifel insurancel policyl exceedsl certainl IRSl tablel values,l thel resultl wouldl
createl whichl ofl thel following?
1035l Exchange
Anl investment
Modifiedl Endowmentl Contractl (MEC)
Endowment
Answer:
Modifiedl Endowmentl Contractl (MEC)
Q:l Whichl ofl thesel isl NOTl al reasonl forl purchasingl lifel insurancel onl thel lifel ofl al
minor?
Ifl bothl parentsl werel tol die,l itl wouldl providel deathl benefitsl tol thel child
Providesl fundsl forl finall expensesl ifl thel childl werel tol die
Providesl livingl benefitsl forl thel child'sl collegel education
Providesl childl withl insurancel now,l inl casel thel childl becomesl uninsurablel later
Answer:
Ifl bothl parentsl werel tol die,l itl wouldl providel deathl benefitsl tol thel child
Q:l Whichl ofl thel followingl typesl ofl healthl coveragel frequentlyl usesl al deductible?
Majorl Medicall policy
Basicl Surgicall policy
Basicl Hospitall policy
Worker'sl Compensation
Answer:
Majorl Medicall policy
Q:l Whatl percentl ofl personall lifel insurancel premiumsl isl usuallyl deductiblel forl federall
incomel taxl purposes?
