Nevadal Lifel andl Healthl Insurancel Studyl
Guidel (Latestl 2025/l 2026l Update)l
Questionsl &l Answers|l Gradel A|l 100%l
Correctl (Verifiedl Solution)
Q:l Entirel Contractl Provision
Answer:
Provisionl inl lifel insurancel policyl statesl thatl thel applicationl isl consideredl partl ofl thel
contract.
Q:l ERISAl (Employmentl Retirementl Incomel Securityl Act)
Answer:
Thel primaryl purposel ofl ERISAl isl tol regulatel andl protectl thosel enrolledl inl retirementl
andl groupl healthl plans.
Q:l Majorl Medicall Policy
Answer:
Frequentlyl usesl al deductiblel andl coinsurancel withl al lifetimel limitl onl healthl insurance.
Q:l Whilel inl thel processl ofl convertingl herl groupl lifel insurancel tol anl individuall
policy,l dies.l Whatl happensl tol thel claiml herl beneficiaryl submits?
Answer:
Fulll benefitsl arel payablel underl thel Masterl Contractl (thel originall contract)
,Q:l Anl insurancel companyl MUSTl clearlyl specifyl questionsl designedl tol obtainl
informationl solelyl forl marketingl researchl inl ?
Answer:
Anyl insurancel transaction
Q:l L,l agedl 50,l andl L'sl spouse,l 48,l havel onel naturall childl andl onel adoptedl child.l
Theyl purchasel al Familyl Policyl thatl coversl L'sl spousel tol agel 65.l Al deathl benefitl willl
NOTl bel paidl inl whichl ofl thel followingl circumstances?
Answer:
L'sl spousel diesl atl agel 66l (thel coveragel isl upl tol agel 65)
Q:l Al 55l yearl oldl recentlyl receivedl al $30,000l distributionl froml al previousl employer'sl
401l kl plan,l minusl $6,000l withholding.l Whichl federall taxesl applyl ifl onel ofl thel fundsl
werel rolledl overl ?
Answer:
Incomel taxesl plusl al 10%l penaltyl taxl onl $30,000l
Alll withdrawalsl froml al qualifiedl retirementl planl arel taxablel asl currentl income.l Inl
addition,l anyl withdrawalsl madel beforel thel agel 59l 1/2l isl subjectl tol anl additionall taxl
penaltyl ofl 10%l ofl thel amountl withdrawn.
Q:l Levell Terml Insurance
Answer:
,Writtenl tol coverl al needl forl al specifiedl periodl ofl timel atl thel lowestl premium
Q:l Companiesl inl Northl Carolinal mayl transactl solicitationsl forl insurancel ONLYl
through:
Answer:
Licensedl producers
Q:l Al correctl statementl aboutl thel regulatoryl authorityl ofl thel Commissionerl withl
respectl tol thel insurancel producersl isl thatl thel Commissionerl may:
Answer:
Establishl guidelinesl forl continuingl educationl asl al partl ofl thel producerl licensel renewall
procedure.
Q:l Insurancel contractsl arel knownl asl _________l becausel certainl futurel conditionsl orl
actsl mustl occurl beforel anyl claimsl canl bel paid.
Answer:
Conditional.
Q:l Misstatementl ofl Age
Answer:
Requiresl thatl ifl thel agel ofl thel insuredl isl misstated,l thenl anyl amountl payablel isl anl
amountl thatl thel premiumsl paidl wouldl havel purchasedl atl thel currentl agel orl ages.
, Q:l Anl employeel withl $25,000l groupl termsl lifel coveragel wasl recentlyl fired.l Thisl
employeesl groupl coveragel mayl bel convertedl tol al ?
Answer:
$25,000l individuall wholel lifel policyl (templ tol perm)
Q:l Ifl al producerl determinesl thatl thel salesl ofl thel Medicarel Supplementl policyl
involvesl replacement,l thel producerl mustl takesl alll ofl thel followingl actions,l EXCEPT:
Answer:
Notifyl thel replacedl insurancel company
Q:l Al writtenl agreementl tol providel Lifel insurancel Policyl holderl immediatel cashl inl
exchangel forl thel salel andl transferl ofl al Lifel Insurancel Policyl isl a?
Answer:
Viaticall Settlementl
"Cashl forl thel salel andl transfer"
Q:l Whatl isl thel primaryl factorl thatl determinesl thel benefitsl paidl underl al disabilityl
incomel policy?
Answer:
Wages.l
Factorl determiningl thel benefitl amountl paidl underl al disabilityl incomel policyl isl wages.
Q:l Modifiedl Wholel Life
Guidel (Latestl 2025/l 2026l Update)l
Questionsl &l Answers|l Gradel A|l 100%l
Correctl (Verifiedl Solution)
Q:l Entirel Contractl Provision
Answer:
Provisionl inl lifel insurancel policyl statesl thatl thel applicationl isl consideredl partl ofl thel
contract.
Q:l ERISAl (Employmentl Retirementl Incomel Securityl Act)
Answer:
Thel primaryl purposel ofl ERISAl isl tol regulatel andl protectl thosel enrolledl inl retirementl
andl groupl healthl plans.
Q:l Majorl Medicall Policy
Answer:
Frequentlyl usesl al deductiblel andl coinsurancel withl al lifetimel limitl onl healthl insurance.
Q:l Whilel inl thel processl ofl convertingl herl groupl lifel insurancel tol anl individuall
policy,l dies.l Whatl happensl tol thel claiml herl beneficiaryl submits?
Answer:
Fulll benefitsl arel payablel underl thel Masterl Contractl (thel originall contract)
,Q:l Anl insurancel companyl MUSTl clearlyl specifyl questionsl designedl tol obtainl
informationl solelyl forl marketingl researchl inl ?
Answer:
Anyl insurancel transaction
Q:l L,l agedl 50,l andl L'sl spouse,l 48,l havel onel naturall childl andl onel adoptedl child.l
Theyl purchasel al Familyl Policyl thatl coversl L'sl spousel tol agel 65.l Al deathl benefitl willl
NOTl bel paidl inl whichl ofl thel followingl circumstances?
Answer:
L'sl spousel diesl atl agel 66l (thel coveragel isl upl tol agel 65)
Q:l Al 55l yearl oldl recentlyl receivedl al $30,000l distributionl froml al previousl employer'sl
401l kl plan,l minusl $6,000l withholding.l Whichl federall taxesl applyl ifl onel ofl thel fundsl
werel rolledl overl ?
Answer:
Incomel taxesl plusl al 10%l penaltyl taxl onl $30,000l
Alll withdrawalsl froml al qualifiedl retirementl planl arel taxablel asl currentl income.l Inl
addition,l anyl withdrawalsl madel beforel thel agel 59l 1/2l isl subjectl tol anl additionall taxl
penaltyl ofl 10%l ofl thel amountl withdrawn.
Q:l Levell Terml Insurance
Answer:
,Writtenl tol coverl al needl forl al specifiedl periodl ofl timel atl thel lowestl premium
Q:l Companiesl inl Northl Carolinal mayl transactl solicitationsl forl insurancel ONLYl
through:
Answer:
Licensedl producers
Q:l Al correctl statementl aboutl thel regulatoryl authorityl ofl thel Commissionerl withl
respectl tol thel insurancel producersl isl thatl thel Commissionerl may:
Answer:
Establishl guidelinesl forl continuingl educationl asl al partl ofl thel producerl licensel renewall
procedure.
Q:l Insurancel contractsl arel knownl asl _________l becausel certainl futurel conditionsl orl
actsl mustl occurl beforel anyl claimsl canl bel paid.
Answer:
Conditional.
Q:l Misstatementl ofl Age
Answer:
Requiresl thatl ifl thel agel ofl thel insuredl isl misstated,l thenl anyl amountl payablel isl anl
amountl thatl thel premiumsl paidl wouldl havel purchasedl atl thel currentl agel orl ages.
, Q:l Anl employeel withl $25,000l groupl termsl lifel coveragel wasl recentlyl fired.l Thisl
employeesl groupl coveragel mayl bel convertedl tol al ?
Answer:
$25,000l individuall wholel lifel policyl (templ tol perm)
Q:l Ifl al producerl determinesl thatl thel salesl ofl thel Medicarel Supplementl policyl
involvesl replacement,l thel producerl mustl takesl alll ofl thel followingl actions,l EXCEPT:
Answer:
Notifyl thel replacedl insurancel company
Q:l Al writtenl agreementl tol providel Lifel insurancel Policyl holderl immediatel cashl inl
exchangel forl thel salel andl transferl ofl al Lifel Insurancel Policyl isl a?
Answer:
Viaticall Settlementl
"Cashl forl thel salel andl transfer"
Q:l Whatl isl thel primaryl factorl thatl determinesl thel benefitsl paidl underl al disabilityl
incomel policy?
Answer:
Wages.l
Factorl determiningl thel benefitl amountl paidl underl al disabilityl incomel policyl isl wages.
Q:l Modifiedl Wholel Life
