Nevada Life Accident Health Insurance Exam COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS 2025

Health care accounts and Dependent care accounts - -What are the 2 types of Flexible Spending Accounts? Cash value is guaranteed - -Concerning a Whole Life Policy, which of the following statements is correct? Unearned premiums are retained by the insurance company - -According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT Assets - -In a replacement situation, all of the following must be considered EXCEPT Be licensed as a life insurance producer - -For an agent to sell continuous care coverage, the agent must meet all of the following requirements EXCEPT Insurance consultant - -Which of the following licensees are not compensated directly related to the amount of insurance sold? 3 Hours - -Producers must complete how many hours of continuing education on the subject of ethics every licensing period? The more liberal "own occupation" - -Which of the following definitions would make it easier to qualify for total disability benefits? Plan A - -Which of the following must be present in all Medicare supplement plans? Premium receipt - -Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a Renewal provision - -Which health insurance provision describes the insured's right to cancel coverage? Increasing Term - -What type of insurance would be used for a Return of Premium rider? Recurrent disability - -When an insurer combines two periods of disability into one, the insured must have suffered a NEVADA NEVADA It is designed to pay on a first dollar of expense basis - -Which of the following is NOT true of a major-medical health insurance policy? They earn lower interest rates than fixed annuities - -Which of the following is NOT true regarding Equity Indexed Annuities? Individual members of the group may select the level of benefits for their own coverage - -Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT High-deductible health plan - -To be eligible for a Health Savings Account, an individual must be covered by a Face amount - -Which policy component decreases in decreasing term insurance? Acute care in a hospital - -Which of the following is NOT covered under a long-term care policy? Term rider - -Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members? Deferred - -An individual has been making periodic premium payments on an annuity. The annuity income payments are schedules to begin after 1 year since the annuity was purchased what type of annuity is it? Daily care by medical personnel - -What amount of care is provided in LTC's intermediate care? $500,000 - -What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association may be obligated to pay with respect to major medical insurance for one life? 1 year - -A life producer applying for a viatical settlement broker license may be exempt from the prelicensing education and examination requirement if the producer has held an active life license for at least how many years? The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive - -An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? Increasing term - -What type of insurance would be used for a Return of Premium rider? Survivor protection - -A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely NEVADA NEVADA The benefit received is tax free - -A corporation is the owner of the beneficiary of the key persion life policy. If the corporation collect the policy benefit, then Attained age - -The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's renewal provision - -Which health insurance provision describes the insured's right to cancel coverage? Impairment rider - -Which of the following riders would NOT increase the premium for a policyowner? Brokers do not need to be appointed - -Which of the following is true regarding insurance company appointment for a broker? Provider - -Who is a person, other than a viator, that enters into a viatical settlement contract? FINRA - -An agent selling variable annuities must be registered with Whole life - -An insured bought a policy 20 years ago. The policy stated that 20 years later the cash value would be $480 per $1,000 of coverage. What type of policy does the insured have? Loan values and retirement income - -What are the "living benefits" of whole life insurance? The premiums are invested in the insurer's general account - -All of the following are true about variable products EXCEPT Annuitization period - -In an annuity, the accumulated money is converted into a stream of income during which time period? It is designed to pay on a first dollar expense basis - -Which of the following is NOT true of a major-medical health insurance policy? Relative value - -Todd has been informed that he has a hernia which requires repair. When Todd researches the cost, he learns that his insurance plan will cover 200 points worth of surgical expenses. Each point represents $10, which means that $2000 of his surgery will be covered by his insurance plan. What system is Todd's insurance company using? The attending physician will be paid a fee for service, but the member patient will have to pay a higher coinsurance amount. - -What happens if a non-member physician is utilized under the Point-Of-Service plan? NEVADA NEVADA 20% - -What is a penalty tax for nonqualified distributions from a health savings account? A retired person age 50 - -All of the following individuals may qualify for Medicare health insurance benefits EXCEPT Are made by the business and are not tax-deductible - -Under a Key Person disability income policy, premium payments An agent misrepresents policy benefits to convince a policyowner to replace polic