5/31/25, 8:10 AM Nevada Life & Health Insurance ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFI…
Nevada Life & Health Insurance ACTUAL EXAM
QUESTIONS WITH COMPLETE SOLUTION GUIDE
(A+ GRADED 100% VERIFIED) LATEST VERSION
2025!!
Save
Terms in this set (248)
temporary protection because it only provides
term insurance
coverage for a specific period of time
face amount death benefit
level, increasing, decreasing
3 basic types of term
coverage - based on how the face amount changes during the
policy term
What is the premium in regardless of type of term insurance purchased,
term insurance? premium is level throughout the term of policy
death benefit does not change throughout the life of
level term insurance
the policy
premium increases annually according to the attained
annually renewable term
age, guaranteed to be renewable each year
level premium and death benefit that decreases each
decreasing term
year over duration of the policy term
level premium and death benefit that increases each
increasing term
year over the duration of the policy term
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 1/29
,5/31/25, 8:10 AM Nevada Life & Health Insurance ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFI…
an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
return of premium life
insurance
- return of premium is paid if the death occurs within a
specified period of time or if the insured outlives the
policy term
allows the policyowner the right to renew coverage at
renewable provision
the expiration date without evidence of insurability
provides the policyowner the right to convert the
convertible provision policy to a permanent insurance policy without
evidence of insurability
general term used to refer to various forms of life
insurance policies that build cash value and remain in
permanent life insurance
effect for the entire life of the insured (or until age
100) as long as premium is paid
aka cash value, does not usually accumulate until the
nonforteiture value
third policy year and it grows tax deferred
- level premium
key characteristics of - death benefit
whole life insurance - cash value
- living benefits
1. straight (ordinary) whole life
3 basic forms of whole life
2. limited-pay whole life
insurance
3. single premium whole life
basic whole life policy; policy owner pays the
premium from the lime the policy is issued until
straight life insured's death or age 100
- has lowest annual premium
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 2/29
, 5/31/25, 8:10 AM Nevada Life & Health Insurance ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFI…
designed so that premiums for coverage will be
completely paid-up well before age 100
limited-pay whole life
- cash value builds up faster
designed to provide a level death benefit to the
insured's age 100 for a one-time, lump-sum payment
single premium whole life
- generate immediate cash value
can assume the form of either term insurance or
permanent insurance; insured typically determines
adjustable life
how much coverage is needed and the affordable
amount of premium
only develops when the premiums paid are more than
adjustable life cash value
the cost of the policy
policyowner has the flexibility to increase/decrease
amount of premium paid into policy; policyowner may
universal life (flexible
skip paying a premium and policy will not lapse as
premium adjustable life)
long as there is sufficient cash value at the time to
cover monthly deductions for cost of insurance
1. minimum premium: amount needed to keep policy in
universal life premium force for year
types 2. target premium: recommended amount to keep
policy in force for lifetime
2 death benefit options for 1. Option A
universal life 2. Option B
death benefit remains level while cash value gradually
increases, lowing the "pure insurance" with insurer in
later years
Option A (Level Death
Benefit option)
- death benefit increases near the end in order to
maintain gap between cash value and death benefit in
life insurance policy
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 3/29
Nevada Life & Health Insurance ACTUAL EXAM
QUESTIONS WITH COMPLETE SOLUTION GUIDE
(A+ GRADED 100% VERIFIED) LATEST VERSION
2025!!
Save
Terms in this set (248)
temporary protection because it only provides
term insurance
coverage for a specific period of time
face amount death benefit
level, increasing, decreasing
3 basic types of term
coverage - based on how the face amount changes during the
policy term
What is the premium in regardless of type of term insurance purchased,
term insurance? premium is level throughout the term of policy
death benefit does not change throughout the life of
level term insurance
the policy
premium increases annually according to the attained
annually renewable term
age, guaranteed to be renewable each year
level premium and death benefit that decreases each
decreasing term
year over duration of the policy term
level premium and death benefit that increases each
increasing term
year over the duration of the policy term
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 1/29
,5/31/25, 8:10 AM Nevada Life & Health Insurance ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFI…
an increasing term policy that pays an additional
death beneficiary equal to the amount of the
premiums paid
return of premium life
insurance
- return of premium is paid if the death occurs within a
specified period of time or if the insured outlives the
policy term
allows the policyowner the right to renew coverage at
renewable provision
the expiration date without evidence of insurability
provides the policyowner the right to convert the
convertible provision policy to a permanent insurance policy without
evidence of insurability
general term used to refer to various forms of life
insurance policies that build cash value and remain in
permanent life insurance
effect for the entire life of the insured (or until age
100) as long as premium is paid
aka cash value, does not usually accumulate until the
nonforteiture value
third policy year and it grows tax deferred
- level premium
key characteristics of - death benefit
whole life insurance - cash value
- living benefits
1. straight (ordinary) whole life
3 basic forms of whole life
2. limited-pay whole life
insurance
3. single premium whole life
basic whole life policy; policy owner pays the
premium from the lime the policy is issued until
straight life insured's death or age 100
- has lowest annual premium
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 2/29
, 5/31/25, 8:10 AM Nevada Life & Health Insurance ACTUAL EXAM QUESTIONS WITH COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFI…
designed so that premiums for coverage will be
completely paid-up well before age 100
limited-pay whole life
- cash value builds up faster
designed to provide a level death benefit to the
insured's age 100 for a one-time, lump-sum payment
single premium whole life
- generate immediate cash value
can assume the form of either term insurance or
permanent insurance; insured typically determines
adjustable life
how much coverage is needed and the affordable
amount of premium
only develops when the premiums paid are more than
adjustable life cash value
the cost of the policy
policyowner has the flexibility to increase/decrease
amount of premium paid into policy; policyowner may
universal life (flexible
skip paying a premium and policy will not lapse as
premium adjustable life)
long as there is sufficient cash value at the time to
cover monthly deductions for cost of insurance
1. minimum premium: amount needed to keep policy in
universal life premium force for year
types 2. target premium: recommended amount to keep
policy in force for lifetime
2 death benefit options for 1. Option A
universal life 2. Option B
death benefit remains level while cash value gradually
increases, lowing the "pure insurance" with insurer in
later years
Option A (Level Death
Benefit option)
- death benefit increases near the end in order to
maintain gap between cash value and death benefit in
life insurance policy
https://quizlet.com/1049876126/nevada-life-health-insurance-actual-exam-questions-with-complete-solution-guide-a-graded-100-verified-latest-versio… 3/29
