NEVADA LIFE AND HEALTH LICENSE
ACTUAL EXAM COMPLETE 300
QUESTIONS AND WELL DETAILED
ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+|| LATEST UPDATE
2025/26
What are the four required elements of an insurance contract? -CORRECTANSWER
Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? -CORRECTANSWER 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? -CORRECTANSWER 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? -CORRECTANSWER At the time of the application.
If an agent makes a mistake on the application and then corrects it, who must initial that
change? -CORRECTANSWER The applicant.
,Insurers may change what on a guaranteed renewable health insurance polity? -
CORRECTANSWER The rates by class.
At what age may an individual make withdrawals from an HSA for nonhealth purposes
without being penalized? -CORRECTANSWER 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? -CORRECTANSWER
Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? -CORRECTANSWER
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? -CORRECTANSWER Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical insurance? -
CORRECTANSWER 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? -CORRECTANSWER Attending physicians
,Can an individual who belongs to a POS plan use an out-of-network physician? -
CORRECTANSWER 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? -
CORRECTANSWER The original age is used for premium determination
What would basic medical expense coverage not cover? -CORRECTANSWER
Surgeon's services
What is not provided by an HMO? -CORRECTANSWER Reimbursement
What insurance arrangements will be appropriate for a parent buying a life insurance
policy on a child where the parent is the policyowner? -CORRECTANSWER Third-party
ownership
What is not true about dividends? -CORRECTANSWER Dividend amounts are
guaranteed in the policy
What is not true about Accidental Death and Dismemberment? -CORRECTANSWER
Death benefits are paid only if death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? -CORRECTANSWER 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? -CORRECTANSWER Insuring Clause
The insurance clause of a disability policy usually states what except? -
CORRECTANSWER The method of premium payment
What best describes annually renewable term insurance? -CORRECTANSWER It is
level term insurance
What best describes an annuity period? -CORRECTANSWER Period of time during
which accumulated money is converted into income payments
What is an eligibility requirement for all Social Security Disability Income benefits? -
CORRECTANSWER Have attained fully insured status
What protects the insured from unintentional policy lapse due to a nonpayment of
premium? -CORRECTANSWER 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?
-CORRECTANSWER $300,000
ACTUAL EXAM COMPLETE 300
QUESTIONS AND WELL DETAILED
ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+|| LATEST UPDATE
2025/26
What are the four required elements of an insurance contract? -CORRECTANSWER
Agreement, consideration, competent parties, and legal purpose.
What two parts make up a life insurance application? -CORRECTANSWER 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? -CORRECTANSWER 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? -CORRECTANSWER At the time of the application.
If an agent makes a mistake on the application and then corrects it, who must initial that
change? -CORRECTANSWER The applicant.
,Insurers may change what on a guaranteed renewable health insurance polity? -
CORRECTANSWER The rates by class.
At what age may an individual make withdrawals from an HSA for nonhealth purposes
without being penalized? -CORRECTANSWER 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? -CORRECTANSWER
Recurrent Disability Provision
In forming an insurance contract, when does acceptance occur? -CORRECTANSWER
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? -CORRECTANSWER Diagnostic and preventive care
What best describes the "first-dollar coverage" principle in basic medical insurance? -
CORRECTANSWER 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? -CORRECTANSWER Attending physicians
,Can an individual who belongs to a POS plan use an out-of-network physician? -
CORRECTANSWER 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? -
CORRECTANSWER The original age is used for premium determination
What would basic medical expense coverage not cover? -CORRECTANSWER
Surgeon's services
What is not provided by an HMO? -CORRECTANSWER Reimbursement
What insurance arrangements will be appropriate for a parent buying a life insurance
policy on a child where the parent is the policyowner? -CORRECTANSWER Third-party
ownership
What is not true about dividends? -CORRECTANSWER Dividend amounts are
guaranteed in the policy
What is not true about Accidental Death and Dismemberment? -CORRECTANSWER
Death benefits are paid only if death occurs within 24 hours of an accident
When would a 20-pay whole life policy endow? -CORRECTANSWER 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? -CORRECTANSWER Insuring Clause
The insurance clause of a disability policy usually states what except? -
CORRECTANSWER The method of premium payment
What best describes annually renewable term insurance? -CORRECTANSWER It is
level term insurance
What best describes an annuity period? -CORRECTANSWER Period of time during
which accumulated money is converted into income payments
What is an eligibility requirement for all Social Security Disability Income benefits? -
CORRECTANSWER Have attained fully insured status
What protects the insured from unintentional policy lapse due to a nonpayment of
premium? -CORRECTANSWER 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?
-CORRECTANSWER $300,000
