Nevada Life Insurance Exam Questions
and Answers 100% Solved | Graded A+
During replacement of life insurance, a replacing insurer must do which of
the following?
A Send a copy of the Notice Regarding Replacement to the Department of
Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - ✔✔B
Which of the following documents must be provided to the policyowner or
applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form - ✔✔C
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Which of the following terms is used to describe a person, other than a
viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider - ✔✔D
Within how many months must a person be expected to die from a
sickness in order to be classified as terminally ill?
A3
B6
C 12
D 24 - ✔✔D
For how long must agents retain copies of notices and sales proposals for
life insurance applications?
A 1 year
B 5 years
C 10 years
D 3 years - ✔✔D
What is the purpose of a disclosure statement in life insurance policies?
A To protect agents and insurers against lawsuits
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices - ✔✔B
Which of the following statements would best describe the difference
between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are determined
by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are
provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund
medical expenses. - ✔✔C
Which of the following means having an illness or sickness that can
reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness - ✔✔D
Which of the following insurers must be nonprofit and sell insurance only to
its members?
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
and Answers 100% Solved | Graded A+
During replacement of life insurance, a replacing insurer must do which of
the following?
A Send a copy of the Notice Regarding Replacement to the Department of
Insurance
B Obtain a list of all life insurance policies that will be replaced
C Guarantee a replacement for each existing policy
D Designate a new producer for a replaced policy - ✔✔B
Which of the following documents must be provided to the policyowner or
applicant during policy replacement?
A Buyer's Guide and Policy Summary
B Policy illustrations
C Notice Regarding Replacement
D Disclosure Authorization Form - ✔✔C
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Which of the following terms is used to describe a person, other than a
viator, that enters into or effectuates a viatical settlement contract?
A Viatical settlement purchaser
B Viatical settlement broker
C Viatical settlement effectuator
D Viatical settlement provider - ✔✔D
Within how many months must a person be expected to die from a
sickness in order to be classified as terminally ill?
A3
B6
C 12
D 24 - ✔✔D
For how long must agents retain copies of notices and sales proposals for
life insurance applications?
A 1 year
B 5 years
C 10 years
D 3 years - ✔✔D
What is the purpose of a disclosure statement in life insurance policies?
A To protect agents and insurers against lawsuits
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, B To explain features and benefits of a proposed policy to the consumer
C To obtain important underwriting information from the applicant
D To help consumers compare policy prices - ✔✔B
Which of the following statements would best describe the difference
between viatical settlements and accelerated death benefits?
A Viaticals require higher premiums.
B Viaticals use mortality tables; accelerated death benefits are determined
by morbidity.
C Viaticals are funded by a third party; accelerated death benefits are
provided by the insurer that issued the original policy.
D Viaticals are used to fund retirement; accelerated death benefits fund
medical expenses. - ✔✔C
Which of the following means having an illness or sickness that can
reasonably be expected to result in death in 24 months or less?
A Chronic illness
B Fatal illness
C Malignant illness
D Terminal illness - ✔✔D
Which of the following insurers must be nonprofit and sell insurance only to
its members?
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
