2026 NEVADA LIFE AND HEALTH LICENSE
QUESTIONS AND ANSWERS SURE A+
✔✔How many days does a nonresident procedure have to file a change of address
when the agent moves to Nevada from another state? - ✔✔30 days
✔✔What is not considered a misrepresentation? - ✔✔Making comparisons between
different policies
✔✔A producer who has allowed their license to lapse may reinstate the license without
retaking the examination within what maximum time period? - ✔✔12 months or 1 year
✔✔Who is a person, other than a viator, that enters into a viatical settlement? -
✔✔Viatical Settlement Provider
✔✔How many days after cancellation of a license in another state does a new resident
agent have to apply for Nevada producer license without having to fulfill licensing
examination and education requirements? - ✔✔90 days
✔✔What are the three basic types of term life insurance? - ✔✔The three basic types of
term life insurance are level, increasing, and decreasing.
,✔✔When would a whole life insurance policy mature? - ✔✔The whole life insurance
policy matures when the insured dies or turns 100.
✔✔Who is an annuitant? - ✔✔The annuitant is the person on whose life expectancy the
annuity is written and who receives benefits from the annuity.
✔✔What constitutes the entire contract? - ✔✔The entire contract constitutes the policy,
a copy of application, and any riders or amendments.
✔✔Which rider allows an insured to purchase additional coverage without evidence of
insurability? - ✔✔The Guaranteed Insurability Rider allows an insured to purchase
additional coverage without evidence of insurability.
✔✔What are the three nonforfeiture options? - ✔✔The three nonforfeiture options are
reduced paid-up, extended term, and cash surrender value.
✔✔In group life insurance, who receives the master contract? - ✔✔The employer
receives the master contract in group life insurance.
✔✔What are some examples of qualified retirement plans? - ✔✔Traditional IRA, Roth
IRA, SIMPLE, SEP, and 401(k)
✔✔When would life insurance death benefits be tax free? - ✔✔If paid as a lump sum to
the beneficiary
✔✔What do individuals use to transfer their risk of loss to a larger group? -
✔✔Insurance
✔✔What is insurance the transfer of? - ✔✔Risk
✔✔Insurance is a contract by which one seeks to protect another from - ✔✔Loss
✔✔What type of report provides information about the applicant's hobbies, habits, and
financial status? - ✔✔Inspection Report
✔✔What law protects consumers from the circulation of inaccurate or obsolete
information - ✔✔The Fair Credit Reporting Act
✔✔What term describes the fee a person pays an insurance company to receive
coverage? - ✔✔Premium
, ✔✔What is the purpose of the agent's report during the application process? - ✔✔The
agent's report discusses the agent's personal observations about the proposed insured
that may help in the underwriting process.
✔✔What two elements are necessary for a life insurance contract to have a legal
purpose? - ✔✔Insurable interest and consent
✔✔What does it mean when health insurance contracts are unilateral? - ✔✔Only one
party makes a legally enforceable promise
✔✔How is the information obtained for an investigative consumer report? - ✔✔Through
interviews with the applicant's associates, friends, and neighbors
✔✔What is the name of the process that insurance companies use to determine
whether or not an applicant is insurable? - ✔✔Underwriting
✔✔What are the three types of risk rating classifications in life insurance? -
✔✔Standard, substandard, and preferred
✔✔When would a misrepresentation on an insurance application be considered fraud? -
✔✔When it is intentional and material
✔✔What entities make up the Medical Information Bureau? - ✔✔Insurers
✔✔What risk classification would typically qualify for lower premiums? - ✔✔Preferred
Risk
✔✔What is policy replacement? - ✔✔A new policy is issued while an existing policy is
terminated or reissued with a reduction in cash value
✔✔What best describes the concept that the insured pays a small amount of premium
for a large amount of risk on the part of the insurance company? - ✔✔Aleatory Contract
✔✔What best describes gross annual premium? - ✔✔Net premium plus expenses
✔✔What is the appropriate action by the insurer if a prospective insured submitted an
incomplete application? - ✔✔Return the application to the applicant for completion
✔✔What is a statement that is guaranteed to be true, and if untrue, may breach an
insurance contract? - ✔✔Warranty
✔✔What is the minimum interest rate on an equity indexed annuity often based? -
✔✔An index like Standard & Poor's 500
QUESTIONS AND ANSWERS SURE A+
✔✔How many days does a nonresident procedure have to file a change of address
when the agent moves to Nevada from another state? - ✔✔30 days
✔✔What is not considered a misrepresentation? - ✔✔Making comparisons between
different policies
✔✔A producer who has allowed their license to lapse may reinstate the license without
retaking the examination within what maximum time period? - ✔✔12 months or 1 year
✔✔Who is a person, other than a viator, that enters into a viatical settlement? -
✔✔Viatical Settlement Provider
✔✔How many days after cancellation of a license in another state does a new resident
agent have to apply for Nevada producer license without having to fulfill licensing
examination and education requirements? - ✔✔90 days
✔✔What are the three basic types of term life insurance? - ✔✔The three basic types of
term life insurance are level, increasing, and decreasing.
,✔✔When would a whole life insurance policy mature? - ✔✔The whole life insurance
policy matures when the insured dies or turns 100.
✔✔Who is an annuitant? - ✔✔The annuitant is the person on whose life expectancy the
annuity is written and who receives benefits from the annuity.
✔✔What constitutes the entire contract? - ✔✔The entire contract constitutes the policy,
a copy of application, and any riders or amendments.
✔✔Which rider allows an insured to purchase additional coverage without evidence of
insurability? - ✔✔The Guaranteed Insurability Rider allows an insured to purchase
additional coverage without evidence of insurability.
✔✔What are the three nonforfeiture options? - ✔✔The three nonforfeiture options are
reduced paid-up, extended term, and cash surrender value.
✔✔In group life insurance, who receives the master contract? - ✔✔The employer
receives the master contract in group life insurance.
✔✔What are some examples of qualified retirement plans? - ✔✔Traditional IRA, Roth
IRA, SIMPLE, SEP, and 401(k)
✔✔When would life insurance death benefits be tax free? - ✔✔If paid as a lump sum to
the beneficiary
✔✔What do individuals use to transfer their risk of loss to a larger group? -
✔✔Insurance
✔✔What is insurance the transfer of? - ✔✔Risk
✔✔Insurance is a contract by which one seeks to protect another from - ✔✔Loss
✔✔What type of report provides information about the applicant's hobbies, habits, and
financial status? - ✔✔Inspection Report
✔✔What law protects consumers from the circulation of inaccurate or obsolete
information - ✔✔The Fair Credit Reporting Act
✔✔What term describes the fee a person pays an insurance company to receive
coverage? - ✔✔Premium
, ✔✔What is the purpose of the agent's report during the application process? - ✔✔The
agent's report discusses the agent's personal observations about the proposed insured
that may help in the underwriting process.
✔✔What two elements are necessary for a life insurance contract to have a legal
purpose? - ✔✔Insurable interest and consent
✔✔What does it mean when health insurance contracts are unilateral? - ✔✔Only one
party makes a legally enforceable promise
✔✔How is the information obtained for an investigative consumer report? - ✔✔Through
interviews with the applicant's associates, friends, and neighbors
✔✔What is the name of the process that insurance companies use to determine
whether or not an applicant is insurable? - ✔✔Underwriting
✔✔What are the three types of risk rating classifications in life insurance? -
✔✔Standard, substandard, and preferred
✔✔When would a misrepresentation on an insurance application be considered fraud? -
✔✔When it is intentional and material
✔✔What entities make up the Medical Information Bureau? - ✔✔Insurers
✔✔What risk classification would typically qualify for lower premiums? - ✔✔Preferred
Risk
✔✔What is policy replacement? - ✔✔A new policy is issued while an existing policy is
terminated or reissued with a reduction in cash value
✔✔What best describes the concept that the insured pays a small amount of premium
for a large amount of risk on the part of the insurance company? - ✔✔Aleatory Contract
✔✔What best describes gross annual premium? - ✔✔Net premium plus expenses
✔✔What is the appropriate action by the insurer if a prospective insured submitted an
incomplete application? - ✔✔Return the application to the applicant for completion
✔✔What is a statement that is guaranteed to be true, and if untrue, may breach an
insurance contract? - ✔✔Warranty
✔✔What is the minimum interest rate on an equity indexed annuity often based? -
✔✔An index like Standard & Poor's 500
