Nevada Life and Health License Exam Prep V1 |
Questions and Answers | Latest Update (100%
Correct) GRADED A
Question:
What are the four required elements of an insurance contract?
Answer:
Agreement, consideration, competent parties, and legal purpose.
Question:
What two parts make up a life insurance application?
Answer:
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.
Question:
When must insurable interest exist in life insurance?
Answer:
At the time of application.
Question:
When does coverage begin, if the premium was submitted with the application, and the policy
was issued two weeks later?
Answer:
At the time of the application.
,Question:
If an agent makes a mistake on the application and then corrects it, who must initial that change?
Answer:
The applicant.
Question:
Insurers may change what on a guaranteed renewable health insurance polity?
Answer:
The rates by class.
Question:
At what age may an individual make withdrawals from an HSA for nonhealth purposes without
being penalized?
Answer:
At age 65.
Question:
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?
Answer:
Recurrent Disability Provision
, Question:
In forming an insurance contract, when does acceptance occur?
Answer:
When an insurer's underwriter approves coverage
Question:
What is an important feature of a dental expense insurance plan that is not found in a medical
expense insurance plan?
Answer:
Diagnostic and preventive care
Question:
What best describes the "first-dollar coverage" principle in basic medical insurance?
Answer:
The insured is not required to pay a deductible
Question:
Occasional visits by what medical professionals will not be covered under Long-Term Care's
home health care?
Answer:
Attending physicians
Question:
Can an individual who belongs to a POS plan use an out-of-network physician?
Questions and Answers | Latest Update (100%
Correct) GRADED A
Question:
What are the four required elements of an insurance contract?
Answer:
Agreement, consideration, competent parties, and legal purpose.
Question:
What two parts make up a life insurance application?
Answer:
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.
Question:
When must insurable interest exist in life insurance?
Answer:
At the time of application.
Question:
When does coverage begin, if the premium was submitted with the application, and the policy
was issued two weeks later?
Answer:
At the time of the application.
,Question:
If an agent makes a mistake on the application and then corrects it, who must initial that change?
Answer:
The applicant.
Question:
Insurers may change what on a guaranteed renewable health insurance polity?
Answer:
The rates by class.
Question:
At what age may an individual make withdrawals from an HSA for nonhealth purposes without
being penalized?
Answer:
At age 65.
Question:
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?
Answer:
Recurrent Disability Provision
, Question:
In forming an insurance contract, when does acceptance occur?
Answer:
When an insurer's underwriter approves coverage
Question:
What is an important feature of a dental expense insurance plan that is not found in a medical
expense insurance plan?
Answer:
Diagnostic and preventive care
Question:
What best describes the "first-dollar coverage" principle in basic medical insurance?
Answer:
The insured is not required to pay a deductible
Question:
Occasional visits by what medical professionals will not be covered under Long-Term Care's
home health care?
Answer:
Attending physicians
Question:
Can an individual who belongs to a POS plan use an out-of-network physician?
