Nevada Life, Accident, Health Insurance Exam Practice Questions And Answers Latest Update, Exams of Insurance Economics

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Health care accounts and Dependent care accounts - correct answer ✅What are the 2 types of Flexible Spending Accounts? Cash value is guaranteed - correct answer ✅Concerning a Whole Life Policy, which of the following statements is correct? Unearned premiums are retained by the insurance company - correct answer ✅According to the rights of renewability rider for cancellable policies, all of the following are correct about the cancellation of an individual insurance policy EXCEPT Assets - correct answer ✅In a replacement situation, all of the following must be considered EXCEPT Be licensed as a life insurance producer - correct answer ✅For an agent to sell continuous care coverage, the agent must meet all of the following requirements EXCEPT

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Insurance consultant - correct answer ✅Which of the following licensees are not compensated directly related to the amount of insurance sold? 3 Hours - correct answer ✅Producers must complete how many hours of continuing education on the subject of ethics every licensing period? The more liberal "own occupation" - correct answer ✅Which of the following definitions would make it easier to qualify for total disability benefits? Plan A - correct answer ✅Which of the following must be present in all Medicare supplement plans? Premium receipt - correct answer ✅Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a

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Renewal provision - correct answer ✅Which health insurance provision describes the insured's right to cancel coverage? Increasing Term - correct answer ✅What type of insurance would be used for a Return of Premium rider? Recurrent disability - correct answer ✅When an insurer combines two periods of disability into one, the insured must have suffered a It is designed to pay on a first dollar of expense basis - correct answer ✅Which of the following is NOT true of a major- medical health insurance policy? They earn lower interest rates than fixed annuities - correct answer ✅Which of the following is NOT true regarding Equity Indexed Annuities? Individual members of the group may select the level of benefits for their own coverage -

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correct answer ✅Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT High-deductible health plan - correct answer ✅To be eligible for a Health Savings Account, an individual must be covered by a Face amount - correct answer ✅Which policy component decreases in decreasing term insurance? Acute care in a hospital - correct answer ✅Which of the following is NOT covered under a long-term care policy? Term rider - correct answer ✅Which of the following, when attached to a permanent life insurance policy, allows the policyowner to customize the policy to provide an additional amount of temporary insurance on the insured, or allows amounts of temporary insurance to cover other family members?

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Deferred - correct answer ✅An individual has been making periodic premium payments on an annuity. The annuity income payments are schedules to begin after 1 year since the annuity was purchased what type of annuity is it? Daily care by medical personnel - correct answer ✅What amount of care is provided in LTC's intermediate care? $500,000 - correct answer ✅What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association may be obligated to pay with respect to major medical insurance for one life? 1 year - correct answer ✅A life producer applying for a viatical settlement broker license may be exempt from the prelicensing education and examination requirement if the producer has held an active life license for at least how many years? The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive -

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correct answer ✅An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? Increasing term - correct answer ✅What type of insurance would be used for a Return of Premium rider? Survivor protection - correct answer ✅A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely The benefit received is tax free - correct answer ✅A corporation is the owner of the beneficiary of the key persion life policy. If the corporation collect the policy benefit, then Attained age - correct answer ✅The premium charged for exercising the Guaranteed Insurability Rider is based upon the insured's

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renewal provision - correct answer ✅Which health insurance provision describes the insured's right to cancel coverage? Impairment rider - correct answer ✅Which of the following riders would NOT increase the premium for a policyowner? Brokers do not need to be appointed - correct answer ✅Which of the following is true regarding insurance company appointment for a broker? Provider - correct answer ✅Who is a person, other than a viator, that enters into a viatical settlement contract? FINRA - correct answer ✅An agent selling variable annuities must be registered with Whole life - correct answer ✅An insured bought a policy 20 years ago. The

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policy stated that 20 years later the cash value would be $480 per $1,000 of coverage. What type of policy does the insured have? Loan values and retirement income - correct answer ✅What are the "living benefits" of whole life insurance? The premiums are invested in the insurer's general account - correct answer ✅All of the following are true about variable products EXCEPT Annuitization period - correct answer ✅In an annuity, the accumulated money is converted into a stream of income during which time period? It is designed to pay on a first dollar expense basis - correct answer ✅Which of the following is NOT true of a major- medical health insurance policy? Relative value - correct answer ✅Todd has been informed that he has a hernia which requires repair. When Todd researches the cost, he learns

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that his insurance plan will cover 200 points worth of surgical expenses. Each point represents $10, which means that $2000 of his surgery will be covered by his insurance plan. What system is Todd's insurance company using? The attending physician will be paid a fee for service, but the member patient will have to pay a higher coinsurance amount. - correct answer ✅What happens if a non-member physician is utilized under the Point-Of-Service plan? 20% - correct answer ✅What is a penalty tax for nonqualified distributions from a health savings account? A retired person age 50 - correct answer ✅All of the following individuals may qualify for Medicare health insurance benefits EXCEPT Are made by the business and are not tax-deductible - correct answer ✅Under a Key Person disability income policy, premium payments

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An agent misrepresents policy benefits to convince a policyowner to replace policies - correct answer ✅Rebating is an unfair trade practice and is regulated by law. All of the following would be considered to be rebating EXCEPT reduced paid up - correct answer ✅Which nonforfeiture option provides coverage for the longest period of time The more liberal "any occupation" - correct answer ✅Which of the following definitions would make it easier to qualify for total disability benefits? Collateral assignment - correct answer ✅A business owner was trying to obtain a bank loan to fund the purchase of a new business facility, but the bank required proof of additional assets to secure the loan. The business owner then decided to use her $250,000 life insurance policy to secure the loan. Which provision makes this possible? He will have to pay a penalty if he is younger than 59 1/2 - correct answer ✅An insured has a Modified Endowment Contract.

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He wants to withdraw some money in order to pay medical bills. Which of the following is true? An individual not covered by an employer-sponsored plan who has earned income. - correct answer ✅Who can make a fully deductible contribution to a traditional IRA Within 90 days or as soon as reasonably possible but not to exceed one year - correct answer ✅How soon following the occurrence of a covered loss, or after the insurer becomes liable for periodic payments for income benefits, must an insured submit written proof of such loss to the insurance company Disability income - correct answer ✅A waiver of premium provision may be included with which kind of health insurance policy Annuitant - correct answer ✅When an annuity is written, whose life expectancy is taken into account?

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It will pay double or triple the face amount - correct answer ✅Which of the following statements is true concerning the accidental death rider income for 2 or more recipients until they die - correct answer ✅Life income joint and survivor settlement option guarantees level or flexible - correct answer ✅Which two terms are associated directly with the premium? $50,000 - correct answer ✅An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy? It requires all employers, regardless of the number or age of employees, to provide extended group health coverage - correct answer ✅Which of the following statements is NOT correct concerning the COBRA Act of 1985?

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Insurer - correct answer ✅Which of the following entities can legally bind coverage? Insuring clause - correct answer ✅Which provision of a life insurance policy states the insurers duty to pay benefits upon the death of the insured, and to whom the benefits will be paid? Annuity - correct answer ✅Which of the following products will protect an individual from outliving his or her money? Common disaster - correct answer ✅An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies 15 days later. The company pays the death benefit to the estate of the insured. This indicates that the life insurance policy had what provision? Cash value in excess of the premiums paid is taxed upon policy surrender -

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correct answer ✅Which of the following is true regarding taxation of cash value in a life insurance policy? 90 days of a loss - correct answer ✅Under the uniform required provision proof of loss under a health insurance policy should normally be filed within how many days? the commissioner - correct answer ✅Which of the following entities ultimately determines if an advertisement is deceptive or confusing? A mutual insurer - correct answer ✅Insurance companies may be classified according to the legal form of their ownership. The type of company organized to return any surplus money to their policyholders is Defamation - correct answer ✅Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance?