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Nevada Life, Accident, Health Insurance
Practice Exam (Questions + Answers) Verified 100%
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A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely - ✔️ ✔️ Survivor protection
A waiver of premium provision may be included with which kind of health insurance policy - ✔️ ✔️ Disability income
All of the following are true about variable products EXCEPT - ✔️ ✔️ The premiums are invested in the insurer's general account
All of the following individuals may qualify for Medicare health insurance benefits EXCEPT - ✔️ ✔️ A retired person age 50
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? - ✔️ ✔️ $50,
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 - ✔️ ✔️ Unearned premiums are retained by the insurance company
An insured has a Modified Endowment Contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true? - ✔️ ✔️ He will have to pay a penalty if he is younger than 59 1/
An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? - ✔️ ✔️ The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive
An agent selling variable annuities must be registered with - ✔️ ✔️ FINRA
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? - ✔️ ✔️ Deferred
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? - ✔️ ✔️ Common disaster
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? - ✔️ ✔️ Collateral assignment
A corporation is the owner of the beneficiary of the key persion life policy. If the corporation collect the policy benefit, then - ✔️ ✔️ The benefit received is tax free
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? - ✔️ ✔️ 1 year
An insured bought a policy 20 years ago. The 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? - ✔️ ✔️ Whole life
Concerning a Whole Life Policy, which of the following statements is correct? - ✔️ ✔️ Cash value is guaranteed
For an agent to sell continuous care coverage, the agent must meet all of the following requirements EXCEPT - ✔️ ✔️ Be licensed as a life insurance producer
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 - ✔️ ✔️ Within 90 days or as soon as reasonably possible but not to exceed one year
In a replacement situation, all of the following must be considered EXCEPT - ✔️ ✔️ Assets
In an annuity, the accumulated money is converted into a stream of income during which time period? - ✔️ ✔️ Annuitization period
What type of insurance would be used for a Return of Premium rider? - ✔️ ✔️ Increasing term
What type of insurance would be used for a Return of Premium rider? - ✔️ ✔️ Increasing Term
When an annuity is written, whose life expectancy is taken into account? - ✔️ ✔️ Annuitant
When an insurer combines two periods of disability into one, the insured must have suffered a - ✔️ ✔️ Recurrent disability
Which health insurance provision describes the insured's right to cancel coverage? - ✔️ ✔️ renewal provision
Which health insurance provision describes the insured's right to cancel coverage? - ✔️ ✔️ Renewal provision
Which nonforfeiture option provides coverage for the longest period of time - ✔️ ✔️ reduced paid up
Which of the following definitions would make it easier to qualify for total disability benefits? - ✔️ ✔️ The more liberal "any occupation"
Which of the following definitions would make it easier to qualify for total disability benefits? - ✔️ ✔️ The more liberal "own occupation"
Which of the following entities can legally bind coverage? - ✔️ ✔️ Insurer
Which of the following entities ultimately determines if an advertisement is deceptive or confusing? - ✔️ ✔️ the commissioner
Which of the following is NOT covered under a long-term care policy? - ✔️ ✔️ Acute care in a hospital
Which of the following is NOT true of a major-medical health insurance policy? - ✔️ ✔️ It is designed to pay on a first dollar expense basis
Which of the following is NOT true of a major-medical health insurance policy? - ✔️ ✔️ It is designed to pay on a first dollar of expense basis
Which of the following is NOT true regarding Equity Indexed Annuities? - ✔️ ✔️ They earn lower interest rates than fixed annuities
Which of the following is true regarding insurance company appointment for a broker? - ✔️ ✔️ Brokers do not need to be appointed
Which of the following is true regarding taxation of cash value in a life insurance policy? - ✔️ ✔️ Cash value in excess of the premiums paid is taxed upon policy surrender
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? - ✔️ ✔️ Insuring clause
Which two terms are associated directly with the premium? - ✔️ ✔️ level or flexible
Who can make a fully deductible contribution to a traditional IRA - ✔️ ✔️ An individual not covered by an employer-sponsored plan who has earned income.
Who is a person, other than a viator, that enters into a viatical settlement contract? - ✔️ ✔️ Provider Underwriting a group health insurance plan that is paid for by the employer requires all of the following EXCEPT - ✔️ ✔️ Individual members of the group may select the level of benefits for their own coverage
What amount of care is provided in LTC's intermediate care? - ✔️ ✔️ Daily care by medical personnel
Which of the following licensees are not compensated directly related to the amount of insurance sold? - ✔️ ✔️ Insurance consultant
Which of the following must be present in all Medicare supplement plans? - ✔️ ✔️ Plan A
Which of the following products will protect an individual from outliving his or her money? - ✔️ ✔️ Annuity
Which of the following riders would NOT increase the premium for a policyowner? - ✔️ ✔️ Impairment rider
Which of the following statements is NOT correct concerning the COBRA Act of 1985? - ✔️ ✔️ It requires all employers, regardless of the number or age of employees, to provide extended group health coverage
