Nevada Life and Health Insurance Practice Exam (Update) Questions & Answers| Grade A| 100% Correct (Verified Solution)

Nevada Life and Health Insurance Practice Exam (Update) Questions & Answers| Grade A| 100% Correct (Verified Solution)

Question 1: P is self-employed and owns an Individual
Disability Income policy. He becomes totally disabled on June 1
and receives $2,000 a month for the next 10 months. How much
of this income is subject to federal income tax?
Choices: $20,000, $14,000, $6,000, $0
Correct answer: $0
Question 2: M has a Major Medical insurance policy with a
$200 flat deductible and an 80% Coinsurance clause. If M
incurs a $2,200 claim for an eligible medical expense, how
much will M receive in payment for this claim?
Choices: $2,000, $1,760, $1,600, $400
Correct answer: $1,600
Question 3: An individual working part-time has an annual
income of $25,000. If this individual has an IRA, what is the
maximum deductible IRA contribution allowable?
Choices: No deduction allowed, $6,000, $5,000, $4,000
Correct answer: $6,000

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