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NEVADA LIFE AND HEALTH LICENSE EXAM PREP
QUESTIONS
Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -100 Questions and Answers
-Format: Multiple-choice / Flashcard
Question 1: What entity determines if an advertisement is deceptive of confusing?
Answer:
The Commissioner
Question 2: What is not considered a misrepresentation?
Answer:
Making comparisons between different policies Question 3: What term describes the fee a person pays an insurance company to receive coverage?
Answer:
Premium
Question 4: When would a 20-pay whole life policy endow?
Answer:
When the insured reaches age 100
Question 5: Who is an annuitant?
Answer:
The annuitant is the person on whose life expectancy the annuity is written and who receives benefits from the annuity.Question 6: What is the purpose of the agent's report during the application process?
Answer:
The agent's report discusses the agent's personal observations about the proposed insured that may help in the underwriting process.Question 7: Can an individual who belongs to a POS plan use an out-of-network physician?
Answer:
Yes, they can use any physician even if not part of the HMO Question 8: What is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract?
Answer:
Warranty
Question 9: What are some examples of qualified retirement plans?
Answer:
Traditional IRA, Roth IRA, SIMPLE, SEP, and 401(k) Question 10: Who is a person, other than a viator, that enters into a viatical settlement?
Answer:
Viatical Settlement Provider Question 11: Whose life expectancy is taken into consideration in an annuity contract?
Answer:
The annuitant
Question 12: When would a whole life insurance policy mature?
Answer:
The whole life insurance policy matures when the insured dies or turns 100.
Question 13: What are the three basic types of term life insurance?
Answer:
The three basic types of term life insurance are level, increasing, and decreasing.Question 14: If an agent makes a mistake on the application and then corrects it, who must initial that change?
Answer:
The applicant.Question 15: What policies would have an IRS required corridor or gap between the cash value and the death benefit?
Answer:
Universal Life, Option A Question 16: How is the information obtained for an investigative consumer report?
Answer:
Through interviews with the applicant's associates, friends, and neighbors
Question 17: What are the three nonforfeiture options?
Answer:
The three nonforfeiture options are reduced paid-up, extended term, and cash surrender value.Question 18: What is the appropriate action by the insurer if a prospective insured submitted an incomplete application?
Answer:
Return the application to the applicant for completion Question 19: An individual has a contract that will provide them with a certain amount of income for the rest of their life, however, this is not a life insurance policy. What type of contract does this person have?
Answer:
Annuity
Question 20: What are the three types of risk rating classifications in life insurance?
Answer:
Standard, substandard, and preferred Question 21: 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 22: What law protects consumers from the circulation of inaccurate or obsolete information
Answer:
The Fair Credit Reporting Act Question 23: Insurers may change what on a guaranteed renewable health insurance polity?
Answer:
The rates by class.Question 24: What best describes the "first-dollar coverage" principle in basic medical insurance?
Answer:
The insured is not required to pay a deductible Question 25: What type of annuity requires an agent to have a securities license?
Answer:
Variable annuity
Question 26: What best describes annually renewable term insurance?
Answer:
It is level term insurance
Question 27: What is not provided by an HMO?
Answer:
Reimbursement
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