Nevada Life Insurance Practice Exam

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• To be classified as terminally ill, how many months must a person be expected to die from a sickness?
• Each insurer must maintain a complete file containing a copy of each document used in solicitation and sale of life insurance products for how long following the date of its last authorized use?
• An insured with a life insurance policy diagnosed with a terminal illness may have which of the following options?
• What does "agent's fiduciary duty" refer to?
• An organization that operates on a lodge system and provides a formal life insurance plan to its members is classified as a?
• What does the term 'underwriting' refer to in life insurance?
• Which provision is NOT included in the Patient Protection and Affordable Care Act?
• What term describes a person that enters into a viatical settlement contract?
• What does universal life insurance provide?
• In most cases, what is the tax status of life insurance death benefits to the beneficiaries?
• What is the maximum age for qualifying for a catastrophic plan?
• Under the ACA, what determines the cost-sharing structure of a health plan?
• How does a modified endowment contract (MEC) impact tax treatment?
• How must a replacing producer respond to an applicant wishing to replace existing life insurance?
• What is a policy loan in the context of life insurance?
• What is a key feature of variable life insurance policies?
• What is the purpose of the buyer's guide?
• Which of the following is an example of an exclusion in a health insurance policy?
• According to PPACA rules, what percentage of health care costs will be covered under a bronze plan?
• What factors typically determine premiums for individual life insurance?
• Under the Affordable Care Act, what percentage of preventive care must be covered without cost sharing?
• What does reinstating a lapsed policy typically require?
• What is premium recapture?
• What is a "substandard risk" in insurance terms?
• What is a "life settlement"?
• A viatical settlement is arranged between a viatical company and a/an?
• What is underwriting risk classification?
• What are settlement options in life insurance?
• What is a primary responsibility of a policyholder in a life insurance contract?
• A woman obtains health coverage through the Marketplace on October 1. She finds out she is 3 months pregnant two weeks later. What is true about coverage for pregnancy?
• What is the purpose of a temporary insurance agreement?
• What is the purpose of a life insurance trust?
• Why are beneficiary designations important in life insurance?
• According to the PPACA metal levels classification, if a health plan is expected to cover 90% of the cost for an average population, what type of plan is that?
• What information does a policy illustration typically provide to a policyholder?
• What is outlined in the policyholder’s rights section of a life insurance policy?
• What is "cash surrender value" in life insurance policies?
• What condition must exist for coverage of pregnancy under many health plans?
• What term describes the flexibility in premium payments offered by certain life insurance policies?
• What is one outcome of the ACA regarding lifetime dollar limits?
• Which type of insurance is specifically designed to cover long-term care expenses?
• How does a revocable beneficiary differ from an irrevocable beneficiary?
• What is meant by "contestable period" in a life insurance policy?
• Which type of insurer operates primarily for the benefit of its members?
• What does adjustable life insurance offer to policyholders?
• Which of the following best describes a waiting period in health insurance?
• What is the role of underwriting in life insurance?
• What is the primary purpose of a life insurance policy?
• How soon from the delivery of a Medicare Supplement policy may the insured return it for a full refund?
• What is the significance of the "suicide clause" in a life insurance policy?
• What does an exclusion clause in a life insurance policy do?
• In individual health insurance, how soon must an insurer cover a newborn from birth?
• What is "mortality risk" in life insurance?
• How does a "convertible term" policy function?
• Which statement about major medical insurance is true?
• Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision-making process?
• In order to sell continuous care coverage, which licensing requirement is NOT necessary for an agent?
• What do life insurance illustrations showcase?
• What is a premium in the context of life insurance?
• What type of insurance policy protects a business from financial loss due to the death of an essential employee?
• Which of the following describes the term "maturity" in life insurance?
• Which of the following describes a "contingent beneficiary"?
• What must a policyholder do to change the beneficiary of their life insurance policy?
• Which of the following is NOT a metal level of coverage under the Patient Protection and Affordable Care Act?
• Which type of insurance policy allows for a flexible premium payment schedule?
• During the replacement of life insurance, what must a replacing insurer do?
• What characterizes "substandard risk" in insurance?
• What does the term 'beneficiary' refer to in a life insurance policy?
• What type of life insurance policy provides coverage for a specified period of time?
• How do accidental death benefits operate within a life insurance policy?
• What advantage does whole life insurance have over term life insurance?
• What must Health Insurance Marketplace plans provide coverage for?
• What is the primary purpose of life insurance?
• What is a key feature of Medicare Part B?
• What type of coverage does a "term insurance policy" provide?
• What advantage do child riders provide in life insurance?
• What is continuous care coverage in this state?
• To which of the following would the rule prohibiting a viatical settlement contract within 5 years of a policy issue date apply?
• What amount of care is provided in LTC's intermediate care?
• What personal information is typically required on a life insurance application?
• What is the function of an accelerated death benefit?
• What is defined as the amount paid to a beneficiary upon the insured's death?
• What does premium adjustment relate to in life insurance?
• What is a key benefit provided by the ACA regarding adult children?
• What typically happens during the reinstatement of a lapsed life insurance policy?
• What is the expected outcome for a person classified as terminally ill?
• What is a policy loan in life insurance?
• What does "premium payment mode" refer to?
• What does "renewability" mean in term life insurance policies?
• Which type of insurer is required to be nonprofit and sell insurance only to its members?
• What is the duration for which certain health conditions can be excluded on Medicare Supplement policies?
• Under the Affordable Care Act, what percentage of preventive care is covered without cost sharing?
• What is an insurance policy?
• What is the role of a viatical settlement broker?
• Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?
• What does the term "adjustable life" refer to in insurance?
• What is meant by a “lapsed policy”?
• What is the primary purpose of life insurance?
• When a viator sells a life insurance policy, what type of assignment is given to the viatical settlement company?
• What type of coverage does long-term care insurance typically NOT cover?
• For what time period can coverage be excluded on permissible pre-existing conditions applicable to a Medicare supplement insurance policy?
• What does "insurable interest" mean in life insurance?
• What distinguishes flexible premiums in universal life insurance?
• What is the main purpose of death benefits in life insurance?
• Which term describes the legal responsibility an insurer has towards claims covered by a policy?
• What is the main advantage of whole life insurance compared to variable life insurance?
• In life insurance, what does the term "premium" refer to?
• Which factor influences the premium pricing in underwriting?
• Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill?
• Long term care insurance policies can
• What is a crucial factor that defines variable life insurance?
• In the context of life insurance, which document is essential for the consumer to compare policy prices?
• Who does NOT need to prove insurability in Bob's insurance policy?
• What characterizes a universal life insurance policy?
• What is required for an insurance agent to sell variable life insurance?
• A viatical settlement is arranged between a viatical company and a/an?
• What does "face value" signify in life insurance?
• What is the primary concern when underwriting a life insurance policy?
• What are pre-existing conditions in life insurance?
• What is an allowable exclusion of Medicare supplement insurance?
• How are accidental death benefits characterized in a life insurance policy?
• Accident and health producers may qualify to sell continuous care coverage if they complete a minimum of how many hours of approved instruction in workers compensation and employer liability insurance?
• What distinguishes whole life insurance from universal life insurance?
• What is group life insurance?
• In terms of life insurance policies, what is a "rider"?
• What is an "endorsement" in an insurance policy?
• What does "permanent life insurance" refer to?
• How many consecutive months of coverage (other than in an acute care unit of a hospital) does LTC insurance cover in Nevada?
• What role does a life insurance agent fulfill?
• Which factor does NOT typically influence the determination of life insurance premiums?
• What defines permanent life insurance?
• What distinguishes term life insurance from whole life insurance?
• What does it mean to surrender a life insurance policy?
• What does "cash value" refer to in whole life insurance?
• What is a contestability period in life insurance?
• When Jody gave birth to their first child while covered under a group health insurance plan, what must Fred do to have coverage for the child?
• What is a conversion option in insurance policies?
• What is the role of a medical examination in insurance underwriting?
• What is a "waiver of premium" rider in an insurance policy?
• What are the general tax implications of life insurance death benefits?
• Which of the following is a benefit covered by the Affordable Care Act?
• The Patient Protection and Affordable Care Act mandates that insurers provide coverage for adult children of the insured up to the age of?
• What can be a benefit of the cash value component in whole life insurance?
• Which option is NOT a component typically assessed during the underwriting process?
• Which statement best describes an unintentional lapse in a life insurance policy?
• Which type of life insurance policy pays out only if the insured passes away during the term period?
• What kind of changes could affect insurance premium rates?
• Which of the following correctly defines accidental death benefits?
• In health insurance, what is meant by “cost-sharing”?
• Which metal level plan under the PPACA covers 70% of the costs?
• Which of the following will be included in a policy summary?
• What is a convertible term policy?
• What are "non-forfeiture options" in life insurance?
• What is a "primary beneficiary" in a life insurance policy?
• In life insurance, who is a beneficiary?
• How can a life insurance policy be surrendered?
• What should insurers do when making a viatical settlement?
• What does the "face amount" of a life insurance policy refer to?
• What is the term for the owner of a life insurance policy who enters into a viatical settlement contract?
• What defines a group life insurance policy?
• What are common variations in a Long-term care policy?
• What are natural death benefits?
• What are riders in life insurance policies?
• Who is eligible for coverage on the Health Insurance Marketplace?
• Which entities typically offer group life insurance?
• How is whole life insurance best described?
• What is the grace period in life insurance policies?
• How do viatical settlements differ from accelerated death benefits?
• What is the primary purpose of life insurance?
• What is a living benefit in life insurance?
• Which of the following refers to the value that accumulates in a whole life insurance policy over time?
• What typically occurs if a policyholder misses a premium payment?
• What is the function of a mortality table?
• In the context of life insurance, what is an annuity?
• What factors can influence the premiums of life insurance?
• In health care plans under the Affordable Care Act, how many essential benefit categories are there?
• Why is the ability of an insurance company to meet obligations important?
• What is the main purpose of life insurance?
• What defines a "contingent beneficiary"?
• What document must be provided to the policyowner during a policy replacement?
• What does "premium loading" indicate?
• Who can provide skilled nursing care?
• What does "underwriting" mean in the context of insurance?
• What is the significance of "beneficiary designation" in life insurance?
• What is an unintentional lapse in the context of life insurance policies?
• Which type of life insurance benefits pays out for death due to natural causes?
• Which of the following are the two main types of life insurance?
• What are fixed premiums in life insurance?
• What is meant by "insurers' reserve" in life insurance?
• Which of the following is typically not covered by Medicaid?
• What type of assignment is given to a viatical settlement company when a viator sells a life insurance policy?
• What does "premium" refer to in life insurance?
• Who is the primary regulatory body overseeing the insurance industry in Nevada?
• Which of the following is correct about a group health insurance policy?
• What is the "grace period" in a life insurance policy?
• What does "insurable interest" require from the policyholder?
• What does a long-term care rider provide?
• What is the minimum premium payment period required after the birth of a newborn?
• Why are medical exams conducted in the underwriting process?
• What is the primary purpose of a policy illustration?
• How is the cash value of a whole life policy accumulated?
• What distinguishes whole life insurance from variable life insurance?
• What is the purpose of an insurance application?
• A life producer applying for a viatical settlement broker license may be exempt from prelicensing education if they have held an active life license for at least how many years?
• What is a "policy loan" in life insurance?
• What is a "lapse" in a life insurance policy?
• How are life insurance benefits typically taxed?
• How long does the contestability period typically last?
• What does an "accelerated death benefit" allow the insured to do?
• Which of the following is not considered a standard type of life insurance policy?
• What does "waiver of premium" mean in life insurance?
• How long must agents retain copies of notices and sales proposals for life insurance applications?
• Which option best describes the main benefit of a long-term care rider?
• What does term life insurance specifically cover?
• A Medicare supplement policy can exclude coverage based on?
• Which document delivered to the policyowner includes information about premium amounts, cash values, and death benefits?
• What does terminal illness mean in life insurance terms?
• What does the "right to examine" period allow a policyholder to do?
• What is a rider in life insurance?
• What does solvency refer to in insurance companies?
• What is the primary purpose of a disclosure statement in life insurance policies?
• Who is a person, other than a viator, that enters into a viatical settlement contract?