NEVADA LIFE AND HEALTH INSURANCE EXAM PREP LATEST 2025 2026 UPDATE QUESTIONS EN ANSWERS GRADE A 100
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.Nevada Life and Health Insurance Exam Prep (Latest 2025/ 2026 Update) Questions & Answers| Grade A| 100% Correct (Verified Solution) QUESTION What best describes annually renewable term insurance? Answer: It is level term insurance QUESTION What best describes an annuity period? Answer: Period of time during which accumulated money is converted into income payments QUESTION What is an eligibility requirement for all Social Security Disability Income benefits? Answer: Have attained fully insured status QUESTION What protects the insured from unintentional policy lapse due to a nonpayment of premium? Answer: Automatic premium loan QUESTION What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association be obligated to pay with respect to life insurance death benefits for one life? Answer: $300,000 QUESTION What is the penalty for transacting insurance without a proper license? Answer: $1,000 for each violation QUESTION What type of misrepresentation persuades an insured to cancel, lapse, or switch policies from one to another? Answer: Twisting QUESTION The patient protection and affordable care act includes what except? Answer: Individual tax deduction for premiums paid QUESTION What entity determines if an advertisement is deceptive of confusing? Answer: The Commissioner QUESTION How many days does a nonresident procedure have to file a change of address when the agent moves to Nevada from another state? Answer: 30 days QUESTION What is not considered a misrepresentation? Answer: Making comparisons between different policies QUESTION A producer who has allowed their license to lapse may reinstate the license without retaking the examination within what maximum time period? Answer: 12 months or 1 year QUESTION Who is a person, other than a viator, that enters into a viatical settlement? Answer: Viatical Settlement Provider QUESTION How many days after cancellation of a license in another state does a new resident agent have to apply for Nevada producer license without having to fulfill licensing examination and education requirements? Answer: 90 days QUESTION 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 When would a whole life insurance policy mature? Answer: The whole life insurance policy matures when the insured dies or turns 100. QUESTION 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 What constitutes the entire contract? Answer: The entire contract constitutes the policy, a copy of application, and any riders or amendments. QUESTION Which rider allows an insured to purchase additional coverage without evidence of insurability? Answer: The Guaranteed Insurability Rider allows an insured to purchase additional coverage without evidence of insurability. QUESTION What are the three nonforfeiture options? Answer: The three nonforfeiture options are reduced paid-up, extended term, and cash surrender value. QUESTION In group life insurance, who receives the master contract? Answer: The employer receives the master contract in group life insurance. QUESTION What are some examples of qualified retirement plans? Answer: Traditional IRA, Roth IRA, SIMPLE, SEP, and 401(k) QUESTION When would life insurance death benefits be tax free? Answer: If paid as a lump sum to the beneficiary QUESTION What do individuals use to transfer their risk of loss to a larger group? Answer: Insurance QUESTION What is insurance the transfer of? Answer: Risk QUESTION Insurance is a contract by which one seeks to protect another from Answer: Loss QUESTION What type of report provides information about the applicant’s hobbies, habits, and financial status? Answer: Inspection Report QUESTION What law protects consumers from the circulation of inaccurate or obsolete information Answer: The Fair Credit Reporting Act
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