NEVADA LIFE AND HEALTH INSURANCE STUDY GUIDE LATEST 2025 2026 UPDATE QUESTIONS EN ANSWERS GRADE A 10

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.Nevada Life and Health Insurance Study Guide (Latest 2025/ 2026 Update) Questions & Answers| Grade A| 100% Correct (Verified Solution) QUESTION Entire Contract Provision Answer: Provision in life insurance policy states that the application is considered part of the contract. QUESTION ERISA (Employment Retirement Income Security Act) Answer: The primary purpose of ERISA is to regulate and protect those enrolled in retirement and group health plans. QUESTION Major Medical Policy Answer: Frequently uses a deductible and coinsurance with a lifetime limit on health insurance. QUESTION While in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits? Answer: Full benefits are payable under the Master Contract (the original contract) QUESTION An insurance company MUST clearly specify questions designed to obtain information solely for marketing research in ? Answer: Any insurance transaction QUESTION L, aged 50, and L’s spouse, 48, have one natural child and one adopted child. They purchase a Family Policy that covers L’s spouse to age 65. A death benefit will NOT be paid in which of the following circumstances? Answer: L’s spouse dies at age 66 (the coverage is up to age 65) QUESTION A 55 year old recently received a $30,000 distribution from a previous employer’s 401 k plan, minus $6,000 withholding. Which federal taxes apply if one of the funds were rolled over ? Answer: Income taxes plus a 10% penalty tax on $30,000 All withdrawals from a qualified retirement plan are taxable as current income. In addition, any withdrawals made before the age 59 1/2 is subject to an additional tax penalty of 10% of the amount withdrawn. QUESTION Level Term Insurance Answer: Written to cover a need for a specified period of time at the lowest premium QUESTION Companies in North Carolina may transact solicitations for insurance ONLY through: Answer: Licensed producers QUESTION A correct statement about the regulatory authority of the Commissioner with respect to the insurance producers is that the Commissioner may: Answer: Establish guidelines for continuing education as a part of the producer license renewal procedure. QUESTION Insurance contracts are known as _________ because certain future conditions or acts must occur before any claims can be paid. Answer: Conditional. QUESTION Misstatement of Age Answer: Requires that if the age of the insured is misstated, then any amount payable is an amount that the premiums paid would have purchased at the current age or ages. QUESTION An employee with $25,000 group terms life coverage was recently fired. This employees group coverage may be converted to a ? Answer: $25,000 individual whole life policy (temp to perm) QUESTION If a producer determines that the sales of the Medicare Supplement policy involves replacement, the producer must takes all of the following actions, EXCEPT: Answer: Notify the replaced insurance company QUESTION A written agreement to provide Life insurance Policy holder immediate cash in exchange for the sale and transfer of a Life Insurance Policy is a? Answer: Viatical Settlement
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