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Nevada Life and Health Insurance Exam (Latest Update) Questions & Answers| Grade A| 100% Correct (Verified Solution) twisting An agent inducing an insured to lapse, forfeit, or surrender insurance through misrepresentation.
Correct answer: twisting
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lapsed individual life insurance policy reinstatement Can be reinstated within 5 years.
Correct answer: lapsed individual life insurance policy
reinstatement
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life policy reinstatement period Within 5 years a life policy can be reinstated upon meeting company requirements.
Correct answer: life policy reinstatement period
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Commissioner of Insurance vacancy Any vacancy must be filled by a Governor appointment.
Correct answer: Commissioner of Insurance vacancy
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rebating An agent who illegally discounts insurance premium is said to be engaged in rebating.
Correct answer: rebating
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false insurance claim Filing a false insurance claim in North Carolina is considered a felony.
Correct answer: false insurance claim
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insolvency fund The fund that guarantees policyowners payment of death benefits is known as the Life and Health Insurance Guaranty Association.
Correct answer: insolvency fund
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temporary license issuance The Commissioner of Insurance can issue a temporary license to a surviving spouse of a deceased agent.
Correct answer: temporary license issuance
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seasonal employee insurance eligibility The amusement park's Group Policy would consider T NOT eligible for the insurance because as a seasonal employee, T
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does not meet the definition of 'employee' under North Carolina law.
Correct answer: seasonal employee insurance eligibility
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Life and Health Insurance Guaranty Association regulations Regulations apply ONLY to Life and Health policies issued by companies authorized in North Carolina.
Correct answer: Life and Health Insurance Guaranty Association
regulations
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life insurance contract void period A life insurance contract may NOT be voided by the insurance company beginning 2 years after the policy's issue date.
Correct answer: life insurance contract void period
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