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NEVADA LIFE INSURANC E EXAM
QUESTIONS & ANSWERS 100%
CORRECT(SCORED A+)
Question :What are the four required elements of an
insurance contract?
Correct answer:Agreement, consideration, competent
parties, and legal purpose.
Question :What two parts make up a life insurance
application?
Correct answer:General Information and the Medical
Information. An agent's report can go in a life insurance application but is not included in the life insurance policy.
Question :When must insurable interest exist in life
insurance?
Correct answer:At the time of application.
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Question :When does coverage begin, if the premium was
submitted with the application, and the policy was issued two weeks later?
Correct answer:At the time of the application.
Question :If an agent makes a mistake on the application
and then corrects it, who must initial that change?
Correct answer:The applicant.
Question :Insurers may change what on a guaranteed
renewable health insurance polity?
Correct answer:The rates by class.
Question :At what age may an individual make
withdrawals from an HSA for nonhealth purposes without being penalized?
Correct answer:At age 65.
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Question :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?
Correct answer:Recurrent Disability Provision
Question :In forming an insurance contract, when does
acceptance occur?
Correct answer:When an insurer's underwriter approves
coverage
Question :What is an important feature of a dental
expense insurance plan that is not found in a medical expense insurance plan?
Correct answer:Diagnostic and preventive care
Question :What best describes the "first-dollar coverage"
principle in basic medical insurance?
Correct answer:The insured is not required to pay a
deductible
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Question :Occasional visits by what medical professionals
will not be covered under Long-Term Care's home health care?
Correct answer:Attending physicians
Question :Can an individual who belongs to a POS plan
use an out-of-network physician?
Correct answer:Yes, they can use any physician even if
not part of the HMO
Question :What is the advantage of reinstating a policy
instead of applying for a new one?
Correct answer:The original age is used for premium
determination
Question :What would basic medical expense coverage
not cover?
