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Nevada Life Insurance/LATEST UPDATE 2025/
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During replacement of life insurance, a replacing insurer must do which of the following? A Send a copy of the Notice Regarding Replacement to the Department of Insurance B Obtain a list of all life insurance policies that will be replaced C Guarantee a replacement for each existing policy D Designate a new producer for a replaced policy - โโB Which of the following documents must be provided to the policyowner or applicant during policy replacement? A Buyer's Guide and Policy Summary B Policy illustrations C Notice Regarding Replacement D Disclosure Authorization Form - โโC Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract? A Viatical settlement purchaser B Viatical settlement broker C Viatical settlement effectuator D Viatical settlement provider - โโD
Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill? A 3 6 12 24 - โโD For how long must agents retain copies of notices and sales proposals for life insurance applications? A 1 year B 5 years C 10 years D 3 years - โโD What is the purpose of a disclosure statement in life insurance policies? A To protect agents and insurers against lawsuits B To explain features and benefits of a proposed policy to the consumer C To obtain important underwriting information from the applicant D To help consumers compare policy prices - โโB Which of the following statements would best describe the difference between viatical settlements and accelerated death benefits? A Viaticals require higher premiums.
D Absolute assignment is given to the insurance company. - โโB Who is a person, other than a viator, that enters into a viatical settlement contract? Provider Purchaser Effectuator Broker - โโA 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? A 3 years B 5 years C 10 years D As long as the insurer remains in business - โโA 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? A Insurance Index B Policy Summary Illustrations Buyer's Guide - โโD
A viatical settlement is arranged between a viatical company and a/an Beneficiary. Lender. Terminally ill insured. Insurance producer. - โโC 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? A Disclosure rule B Replacement rule C Reinstatement rule D Conversion rule - โโB When a viator sells a life insurance policy, AAbsolute assignment is given to the insurance company. BCollateral assignment is given to the insurance company. CAbsolute assignment is given to the viatical settlement company. DCollateral assignment is given to the viatical settlement company. - โโC Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill? 3 6 12
AReciprocal association. BFraternal insurer. CMutual company. DStock company. - โโB An insured with a life insurance policy is diagnosed with a terminal illness. Which of the following could be a suitable option for this insured? APolicy replacement BChange of beneficiary CViatical settlement DPolicy loan - โโC A viatical settlement is arranged between a viatical company and a/an ALender. BTerminally ill insured. CInsurance producer. DBeneficiary. - โโB Which of the following documents delivered to the policyowner includes information about premium amounts, cash values, surrender values and death benefits for specific policy years? privacy notice BA buyer's guide CA policy summary DA notice regarding replacement - โโC
How must a replacing producer respond to an applicant wishing to replace existing life insurance? AThe producer must request the permission of the existing insurer. BThe producer has no specific duties. CThe producer must provide the applicant with a Notice Regarding Replacement. DThe producer must collect the existing policies and turn them over to the replacing insurer. - โโC A life producer applying for a viatical settlement broker license may be exempt from the prelicensing education and examination requirement if the producer has held an active life license for at least how many years? A1 year B2 years C5 years D10 years - โโA What is the name for the owner of a life insurance policy who enters into a viatical settlement contract? AViatical settlement purchaser BViator CPolicyowner DViatical settlement provider - โโB
A
B
C
D15 - โโB
Which of the following is NOT a metal level of coverage offered under the Patient Protection and Affordable Care Act? AIron BGold CSilver DBronze - โโA The following are allowable exclusions of Medicare supplement insurance EXCEPT ADental treatment. BHearing aids. CEmotional disorders. DAll of the above are allowable exclusions. - โโD Which of the following individuals will be eligible for coverage on the Health Insurance Marketplace? AA U.S. citizen living abroad BA permanent resident lawfully present in the U.S. CSomeone who has Medicare coverage
DA U.S. citizen who is incarcerated - โโB Under the Affordable Care Act, which classification applies to health plans based on the amount of covered costs? AGrandfathered and nongrandfathered BRisk classification CMetal level classification DGuaranteed and nonguaranteed - โโC What are the most common variations in a Long-term care policy? ANumber of days of confinement covered BNumber of home health visits covered CThe amount paid for nursing home care DAll of the above - โโD Bob purchased a policy to provide coverage on himself, his wife Linda, and their two children, John and Kristen. All of them would need to prove insurability EXCEPT AJohn and Kristen. BAny children born to them after the inception of the contract. CBob. DLinda. - โโB The Patient Protection and Affordable Care Act includes all of the following provisions EXCEPT
D62 - โโB
What is continuous care coverage in this state? ALimited benefit coverage BLong-term care coverage CDisability income coverage DWorkers compensation coverage - โโD For what time period can coverage be excluded on permissible pre-existing conditions applicable to a Medicare supplement insurance policy? A3 months after the effective date of the policy B6 months after the effective date of the policy C30 days after the effective date of the policy D2 months after the effective date of the policy - โโB What is the maximum age for qualifying for a catastrophic plan? A B C D62 - โโB How soon from the delivery of a Medicare Supplement policy may the insured return it for a full refund?
A10 days B20 days C30 days DAny time - โโC Long term care insurance policies can ALimit coverage for the treatment of Alzheimer's disease. BBe cancelled due to the deterioration of the insured's mental health. CLimit coverage for the treatment of alcoholism. DBe cancelled due to the age of the insured. - โโC According to the PPACA metal levels classification, if a health plan is expected to cover 90% of the cost for an average population, and the participants would cover the remaining 10%, what type of plan is that? AGold BPlatinum CBronze DSilver - โโB A woman obtains health coverage through the Marketplace on October 1. Two weeks later she finds out that she is 3 months pregnant. Which of the following is true about coverage for pregnancy? APregnancy may be covered with the insurer's special approval. BPregnancy will be covered immediately.
Which of the following is correct about a group health insurance policy? AIt can exclude newborn children from coverage. BIt cannot exclude coverage for VA hospital treatment. CIt can provide coverage for handicapped children. DIt cannot exclude coverage from an occupational accident. - โโC Under the Affordable Care Act, what percentage of preventive care must be covered without cost sharing? A25% B50% C80% D100% - โโD A Medicare supplement policy can exclude coverage based on AMedical conditions. BTreatment for illnesses. CBoth medical conditions and treatment for illness. DNone of the above - โโD Who can provide skilled nursing care? ACommunity volunteer BDoctor
CSpouse DNone of the above - โโB 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? A5 hours B8 hours C12 hours D20 hours - โโB
