Nevada Life and Health Insurance Final Exam Study Guide (Latest Update 2025 / 2026) Questions and Answers | Grade A | 100% Correct (Verified Solution)
Question:
G purchase a Family Income Policy at age 40. The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive an income?
Answer:
10 years.
Family Income Policies pay an income beginning at the insured's death and continues for a period specified from the date of the policy issue.
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Question:
In Nevada, a Long-Term Care policy must be _______ renewable.
Answer:
Guaranteed. In a Nevada, a Long-Term Care policy must be Guaranteed renewable.
Question:
Which of the following consists of an offer, acceptance, and consideration?
Answer:
Contract.
Offer, acceptance, and consideration are all elements of a contract.
Question:
Medicaid was designed to assist individuals who are:
Answer:
Below a specific income limit. Medicaid was enacted to provide medical assistance to those whose income is below a specific limit.
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Question:
What must be signed by both the producer and applicant when an existing life insurance policy is being reissued with a reduction in cash value?
Answer:
Notice Regarding Replacement
Question:
Notice Regarding Replacement
Answer:
When a policy has been reissued with any reduction in cash value, that is considered a replacement. A Notice Regarding Replacement must be signed by both the producer and applicant.
Question:
What is the required renewability status of all Medicare supplement policies?
Answer:
All Medicare supplements must be guaranteed renewable.
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Question:
The waiting period for pre-existing condition under a Medicare Supplement policy may not be go beyond.
Answer:
Under Medicare Supplement policy, the waiting period for pre-existing conditions may not exceed 6 months.
Question:
What type of insurance company is domiciled in England, but conducts business in Nevada?
Answer:
Alien
alien = out of US
Question:
When an insured has the same disability within a specified time period and the insurance company provides the same benefits without a new waiting period, the second disability is covered under which of the following benefits ?
Answer:
Recurrent Disability
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