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NEVADA LIFE AND HEALTH LICENSE
EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 300 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
What is the purpose of settlement options in life insurance policies? - ANSWER-to determine how the death benefit will be paid to the beneficiary
What is the life insurance policy rider that provides coverage on the insured's family members? - ANSWER-Other-Insured Rider
What is the advantage of reinstating a life insurance policy as opposed to applying for a new one? - ANSWER-Policy premium in a reinstated policy will be set according to the insured's original age
What life insurance policy rider allows the company to forgo collecting the premium if the insured becomes disabled? - ANSWER-Waiver of Premium
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What beneficiary designation has first claim to the death proceeds of a life insurance policy? - ANSWER-Primary beneficiary
What life insurance policy provision prevents an insurer from disputing or denying a claim due to misstatements on the application after a certain period of time? - ANSWER- Incontestability
What is the purpose of the Automatic Premium Loan provision?
- ANSWER-To prevent the unintentional lapse of a policy
because of nonpayment of the premium
What happens to the proceeds of a life insurance policy if there is no named beneficiary? - ANSWER-The proceeds are paid to the insured's estate
With the reduction of premium dividend option, how is the dividend used? - ANSWER-The dividend is applied to the next year's premium; it reduces the next year's premium
A policyowner borrowed a portion of cash value from his whole life policy. If the loan is not repaid, how will that affect the death 2 / 4
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benefit to the beneficiary? - ANSWER-The amount of the loan will be subtracted from the death benefit
What type of beneficiary is next in line after the primary beneficiary? - ANSWER-Contingent beneficiary
If a settlement option is not chosen by the policy owner or the beneficiary, what option will be used by the insurer? - ANSWER-Lump-sum payment
What provision allows the policyowner to reactivate a lapsed life insurance policy within a specified period of time with proof of insurability? - ANSWER-Reinstatement
Which of the two types of policy assignments requires transfer of all ownership rights in the policy to a third party> - ANSWER-Absolute Assignment
What are the dividend options in life insurance policy - ANSWER-Cash, reduced premium, accumulation at interest, paid-up additions, paid-up option, one-year term, and acceleration of endowment
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When will a contingent beneficiary receive death benefit from a life insurance policy? - ANSWER-When the primary beneficiary dies before the insured
What provision in a life insurance policy extends coverage beyond the premium due date? - ANSWER-Grace period
In the fixed-period settlement option, how will the number of installments for the death benefit proceeds determine the amount of the installments? - ANSWER-The longer the period selected, the smaller each installment will be
What nonforfeiture option has the highest amount of insurance protection? - ANSWER-Extended Term
If a life insurance policy has an irrevocable beneficiary designation - ANSWER-The beneficiary can old be changed with written permission of the beneficiary
What is the purpose of a free-look period in insurance policies? - ANSWER-It allows the insured to reject the policy with a full refund
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