InsNV_Health02 New Study Materials - InsNV_Health02 Latest Exam Dumps

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Insurance Licensing InsNV_Health02 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Nevada Statutes and Codes Common to Life and Health Insurance Only	4%	- Advertising - Group life and health insurance 1. Required provisions 2. Eligible groups - Credit life and health insurance
Topic 2: Accident & Health – General Knowledge	50%	- Field Underwriting Procedures 1. Replacement 2. Policy delivery 3. Explaining policy provisions, riders, exclusions, and ratings 4. Completing the application 5. Initial premium payment and receipt 6. Sources of insurability and HIPAA privacy information 7. Submitting application and initial premium to company for underwriting 8. Contract law Elements of a contract Insurable interest Warranties and representations Unique aspects of the insurance contract - Social Insurance 1. Medicaid 2. Medicare Parts A, B, C, and D 3. Social Security benefits - Other Insurance Concepts 1. Managed care 2. Modes of premium payments 3. Cost containment 4. Dependent children benefits 5. Workers Compensation 6. Tax treatment of premiums and proceeds of insurance contracts 7. Occupational vs. non-occupational 8. Subrogation 9. Primary and contingent beneficiaries 10. Nonduplication and coordination of benefits 11. Owner's rights 12. Total, partial, recurrent, and residual disability - Types of Policies 1. Individual and Group Long Term Care Eligibility Levels of care 2. Disability income Individual disability income policy Business overhead expense policy Business disability buyout policy Group disability income policy Key employee policy 3. Other policies Dental Vision Cancer Critical illness or specified disease Worksite employer-sponsored Hospital indemnity Short-term medical Accident 4. Accidental death and dismemberment 5. Medical expense insurance Basic hospital, medical, and surgical policies Major medical policies Health Maintenance Organizations Preferred Provider Organizations Point of Service plans Flexible Spending Accounts High Deductible Health Plans and Health Savings Accounts Health Reimbursement Accounts 6. Group insurance Differences between individual and group contracts General characteristics COBRA 7. Medicare supplement policies - Policy Provisions, Clauses, and Riders 1. Rights of renewability Noncancelable Cancelable Guaranteed renewable 2. Mandatory and optional provisions Entire contract Time limit on certain defenses Grace period Reinstatement Notice of claim Claim forms Proof of loss Time of payment of claims Payment of claims Physical examination and autopsy Legal actions Change of beneficiary Misstatement of age or gender Change of occupation Illegal occupation Relation of earnings to insurance 3. Riders Impairment and exclusions Guaranteed insurability Future increase option 4. Other provisions and clauses Insuring clause Free look Consideration clause Probationary period Elimination period Waiver of premium Exclusions and limitations Preexisting conditions Coinsurance Deductibles Eligible expenses Copayments Pre-authorizations and prior approval requirements Usual, reasonable, and customary charges Lifetime, annual, or per cause maximum benefit limits
Topic 3: Nevada Statutes and Codes Common to Life, Health, Property, and Casualty Insurance	20%	- Licensing 1. Obtaining a license 2. Renewal and continuing education 3. Persons required to be licensed 4. Name of licensee 5. Suspension, revocation, and refusal of license 6. Termination of license - Nevada Life and Health Insurance Guaranty Association - Insurance Commissioner 1. Examinations 2. General powers and duties 3. Notice and hearings and penalties - Definitions 1. Insurer 2. Domestic, foreign, and alien 3. Transacting insurance 4. Authorized and unauthorized 5. Premiums 6. Cost-sharing 7. Certificate of authority - Marketing Practices 1. Fiduciary responsibilities 2. Required records and record retention 3. Silver State Health Insurance Exchange 4. Affordable Care Act 5. Unfair practices Unfair claims methods and practices and settlement of claims Rebating and inducement Twisting Misrepresentation Fraud Unfair discrimination Defamation 6. Commissions and payment restrictions
Topic 4: Nevada Statutes and Codes Pertinent to Health Insurance Only	14%	- Coverage for reconstructive surgery - Mandatory policy clauses and provisions 1. Coverage for physical handicap or intellectual disability for dependent children 2. Coverage for newborn children 3. Coverage for preventive healthcare services - Hospice care - Availability of coverage for mental health and treatment of alcohol abuse and drug abuse - Medicare 1. Medicare supplement regulation 2. Prescription Drug Plan 3. Medicare Advantage Plans - Long Term Care

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Insurance Licensing InsNV_Health02 Latest Exam Dumps - InsNV_Health02 Dumps PDF

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Insurance Licensing NV Accident and Health Sample Questions (Q102-Q107):

NEW QUESTION # 102
Which of the following information is included in the Consideration clause in an Accident and Health policy?

A. Schedule and amount of premium payments
B. Explanation of the Contestable periods
C. Description of the coverage provided
D. Duration of the Grace Period

Answer: A

NEW QUESTION # 103
Under a Medicare Supplement policy that is issued in response to a direct solicitation, a policyowner may return the policy to the insurance company for a full premium refund within a MAXIMUM of how many days?

A. Thirty
B. Forty-five
C. Ten
D. Sixty

Answer: A

Explanation:
A Medicare Supplement policy issued in response to direct solicitation may be returned for a full premium refund within 30 days. This is commonly called a free-look or right-to-return period. It gives the policyowner time to examine the policy after delivery and decide whether the coverage is suitable.
Direct solicitation presents a heightened consumer-protection concern because the purchaser may not have received the same personal explanation and comparison assistance available in a face-to-face sale. The 30-day period allows the consumer to review benefits, exclusions, premiums, Medicare coordination, replacement implications, and suitability without financial penalty.
The policyowner should return the policy within the required period and follow the insurer's return instructions. Once timely returned, the insurer must refund the premium in accordance with the applicable rule. The free-look right does not mean that every policy can be cancelled at any time for a complete refund; it is a specific statutory or regulatory rescission period following delivery.
Ten, 45, and 60 days are common distractors because various insurance rules use different deadlines. For Medicare Supplement direct-solicitation policies, the tested maximum period is 30 days.
Study Guide references/topics: Medicare Supplement insurance; direct solicitation; free-look period; consumer protections; Nevada Medicare Supplement regulations .

NEW QUESTION # 104
Which statement is true of a variable life insurance policy?

A. The cash value is held only in the insurer's general account.
B. The policyowner bears no investment risk.
C. The cash value may fluctuate with separate-account investment performance.
D. The policy is always a temporary term policy.

Answer: C

Explanation:
Variable life insurance is permanent life insurance with cash values invested in separate-account investment options. Because the value of those investments can rise or fall, the policyowner bears the investment risk.
The policy's cash value may fluctuate based on market performance, and the death benefit may vary above a guaranteed minimum amount, subject to policy provisions. The insurer does not guarantee the investment performance of the separate account.
Variable life insurance differs from whole life, where the insurer's general account supports guaranteed cash values and fixed premiums. It also differs from universal life, which emphasizes flexible premiums and adjustable death-benefit structures. Variable universal life combines flexible-premium features with separate- account investment options. All such products must be described accurately because the potential for growth is accompanied by potential loss.
Because variable life is a security as well as an insurance product, a producer generally needs appropriate securities registration and authorization in addition to life insurance licensing. Suitability is especially important. The product may be appropriate only for a consumer with a long time horizon, tolerance for market volatility, and a need for permanent life insurance. It should not be sold as a guaranteed investment or as equivalent to a fixed life policy.
References/topics from the Study Guide: Variable Life Insurance; Separate Accounts; General Accounts; Securities Registration; Investment Risk; Suitability.

NEW QUESTION # 105
Which of the following statements is CORRECT about the Medicaid program?

A. The program is administered at the federal level.
B. It is supplemented by Medicare for persons 62 years of age or older.
C. Participants must be at least 55 years of age.
D. It provides medical assistance for participants who are blind.

Answer: D

Explanation:
Medicaid is a means-tested public medical assistance program for eligible low-income individuals and families. Eligibility may include persons who are blind, disabled, aged, pregnant, children, or otherwise within an eligible category under federal and state rules. Therefore, choice A is correct. There is no universal minimum age of 55 for Medicaid eligibility; eligibility is based principally on financial and categorical requirements. Medicaid is also not simply a program supplemented by Medicare at age 62. Medicare eligibility is generally associated with age 65 or qualifying disability or disease status, while Medicaid may assist certain eligible persons with limited income and resources, including some Medicare beneficiaries.
Medicaid is jointly financed by federal and state governments but is administered by the states within federal standards. In Nevada, the state administers the program through its designated health and human-services structure. Examination questions commonly test the distinction between Medicare as social insurance and Medicaid as needs-based medical assistance. Study Guide References/Topics: Social Insurance Programs; Medicaid; Federal-State Health Programs.

NEW QUESTION # 106
In a cross-purchase buy-sell agreement funded by life insurance, who typically owns the policy on each business owner?

A. The producer owns the policy until death occurs.
B. The insured owner's children own the policy.
C. Each owner owns policies on the other owners.
D. The business entity owns every policy.

Answer: C

Explanation:
In a cross-purchase buy-sell agreement, each business owner purchases, owns, and is beneficiary of life insurance on the other owner or owners. If one owner dies, the surviving owner receives the policy proceeds and uses them to purchase the deceased owner's business interest from the estate or designated successor. The arrangement provides liquidity and a predetermined method for transferring ownership, helping the business continue without forcing a sale of assets or requiring the surviving owner to obtain financing at a difficult time.
An entity-purchase agreement differs because the business itself owns policies on each owner and uses the proceeds to redeem the deceased owner's interest. The number of policies can be an important distinction.
With two owners, a cross-purchase arrangement usually requires two policies. With several owners, each may need policies on all other owners, which can become administratively complex.
The agreement should be drafted and reviewed by qualified legal and tax professionals. The insurance policy alone does not create the buy-sell obligation; the written agreement establishes the purchase terms, valuation method, triggering events, and funding mechanism. The producer's role is to help identify appropriate funding, not to draft legal agreements.
References/topics from the Study Guide: Buy-Sell Agreements; Cross-Purchase Plans; Entity-Purchase Plans; Business Continuation; Life Insurance Funding.

NEW QUESTION # 107
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