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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Accident and Health โ General Knowledge | ~68% | - Policy Provisions, Clauses & Riders
|
| Topic 2: Nevada Statutes, Rules and Regulations | ~32% | - General State Insurance Regulations
|
>> InsNV_Health02 Exam Duration <<
Our NV Accident and Health (InsNV_Health02) exam dumps comes in three formats: Insurance Licensing InsNV_Health02 PDF dumps file, desktop-based practice test software, and a web-based practice exam. These versions are specially designed to make NV Accident and Health (InsNV_Health02) preparation for users easier. InsNV_Health02 Questions in these formats of Actual4dump's material are enough grasp every test topic in the shortest time possible.
NEW QUESTION # 127
Under the Guaranteed Renewable provision in a policy issued to a group of persons having a common occupation, an insurance company may NOT terminate coverage on a group member if the member:
Answer: A
Explanation:
The correct answer is D. A guaranteed renewable provision protects an insured against termination based solely on health deterioration or disability, provided the premium is paid and the insured continues to meet the policy's stated conditions. Therefore, the insurer may not terminate coverage merely because the member becomes disabled. The insurer may, however, terminate or end coverage when a member no longer meets an eligibility requirement, such as leaving the eligible occupational classification, ceasing active employment, or reaching a policy-specified terminating age. Those conditions concern the member's contractual eligibility for the group coverage rather than the member's health status. Guaranteed renewable does not necessarily mean that premiums can never change. The insurer may generally change premiums on a class basis, but it cannot single out one insured for an individual premium increase or cancellation because that person became ill or disabled. This concept should be distinguished from noncancellable coverage, which provides stronger protection by preventing the insurer from changing either premiums or benefits during the stated period.
Study Guide References/Topics: Group Health Insurance; Renewability Provisions; Guaranteed Renewable Coverage.
NEW QUESTION # 128
When must insurable interest generally exist in a life insurance transaction?
Answer: D
Explanation:
Insurable interest must generally exist when a life insurance policy is issued. It is the lawful financial or personal interest that prevents life insurance from becoming a wagering arrangement. A person has an unlimited insurable interest in that person's own life and may name any lawful beneficiary. Insurable interest also commonly exists among close family members because of love and affection, and in certain business relationships where one person or entity would suffer a financial loss from another person's death.
Once a policy is validly issued with insurable interest, the interest does not generally need to continue until the insured's death. For example, a business may purchase life insurance on a key employee when a valid economic relationship exists. If the relationship later changes, the policy's continued validity is not automatically destroyed solely because the original financial relationship ended. However, ownership transfers, stranger-originated life insurance arrangements, and transactions designed to evade insurable- interest requirements raise significant legal and ethical concerns.
Insurable interest differs from beneficiary status. A beneficiary need not always have an insurable interest if the policyowner is insuring the policyowner's own life. The critical point is that the policy must be procured lawfully at inception.
References/topics from the Study Guide: Insurable Interest; Policy Ownership; Beneficiary Designations; Business Life Insurance; Contract Law.
NEW QUESTION # 129
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?
Answer: C
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 # 130
An insurance company MUST take which of the following actions to terminate a producer ' s appointment?
Answer: D
Explanation:
When an insurer terminates the appointment, employment, or other relationship of a producer, it must notify the Nevada Insurance Commissioner. The notice must be made in the form prescribed by the Commissioner within 30 days after the effective date of termination.
An appointment is the insurer's authorization for a licensed producer to act as its agent. Ending an appointment does not automatically cancel the producer's underlying license. A producer may remain properly licensed and may be appointed by another insurer or operate as a broker when permitted by law.
Therefore, option B is incorrect.
The insurer must provide the required notice to the Commissioner; it is not required to obtain a hearing before ending the appointment. The producer is sent a copy of the insurer's notification after the Commissioner is notified, but the statute does not require the insurer to provide 30 days' advance notice to the producer. The producer has an opportunity to file written comments concerning the report with the Commissioner.
The reporting rule supports regulatory oversight and helps the Division identify whether a termination involved conduct that may warrant disciplinary action.
Study Guide references/topics: producer appointments; appointment termination; insurer reporting duties; NRS 683A.331 .
NEW QUESTION # 131
An insured purchases a rider that pays an additional amount only if death results from a covered accident.
This rider is best described as:
Answer: C
Explanation:
An accidental death benefit rider provides an additional death benefit when the insured dies as the direct result of a covered accident. It is often described as "double indemnity" when the additional benefit equals the policy's face amount, although the actual amount and conditions depend on the rider. The rider supplements the base life policy; it does not replace the base death benefit. If the insured dies from a covered accident, the beneficiary may receive the base policy amount plus the rider benefit. If death results from illness or a noncovered cause, only the base policy benefit is generally payable.
Accidental-death riders contain important limitations. They typically require death to occur within a stated time after the accident and may exclude deaths resulting from specified causes, such as war, suicide, certain hazardous activities, intoxication, or illegal acts, depending on the contract. The producer must explain that the benefit is conditional and is not the same as comprehensive life insurance.
A guaranteed-insurability rider permits future coverage increases without new evidence of insurability. A cost- of-living rider increases coverage under specified inflation-related terms. A return-of-premium feature returns qualifying premiums under stated conditions, usually at the end of a term period.
References/topics from the Study Guide: Accidental Death Benefit Rider; Double Indemnity; Exclusions; Supplementary Benefits; Policy Riders.
NEW QUESTION # 132
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