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| Section | Objectives |
|---|---|
| Topic 1: Insurance Basics | - Risk Management and Insurance Concepts
|
| Topic 2: Health Insurance Policy Provisions | - Claims and Benefits
|
| Topic 3: Accident and Health Insurance Fundamentals | - Disability Income Insurance
|
| Topic 4: Producer Duties and Ethics | - Sales Practices
|
| Topic 5: General Insurance Regulation | - Nevada Insurance Department and Regulatory Authority
|
| Topic 6: Government Health Insurance Programs | - Medicare
|
>> InsNV_Health02 Latest Test Answers <<
Insurance Licensing is one of the most powerful and rapidly growing fields nowadays. Everyone is trying to get the Insurance Licensing InsNV_Health02 certification to improve their futures with it. Success in the test plays an important role in the up gradation of your CV and getting a good job or working online to achieve your dreams. The students are making up their minds for the Insurance Licensing InsNV_Health02 test but they are mostly confused about where to prepare for it successfully on the first try.
NEW QUESTION # 104
Which rider allows a terminally ill insured to receive part of the death benefit while still alive, subject to the policy terms?
Answer: A
Explanation:
An accelerated death benefit rider permits an insured who meets the rider's qualifying conditions to receive a portion of the policy's death benefit while alive. Qualifying conditions commonly include terminal illness and may include chronic illness or other severe conditions, depending on the contract. The advance is not additional insurance. It is an acceleration of part of the death benefit otherwise payable at death. As a result, the remaining death benefit available to beneficiaries is reduced by the amount paid, together with any applicable charges or adjustments under the policy.
This rider can provide funds for medical care, home modifications, long-term care, living expenses, or other needs created by a serious illness. However, the producer must explain that eligibility is determined by the contract and supporting medical documentation. The rider should not be described as a replacement for comprehensive health insurance, disability income protection, or long-term-care insurance.
The other choices serve different purposes. A guaranteed-insurability rider allows future purchases of coverage without evidence of insurability at stated times or events. A payor-benefit rider waives premiums if a designated payor becomes disabled or dies. An accidental-death rider pays an additional benefit for qualifying accidental death.
References/topics from the Study Guide: Living Benefits; Accelerated Death Benefit Rider; Terminal Illness; Policy Riders; Beneficiary Considerations.
NEW QUESTION # 105
In a disability income policy, the elimination period is best described as:
Answer: B
Explanation:
The elimination period is the waiting period that begins when a covered disability starts and ends before disability-income benefits become payable. It functions much like a time deductible. For example, if a policy has a 30-day elimination period, the insured must remain disabled for the required period before weekly or monthly benefits begin, subject to the policy's definition of disability and proof-of-loss requirements.
The elimination period is not the benefit period. The benefit period is the maximum length of time benefits may continue once the insured becomes eligible, such as two years, five years, or to a stated age. It is also not the probationary period, which may apply at the beginning of a policy before coverage for sickness becomes effective. Accident coverage is often effective immediately, while sickness coverage may have a probationary period depending on the contract.
A longer elimination period generally lowers the premium because the insured retains more of the initial loss.
A shorter elimination period generally increases the premium because the insurer begins paying sooner. When comparing disability policies, producers should evaluate the elimination period together with the monthly benefit amount, definition of disability, residual-benefit features, and benefit period.
References/topics from the Study Guide: Disability Income Insurance; Elimination Period; Benefit Period; Probationary Period; Time Deductible.
NEW QUESTION # 106
Life insurance death proceeds paid to a named beneficiary are generally:
Answer: A
Explanation:
Life insurance death proceeds paid to a named beneficiary are generally excluded from the beneficiary's gross income for federal income-tax purposes. This favorable treatment is one reason life insurance is widely used for family income protection, estate liquidity, business continuation, and debt protection. However, the producer should use the word "generally" because exceptions and special circumstances can affect taxation.
For example, interest paid by the insurer because it retains proceeds under an interest option is generally taxable as interest income. Transfers of a policy for valuable consideration can create a transfer-for-value issue. Business-owned life insurance can involve additional notice, consent, and tax rules. Estate-tax treatment is also separate from income-tax treatment; incidents of ownership or other estate-planning facts may cause proceeds to be included in the insured's taxable estate even though the beneficiary does not owe income tax on the benefit.
Premiums paid for personally owned life insurance are generally not deductible. The producer should not provide individualized tax or legal advice. The proper explanation is that life insurance provides a generally income-tax-favored death benefit, while policy ownership, beneficiary designation, business arrangements, and estate planning should be reviewed with qualified advisers.
References/topics from the Study Guide: Life Insurance Taxation; Death Proceeds; Transfer-for-Value Rule; Estate Tax Concepts; Business-Owned Life Insurance.
NEW QUESTION # 107
An applicant submits the first premium with a life insurance application and receives a conditional receipt.
When does coverage generally become effective?
Answer: C
Explanation:
A conditional receipt may provide temporary coverage from the application date or medical-examination date, but only if the conditions stated in the receipt are satisfied. A common condition is that the insurer, applying its normal underwriting standards, would have issued the policy to the applicant as applied for or at the requested rating. The receipt does not guarantee coverage for every applicant merely because the first premium was submitted.
The exact effect of a conditional receipt depends on its language. Some receipts use an "approval" approach, under which coverage begins only when the insurer approves the application. Others use an "insurability" approach, under which coverage may relate back to an earlier date if the applicant was insurable under the insurer's standards. A producer must not describe a conditional receipt as an unconditional binder or promise that the policy has been issued.
The producer should collect and transmit premium funds according to insurer instructions, deliver the receipt, explain its limited nature, and avoid making coverage representations outside the receipt's terms. If the insurer declines the application, the premium is ordinarily returned according to the applicable procedure.
Proper explanation is especially important because applicants may assume that payment alone creates permanent insurance.
References/topics from the Study Guide: Conditional Receipt; Premium with Application; Temporary Insurance; Underwriting Approval; Policy Delivery.
NEW QUESTION # 108
Which of the following persons is NOT required to be licensed by the Nevada Insurance Commissioner?
Answer: B
Explanation:
A salaried insurance company employee performing only clerical and administrative work is not required to hold an insurance producer license. The exemption applies when the employee does not sell, solicit, or negotiate insurance and is not compensated by commission based on insurance transactions.
Licensing is required for persons whose activities bring them into the regulated functions of insurance production, brokering, adjusting, or other licensed insurance activity. A person who procures insurance for an insured is acting in a producer or broker capacity and requires appropriate authority. An individual involved in investigating and settling claims may require an adjuster license depending on the duties performed.
Likewise, an agency clerk who receives commissions related to processed applications is no longer functioning solely as a clerical employee; commission-based activity indicates involvement in the insurance transaction.
The distinction is based on the actual work performed, not merely the person's job title. A company may call someone an assistant, representative, clerk, or customer-service employee, but the individual must be licensed if the person sells, solicits, negotiates, or otherwise performs regulated insurance functions.
Study Guide references/topics: producer licensing; licensing exemptions; clerical employees; sales, solicitation, and negotiation; NRS 683A.117 .
NEW QUESTION # 109
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