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| Section | Weight | Objectives |
|---|---|---|
| Accident and Health — General Knowledge | ~68% | - Policy Provisions, Clauses & Riders
|
| Nevada Statutes, Rules and Regulations | ~32% | - Nevada Health-Specific Regulations
|
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NEW QUESTION # 129
Under a life insurance policy with a revocable beneficiary designation, who normally has the authority to change the beneficiary?
Answer: D
Explanation:
The policyowner normally holds the contractual rights known as incidents of ownership. When the beneficiary designation is revocable, the policyowner may generally change the beneficiary without obtaining that beneficiary's consent, provided the policy is in force and no assignment or court order restricts the right.
The owner may also ordinarily exercise other ownership rights, such as selecting premium-payment modes, assigning the policy, taking a policy loan when available, surrendering the policy for cash value, and electing settlement options.
The insured and the owner can be the same person, but they do not have to be. The insured is the person whose life is covered and whose death triggers payment of the death benefit. A beneficiary is the person or entity designated to receive policy proceeds. Those roles must be kept separate on examination questions. A revocable beneficiary has only an expectancy until the insured dies; by contrast, an irrevocable beneficiary usually has a vested interest that limits the owner's ability to change the designation or exercise certain policy rights without consent.
Correctly identifying the owner is essential because ownership determines control of the policy during the insured's lifetime.
References/topics from the Study Guide: Policyowners' Rights; Beneficiary Designations; Revocable and Irrevocable Beneficiaries; Assignments.
NEW QUESTION # 130
Life insurance death proceeds paid to a named beneficiary are generally:
Answer: C
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 # 131
Nevada insurance laws define a domestic insurance company as one formed under the laws of:
Answer: B
Explanation:
A domestic insurer in Nevada is an insurer formed under the laws of Nevada, unless it has converted to foreign-insurer status. Therefore, "the state of Nevada only" is the correct answer.
The terms domestic, foreign, and alien describe the jurisdiction in which an insurer is formed or domiciled; they do not describe the insurer's size, financial condition, or whether it is authorized to do business in Nevada. A foreign insurer is formed under the laws of another jurisdiction, generally another U.S. state, but may be authorized to transact insurance in Nevada. An alien insurer is formed under the laws of a country other than the United States.
An insurer may be domestic in one state and foreign in every other state. For example, an insurer incorporated under Nevada law is domestic in Nevada but foreign in California, Arizona, or any other state. Conversely, a company formed in another state is foreign in Nevada even if it holds a Nevada certificate of authority.
Study Guide references/topics: domestic insurers; foreign insurers; alien insurers; insurer domicile; NRS
679A.090 .
NEW QUESTION # 132
The Nevada Insurance Commissioner may revoke the license of any licensed producer who:
Answer: B
Explanation:
Misappropriating money belonging to policyholders is a direct and serious ground for license revocation. A producer commonly receives premiums, return premiums, claim funds, or other property in the course of insurance business. Those funds must be handled honestly, promptly, and in accordance with the producer's fiduciary responsibilities. Using, converting, improperly withholding, or diverting that money violates Nevada producer-licensing law.
The Commissioner may refuse to issue, suspend, revoke, or refuse to renew a producer's license and may impose administrative fines or other disciplinary action for specified misconduct. Misappropriation is specifically identified as conduct warranting discipline because it threatens consumers and undermines the integrity of the insurance marketplace.
A civil judgment alone does not automatically establish a licensing-revocation ground under the wording of this question. Likewise, reporting requirements and address-change obligations may lead to administrative consequences when violated, but the question asks for the clear statutory cause for revocation.
Misappropriation of policyholder money is the most direct and legally significant answer.
Producers should maintain accurate premium records, promptly remit funds, segregate money when required, and never treat policyholder or insurer funds as personal assets.
Study Guide references/topics: producer fiduciary duties; prohibited practices; license denial, suspension, and revocation; NRS 683A.451 .
NEW QUESTION # 133
Which of the following statements is generally CORRECT about a major medical policy?
Answer: B
Explanation:
Major medical insurance is designed to provide broad protection against substantial medical expenses. It commonly covers hospital, surgical, physician, diagnostic, and other medically necessary services, subject to deductibles, coinsurance, exclusions, and stated policy limits. Therefore, choice D is correct. A major medical policy is not limited to in-hospital expenses; that description is more characteristic of basic hospital coverage.
It also is generally broader-not more limited-than a basic hospital, medical, or surgical policy. A 30-day elimination period is associated more closely with disability income insurance and does not define major medical coverage. The phrase "reasonable and necessary" is important because it allows the insurer to evaluate whether a service was medically appropriate and whether the charge falls within the policy's payment standard. Major medical policies are comprehensive, but they are not unlimited: coverage remains subject to deductibles, coinsurance, exclusions, maximum benefits, network terms, and utilization requirements. Study Guide References/Topics: Types of Health Insurance Policies; Major Medical Expense Insurance; Medical Expense Coverage.
NEW QUESTION # 134
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