Nevada Final Exam Practice Questions And Answers Verified 2024

The phrase "This policy will only pay for a semi-private room" is an example of a(n): Maximum policy limit internal limit stop loss participation percentage {Ans: internal limit}In order for a domestic, foreign, or alien insurance company to conduct business, it must be authorized by whom? NAIC The state where they are conducting business The attorney general in the state where they are domiciled Homeland security {Ans: The state where they are conducting business}Group Life policies in Nevada are required to contain a conversion privilege that allows for conversion: with evidence of insurability to an individual policy for a stated period of time only if the premiums are paid by the employer to an individual policy at anytime {Ans: to an individual policy for a stated period of time}Which policy requires an agent to register with the National Association of Securities Dealers (NASD) before selling? Variable life Credit life Universal life Interest-Sensitive Whole Life {Ans: Variable Life}Which of the following statements BEST describes the intent of a Coinsurance clause in a Major Medical policy? Discourages overutiliziation of the insurance coverage Minimizes the need for deductibles Discourages adverse selection Minimizes the waiting period {Ans: Discourages overutiliziation