NEVADA - Life Insurance Practice Final

NEVADA - Life Insurance Practice Final Examination Latest Update 2025-2026 Actual Exam Questions with 100% Verified Correct Answers Guaranteed A+ Verified by Professor

A retired person purchases an annuity for $90,000. One month later, he starts to receive payments. Based solely on these facts, what type of annuity does he have?

• Immediate
• Cash payment
• Life only

d. Interest only - CORRECT ANSWER: a. Immediate

All of the following are common life insurance policy provisions EXCEPT a(n)

• entire contract clause
• insuring clause
• free look period
• premium deductibility option - CORRECT ANSWER: d. premium deductibility option

All of the following statements are true with regard to the 10 day free look provision in a life insurance policy EXCEPT

• the 10 day free look period begins when the insured receives the contract
• an insured who returns the policy within the 10 days free look period will receive a full

refund of premiums paid

• if a conditional receipt was issued, a pro rata refund will be made if the insured

returns the policy within the free look period

• to get a refund, the policy holder must return the policy within 10 days from the date

the policy was received - CORRECT ANSWER: c. if a conditional receipt was issued, a pro rata refund will be made if the insured returns the policy within the free look period 1 / 2

An agreement to purchase a deceased partner's share of a business which is usually funded by life insurance best describes a

• Keogh plan
• split dollar plan
• buy and sell agreement

d. key employee life insurane - CORRECT ANSWER: c. buy and sell agreement

An insured may receive protection against the unintentional lapse of his life insurance contract by requesting the

• cash savings amount
• extended term option
• at interest option

d. automatic premium loan - CORRECT ANSWER: d. automatic premium loan

Jane buys a $25,000 policy and her agent tells her that as long as she is approved, the coverage goes into effect immediately. What did Jane's agent give her?

• Consideration
• Conditional receipt
• Return of premium

d. Binding receipt - CORRECT ANSWER: b. Conditional receipt

Jason is the insured in a $100,000, 10 year renewable term policy. Soon after taking out the policy, he develops a serious heart condition. Which of the following statement is

CORRECT?

• Since the condition manifested after the policy was issued, he will not be able to

renew his policy.

• Jason will be able to renew his policy
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