Nevada Status and codes Pertinent to life insurance only

Each insurer must maintain a complete file containing a copy of each document used in solicitation and sale of life insurance products for how long following the date of its last authorized use?

3 years

For how long must agents retain copies of notices and sales proposals for life insurance applications?

3 years

An organization that operates on a lodge system and provides a formal life insurance plan to its members is classified as a

Fraternal insurer

What describes the specific information about a policy?

Policy summary (A policy summary describes the features and elements of the specific policy for which a person is applying.)

Which of the following will be included in a policy summary?

Premium amounts and surrender values

A viatical settlement is arranged between a viatical company and a/an

Terminally ill insured

A life producer applying for a viatical settlement broker license may be exempt from the prelicensing education and examination requirement if the producer has held an active life license for at least how many years?

1 year

Which of the following documents must be provided to the policyowner or applicant during policy replacement?

Notice Regarding Replacement During policy replacement, the replacing producer must present to the applicant a Notice Regarding Replacement that is signed by both the applicant and the producer.

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

Replacement rule

The owner of a viatical settlement contract rescinds the contract 5 days after receiving the payment, and then unexpectedly dies 2 days later. This life settlement contract is considered to be

Rescinded, subject to repayment of the life settlement proceeds.

Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract?

Viatical settlement provider ("Viatical settlement provider" means a person, other than a viator, that enters into or effectuates (makes effective) a viatical settlement contract.)

Who is a person, other than a viator, that enters into a viatical settlement contract?

provider

An insured with a life insurance policy is diagnosed with a terminal illness. Which of the following could be a suitable option for this insured?

viatical settlement

Within how many months must a person be expected to die from a sickness in order to be classified as terminally ill?

24 months

What is the name for the owner of a life insurance policy who enters into a viatical settlement contract?

Viator