Nevada Life Regulations ch 27 QUIZ
which of the following is not a replacement transaction
Life insurance premiums raised on a renewal
A fraternal society in Nevada may provide all of the following benefits except
Long term care benefits
How many people are required to form a fraternal benefit society in Nevada
10
The policy summary shows the life insurance cost indexes for which years
10 and 20
What is the minimum free look period for life insurance policies in Nevada
10 days
The policy summary may be delivered with the life policy if there is an unconditional refund of at least
12 days
What is any incorporated society, order, or supreme lodge, without capital stock
Fraternal benefit society
Which of the following is true of an insurance agent of a fraternal benefit society
Must be licensed
Any reference to policy dividends must include a statement that dividends are
not guaranteed
what is a transaction in which a new policy or contract is to be purchased and an existing policy or contract is to be terminated?
replacement
Who must sign the notice regarding replacement
Both the applicant and agent
Life insurance dividends are
Never guaranteed
Which of the following best describes when the policy summary must be provided to the applicant of a life insurance policy?
Prior to accepting the applicants initial premium
Replacement regulations don't apply to an existing non convertible, term policy that will expire in
5 years or less
Replacement regulations for life insurance don't apply to policies solicited through direct response with a face value of less than
5,000
The requirement to provide policy summaries is satisfied by delivery of a written statement for policies whose equivalent level death benefit does not exceed
5,000
Policy summaries must show life insurance cost indexes for at least one age from
60 through 65
When must the buyers guide be provided to the applicant of a life insurance policy that has an unconditional refund of less than 12 days
Before accepting the applicant initial premium
Which form must be provided to applicants intending to replace a life insurance policy?
Notice regarding replacement
The policy summary for life insurance policies must include all of the following except
Policy illustrations
No written or other examination is required of a person who has held an insurance agent license since July 1 of what year
1977
What is the latest the buyers guide be provided to the applicant of a life insurance policy that has an unconditional refund of at least 12 days
Upon policy delivery
Policy summaries must show dividends through what policy year
20
Each replacing insurer must inform the existing insurer of a replacement within
3 working days
What is the replacing insurer required to attach to the application
Notice regarding replacement
What is a written statement entitled 'statement of policy cost and benefit info ' that lists the name and address of the insurance agent, full name and address of the insurer, the generic name of the policy, annual premiums, and other relevant data?
Policy summary
regarding replacement life insurance, who has the responsibility to determine if the applicant has an existing policy?
Producer
Prior to a life insurance sales presentation an agent must inform the applicant that they are an agent and give
The full name of the insurance company
If someone returns a life policy within the first 10 days what is returned to the person
The policy premium and any fees
Which of the following is true regarding the policy summary
The policy summary must be a separate document
Each agent must retain copies of the notice regarding replacement for at least
3 years
Each replacing insurer must retain copies of the notice regarding replacement and copies of the policy summary for at least
3 years
Insurers must maintain a copy of each authorized form of material for solicitation of life insurance policies for at least how many years following its last use
3 years
A life insurance cost index which reflects dividends or an equivalent level annual dividend will be accompanied by a statement that it is based on the insurers
Current dividend scale and is not guaranteed
All of the following life insurance policies require delivery of a policy summary, except
Individual term life insurance policy with a face amount of $5,000
Disclosure regulations for life insurance apply to which of the following?
Individual whole life
Replacement regulations for life insurance apply to which of the following
Individual whole life
What type of life insurance may be delivered in Nevada that does not contain a free-look period
Industrial life insurance
A life insurance producer can use which of the following terms
Insurance agent
Disclosure regulations for life insurance do not apply to which of the following
Life insurance policies used for pension and welfare plans