According to Nevada's license renewal regulations, what happens to a producer license if it is not renewed within 30 days of the specified renewal date? Expire if it's not renewed by the specified date Be suspended if it's not renewed within 15 days of the specified renewal date Be suspended if it is not renewed by the specified renewal date Expire if it's not renewed within 30 days of the specified renewal date

Expire if it's not renewed within 30 days of the specified renewal date

Under which circumstance would the Limited Theft Coverage Endorsement be used with a Dwelling policy? Coverage against vandalism is needed for a dwelling vacant more than 60 days The insured dwelling is tenant occupied Theft coverage is desired for off-premises property The insured dwelling is owner-occupied

The insured dwelling is tenant occupied

Which of the following perils could be covered by a Dwelling policy? Overflow water from a sump pump Water accumulating below the surface of the ground Water leaking in a driveway Water discharged by a plumbing failure

Water discharged by a plumbing failure

Under Coverage C special limits of liability, Homeowners policies cover theft of furs and jewelry up to what amount? Theft of furs and jewelry up to $1,500 Theft of guns up to $3,000 Fire loss to watercraft up to $2,500 Fire loss to money up to $500

Theft of furs and jewelry up to $1,500

Which statement regarding the issuance of property insurance policies in Nevada is correct? Lenders may require policyholders to insure improvements to real property in amounts equal to twice the improvement's replacement value Any binder issued as temporary insurance must be issued orally, not in writing All policies must be countersigned by a duly licensed and appointed agent Insureds may choose to obtain surplus lines insurance to obtain a lower rate

All policies must be countersigned by a duly licensed and appointed agent

How is theft covered by a Basic Form Dwelling policy with Extended Coverage and VMM for a rental property? Theft coverage is included with the Extended Coverage perils K must purchase the Limited Theft Coverage Endorsement to have theft coverage K must purchase the Broad Theft Coverage Endorsement to have theft coverage The Dwelling Program is never able to insure against theft

K must purchase the Limited Theft Coverage Endorsement to have theft coverage

A Broad Form Homeowners policy would NOT cover which of the following losses? Water damage to personal property stored in the basement after a sump pump overflows Damage to a dwelling's contents from water used to put out a fire Water damage resulting from frozen pipes of an automatic fire sprinkler system Hardwood damage after an accidental discharge of water from a dishwasher

Water damage to personal property stored in the basement after a sump pump overflows

An insured has a pair of pearl earrings insured by a property policy. One earring is lost. What will the claim payment equal? Exactly half the value of the earrings as a pair The individual value of the single lost earring The lost value of the single earring, plus the lost value of the earrings as a pair The total value of the pair of earrings

The lost value of the single earring, plus the lost value of the earrings as a pair

In order to be eligible for coverage by a Health Savings Account (HSA), an individual must also be covered by what type of health plan? Preferred Provider Organization (PPO) High Deductible Health Plan (HDHP) Health Maintenance Organization (HMO) Point of Service (POS) plan

High Deductible Health Plan (HDHP)

Medicare and Choice insurance is a special arrangement between certain HMOs and what other entity? The federal Health Care Financing Administration (HCFA) The Department of Health and Human Services The National Institutes of Health The Centers for Disease Control and Prevention

The federal Health Care Financing Administration (HCFA)

What is a key feature of individual health insurance policies? Coverage is renewable at the option of the insured. There is one master contract for all. Only group members may be covered. Coverage stops when insured leaves the group.

Coverage is renewable at the option of the insured.

What is a characteristic of group health insurance policies? Coverage is renewable at the option of the insured. Only group members may be covered. All accidents are covered regardless of location. Individuals can choose any coverage available.

Only group members may be covered.

What type of insurance covers life-threatening diseases like stroke and organ transplants? Health Insurance Covered Benefits Specified or Dread Disease / Critical illness Credit Disability Insurance Common Health Insurance Exclusions

Specified or Dread Disease / Critical illness

Which of the following is a common health insurance exclusion? Dental Bills Hospital and Medical Bills Loss of income (disability) Intentional self-inflicted injuries

Intentional self-inflicted injuries

Which consumer protection is provided by the Affordable Care Act (ACA)? Coverage stops when insured leaves the group. Lifetime dollar limits cannot be applied to essential health benefits. Coverage is renewable at the option of the insured. Only group members may be covered.

Lifetime dollar limits cannot be applied to essential health benefits.

What is a characteristic of Qualified Health Plans? Coverage stops when insured leaves the group. Coverage is renewable at the option of the insured. Only group members may be covered. Provide EHBs and are only available on the exchange.

Provide EHBs and are only available on the exchange.

What are some various exposures to premature death, and how is premature death defined? Premature death is death prior to planned retirement age; exposures include financial, business, face amount, and human life value. Premature death is death before age 50; exposures include only financial and human life value. Premature death is death at any age; exposures include only face amount and human life value. Premature death is death after retirement; exposures include only financial and business.

Premature death is death prior to planned retirement age; exposures include financial, business, face amount, and human life value.

Describe financial exposures as they relate to premature death. Financial exposures include executor funds and income needs of financially-dependent survivors. Financial exposures include executor funds, but not income needs. Financial exposures include only executor funds. Financial exposures include only income needs of financially-dependent survivors.

Financial exposures include executor funds and income needs of financially-dependent survivors.

Describe business exposures as they relate to premature death. Business exposures include dependent projects, replacement of key employees, and ownership. Business exposures include only ownership. Business exposures include only replacement of key employees. Business exposures include only dependent projects.

Business exposures include dependent projects, replacement of key employees, and ownership.

Describe face amount exposures as they relate to premature death. What is human life value? Face amount exposures include only executor funds; human life value is irrelevant. Face amount exposures include executor funds and income needs; human life value represents assets and future income. Face amount exposures include executor funds and business needs; human life value is the insured's liabilities. Face amount exposures include only income needs; human life value is the insured's age.

Face amount exposures include executor funds and income needs; human life value represents assets and future income.

Define life insurance and provide additional details about its key concepts. Life insurance is a contract that pays a face amount to a beneficiary upon the insured's death; it may include savings components. Life insurance is a contract that pays a face amount only if the insured dies in an accident. Life insurance is a savings account for retirement; it does not pay upon death. Life insurance is a contract that pays only if the insured survives past retirement age.

Life insurance is a contract that pays a face amount to a beneficiary upon the insured's death; it may include savings components.

Define face amount in the context of life insurance. Face amount is the total premiums paid over the life of the policy. Face amount is the amount of money the insured pays annually. Face amount is the savings component of a life insurance policy. Face amount is a specific amount of money paid to a beneficiary upon the insured's death.

Face amount is a specific amount of money paid to a beneficiary upon the insured's death.

Define beneficiary in the context of life insurance. A beneficiary is the person or organization designated to receive the face amount upon the insured's death. A beneficiary is the person who sells the life insurance policy. A beneficiary is the insurance company that issues the policy. A beneficiary is the person who pays the premiums for the life insurance policy.

A beneficiary is the person or organization designated to receive the face amount upon the insured's death.

Define an insured in the context of life insurance. An insured is the person named on the policy whose life is covered by the insurance. An insured is the person who sells the insurance policy. An insured is the person who receives the insurance payout. An insured is the person who pays the insurance premiums.

An insured is the person named on the policy whose life is covered by the insurance.

Define Term Life Insurance and its primary purpose. Term Life Insurance provides protection if the insured dies during a specific period. Term Life Insurance provides savings for retirement. Term Life Insurance provides investment opportunities. Term Life Insurance provides coverage for the insured's entire life.

Term Life Insurance provides protection if the insured dies during a specific period.

When is the end date for Term Life Insurance, and can it be extended? The policy ends when the insured turns 50 and can be extended. The policy ends at the insured's retirement age and cannot be extended. The policy has a set end date, but it can be extended. The policy has no end date and cannot be extended.

The policy has a set end date, but it can be extended.

What is financial literacy, and why is it important for making financial decisions? Understanding how to invest in the stock market Having skillset necessary to earn & spend money productively and having knowledge necessary to make important financial decisions Knowledge of how to use credit cards effectively The ability to read and write financial documents

Having skillset necessary to earn & spend money productively and having knowledge necessary to make important financial decisions

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