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Life and Health Insurance Producer Exam

Policy provisions (NV): practice questions

Our Life & Health Insurance bank has 10 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Nevada

Within how many days of delivery may the owner return most individual health policies for a full premium refund?

  1. 30 days or more
  2. 10
  3. 20
  4. 7
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B. 10 — NRS 689A.170(1).

Question 2 · Nevada

What grace period must an ordinary individual life insurance policy allow for premiums after the first?

  1. 30 days, or 1 month of not less than 30 days at the insurer's option
  2. 10 days, during which coverage is suspended until payment is made
  3. 60 days, with interest of up to 12 percent per year on the late premium
  4. 7 days for monthly premiums and 31 days for annual premiums
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A. 30 days, or 1 month of not less than 30 days at the insurer's option — NRS 688A.060.

Question 3 · Nevada

What minimum grace period must an individual health policy with monthly premiums provide?

  1. 7 days only
  2. 45 days after the due date
  3. 60 days
  4. 10 days
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D. 10 days — NRS 689A.070.

Question 4 · Nevada

How long is the free-look period on a new life insurance policy or annuity that is not a replacement?

  1. 10 days from delivery
  2. 30 days from delivery
  3. 20 days from application
  4. 7 days from delivery
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A. 10 days from delivery — NRS 688A.165(1).

Question 5 · Nevada

Unless it was surrendered or its values are exhausted, within what period after premium default must a lapsed life policy be reinstatable on application and evidence of insurability?

  1. 6 months
  2. 1 year
  3. 5 years
  4. 3 years
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D. 3 years — NRS 688A.130.

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