Nebraska Life and Health License Practice Exam

Browse all practice questions for the Nebraska Life and Health License Practice Exam. Search by topic, open any question and review its full explanation, then test yourself in the practice quiz.

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Actuaries and The Role of Mortality Tables in Life InsuranceWhat do actuaries use to predict the likelihood of an individual dying at any certain age in the premium rate-making process?Discover the Classification of Dental Plans and Their ImportanceDental plans typically classify covered treatments into how many distinct classes?Discover the Differences Between Interest-Sensitive and Current Assumption Whole Life InsuranceHow do interest-sensitive whole life and current assumption whole life insurance policies differ?Discover the Unique Advantages of Variable Life InsuranceWhich can be considered a unique advantage of variable life insurance?Discover what a group life insurance policy includesWhat is typically included in a group life insurance policy?Discovering Life Contingency Options for Nebraska License SeekersWhich of the following settlement options does NOT involve a life contingency?Exploring Adult Day Care: A Supportive Bridge for Disabled AdultsWhich type of long-term care is provided outside a person's home for groups of adults who are physically or mentally disabled, on less than a 24-hour basis?How Life Insurance Benefits Are Distributed Among BeneficiariesIn the case of Ralph, Jerry, and Paula, how will the insurer distribute the policy benefits after Ralph's death?Important Qualifications for a Nebraska Insurance Producer License you Should KnowTo qualify for a resident insurance producer's license, a person must do all of the following EXCEPT:Insurer's responsibility for providing claim forms in NebraskaHow many days does the insurer have to provide claim forms to the insured after receiving a notice of claim?Recognizing Insurable Risks in Nebraska’s Life and Health InsuranceWhich of the following is NOT considered an insurable risk?Understand How Benefit Amounts are Set in Individual Disability Income PoliciesWhat is the most common method for determining benefit amounts in individual disability income policies?Understand Nebraska’s Notification Requirements for Embezzlement ChargesJeff must notify the Nebraska Director of Insurance of his embezzlement charge within how many days of the pretrial hearing?Understand when a fixed deferred annuity contract provides a death benefitWhen does a fixed deferred annuity contract provide a death benefit?Understand why participating life insurance pays policyowner dividendsWhich of the following options is a common characteristic of participating policies in life insurance?Understanding Benefit Triggers in Long-Term Care InsuranceWhat is a benefit trigger under a long-term care insurance policy?Understanding Coinsurance and Deductibles in Major Medical InsuranceIn a major medical insurance plan with a deductible and an 80/20 coinsurance requirement, how much will the insured pay after meeting the deductible?Understanding Compliance in Nebraska Health Insurance PoliciesWhat occurs when an insurer's health insurance policy provisions contradict state law?Understanding Disability Income Policies and Their CoverageWhat does a disability income policy cover in the case of a nondisabling injury?Understanding Ethel's Medicare Costs: What Does She Pay for Part B Coverage?Ethel has Part B coverage and incurs $1,000 in Medicare-approved health care charges. What must she pay?Understanding Express Authority in Insurance ContractsWhich type of authority is typically documented within a producer's contract with an insurer?Understanding Family Term Riders in Nebraska Life InsuranceAll the following statements about family term riders with life insurance are correct EXCEPT:Understanding Grace Periods in Nebraska Health Insurance PoliciesDarlene failed to pay the premium on her individual health insurance policy, which was due on October 1. She can avoid lapsing the policy if she pays the premium before what date?Understanding Group Life Insurance Underwriting in NebraskaIn underwriting a group life insurance policy, what aspect does the underwriter analyze?Understanding Health Insurance Renewability OptionsWhat type of renewability provision does Sanjay's individual health insurance policy have?Understanding Health Savings Accounts (HSAs) in NebraskaWhich statement regarding health savings accounts (HSAs) is correct?Understanding Home Health Care for Diabetes ManagementWhat type of care is Ernest receiving when he hires a nurse for diabetes management and daily tasks?Understanding How Group Medical Plans Address Pre-existing ConditionsUnder the Patient Protection and Affordable Care Act, how should group medical plans treat new enrollees with pre-existing conditions?Understanding How HMO Members Access Covered CareWhat must HMO members utilize to get covered care?Understanding How Insurers Manage Risk in Group Insurance PlansHow do insurers typically manage risk in group insurance plans?Understanding Illustration Retention for Life Insurance PoliciesHow long must insurers retain copies of illustrations used in selling life insurance policies?Understanding Key Factors Underwriters Use for Life Insurance EligibilityWhat factor may a life insurance underwriter consider when determining policy eligibility?Understanding Key Person Disability Income Insurance and Its ImportanceWhat type of policy pays benefits to a business owner if an essential manager becomes disabled?Understanding Life Income Settlement Options in Annuity PaymentsWhat solution was created to address concerns about the straight life income option in annuity payments?Understanding Life Insurance Exclusions in NebraskaWhich of the following would NOT be permitted as an exclusion in a life insurance policy by a state?Understanding Life Insurance Payment Options in NebraskaWhen Beth chooses to receive life insurance payments guaranteed for ten years, which option has she selected?Understanding Long-Term Care Insurance for Your NeedsWhat type of insurance provides coverage specifically for long-term care expenses?Understanding Long-Term Care Insurance Policies in NebraskaWhich of the following statements about an individual long-term care insurance policy is true?Understanding Long-Term Care Riders in Life InsuranceAll of the following statements about life insurance policy long-term care riders are correct, EXCEPT:Understanding Medicare Part D and Its Importance for BeneficiariesWhat does Medicare Part D provide for eligible Medicare beneficiaries?Understanding Medicare Supplement Policies in NebraskaWhich of the following statements about Medicare supplement policies is incorrect?Understanding Newborn Coverage Under Health Insurance Policies in NebraskaFor how long are newborn children automatically covered under their parent's individual health insurance policy?Understanding Participating Policies in Life InsuranceWhich type of life insurance policy is known for distributing its divisible surplus to policyowners in the form of dividends?Understanding Signatures in Health Insurance Applications in NebraskaAn application for health insurance requires the signature of:Understanding Small Employer Health Insurance in NebraskaFor purposes of group health insurance, a small employer is defined in Nebraska as any person or entity that employs no more than how many employees?Understanding Social Security Disability Benefits EligibilityA worker's eligibility for Social Security disability benefits does NOT depend on which of the following?Understanding Social Security Insurance Status: Who Benefits More?Which statement is correct regarding Social Security insured status for Brian and Samantha?Understanding Social Security Spousal Benefits and Eligibility in NebraskaCathy is eligible for spousal benefits from Social Security because which factor applies?Understanding Tax Implications of Surrendering Your Universal Life Insurance PolicyIf Cal surrenders his $100,000 universal life policy for its full cash value, what amount is considered taxable?Understanding Tax Treatment of Life Insurance Death Benefits for Terminally Ill InsuredsHow are life insurance death benefits treated for tax purposes when received by a terminally ill insured under the accelerated benefits rider?Understanding Tax-Free Exchanges Under Section 1035Which exchange is permitted on a tax-free basis in accordance with Section 1035 of the Tax Code?Understanding the Benefits of Group Health Insurance PlansWhich of the following is NOT a benefit of group health insurance plans?Understanding the Buy-Up Option in Disability Income InsuranceWhat is true about the buy-up option in a disability income insurance policy for professionals?Understanding the Cash Value of Life Insurance in NebraskaBy using his life insurance to make the down payment on a vacation home, Frank is utilizing which aspect of his policy?Understanding the Certificate of Insurance for Group Life CoverageWhat document do employees receive to verify their group life insurance coverage?Understanding the Consequences of Dishonesty in Insurance TransactionsPersons committing crimes of dishonesty in insurance transactions can be sentenced to all of the following EXCEPT?Understanding the Consequences of Not Having a Health Savings AccountWhich of the following is a consequence of not have a health savings account (HSA)?Understanding the Critical Aspects of Life Insurance Needs AnalysisWhat is a critical part of the life insurance needs analysis process?Understanding the Dynamics of a Split-Dollar Life Insurance PlanWhat is true about a split-dollar life insurance plan?Understanding the Essential Duties of Insurance Producers in NebraskaWhat is a key responsibility of producers when selling insurance policies to consumers?Understanding the Essential Features of Whole Life InsuranceWhich of the following is a feature of a whole life insurance policy?Understanding the Guaranteed Death Benefit in Fixed Whole Life Insurance PoliciesWhat type of death benefit is guaranteed in Dan's fixed whole life insurance policy?Understanding the Guaranteed Renewability Provision in Health Insurance PoliciesWhat does the guaranteed renewability provision in a health insurance policy ensure?Understanding the Impact of Rising Tuition Costs on Prepaid PlansWhich of the following best describes the outcome for the Smiths if they do not increase their investment in the prepaid tuition plan despite rising costs?Understanding the Impairment Rider in Life and Health InsuranceWhat type of rider would an insurer use to limit or exclude coverage for an applicant's health condition?Understanding the Importance of Medical Examinations in UnderwritingIn the context of underwriting, what is one key reason for requiring medical examinations from applicants?Understanding the Insuring Clause of a Life Insurance PolicyThe basic purpose for the insuring clause of a life insurance policy is to:Understanding the Minimum Death Benefit in Variable Universal Life PoliciesWhat is the minimum death benefit option available in many variable universal life policies?Understanding the Only Restriction on Naming an AnnuitantWhat is the only restriction on naming an annuitant?Understanding the Penalties for Dishonesty in Insurance TransactionsWhat is the maximum prison term for committing crimes of dishonesty in insurance transactions?Understanding the Primary Benefit of Life Insurance for BeneficiariesWhat benefit does life insurance provide to beneficiaries upon the insured's death?Understanding the Purpose of Disability Income InsuranceWhat is the primary purpose of disability income insurance?Understanding the Purpose of Short-Term Disability PoliciesWhich health insurance policy type is primarily designed to cover a specific period of time for short-term disabilities?Understanding the Role of a Fiduciary in Group Health InsuranceWhat is the purpose of the fiduciary in a group health insurance plan?Understanding the Role of the Actuarial Division in InsuranceWhich insurance company division is responsible for calculating mortality and morbidity rates, as well as dividends on participating policies?Understanding the Role of the Nebraska Life and Health Insurance Guaranty AssociationWhat is the primary focus of the Nebraska Life and Health Insurance Guaranty Association?Understanding the Role of Underwriting in InsuranceWhat is the primary purpose of an insurance underwriting process?Understanding the Tax Classification of Limited Payment Life Insurance PoliciesWhat classification does tax law assign to a limited payment life insurance policy that is paid-up in seven years or less?Understanding the Tax Treatment of Deferred Annuity Death ProceedsWhat correctly describes the basic tax treatment of deferred annuity death proceeds paid out before the contract is annuitized?Understanding the Taxation of Long-Term Disability Benefits in NebraskaIn Tom's case, how much of the monthly benefit he receives from his group long-term disability income policy is subject to federal income tax?Understanding the Underwriting Process in InsuranceHow is underwriting best defined from an insurance perspective?Understanding the Waiting Period for Viatical Settlements in NebraskaHow long after purchasing an individual life insurance policy typically must Brady wait to enter into a viatical settlement contract?Understanding Unfair Claims Settlement Practices in NebraskaWhich situation is considered an unfair claims settlement practice?Understanding Unfair Claims Settlement Practices in NebraskaWhat action is NOT considered an unfair claims settlement practice in Nebraska?Understanding Unfair Discrimination in Health Insurance TransactionsUnfair discrimination in health insurance transactions can occur when an insurer differentiates charges or benefits among persons of which group?Understanding what affects the monthly income of a variable annuityWhat largely determines the variability in a variable annuity's monthly income?Understanding What Happens at the End of a Term Life Insurance PolicyWhat does a term life insurance policy provide at the end of its term if the insured is still alive?Understanding What Happens to Excess Premiums in Insurance PoliciesUnder the other insurance with other insurer provision, what happens to any premiums the insured paid in excess of those needed for coverage?Understanding What Insurers May Require for Group Health InsuranceWhat may an insurer require when underwriting a group health insurance policy for an employer with five employees?Understanding What You Don’t Need to Do for Life Insurance ReinstatementWhat action is Alana NOT required to take in order to reinstate her lapsed life insurance policy?Understanding When a Producer's License Might Be Suspended in NebraskaWhich producer's license would the Director NOT be able to suspend for selling policies to family members this year?Understanding Which Life Insurance Policy Only Pays Upon DeathWhich type of life insurance policy provides its benefit only upon death?Understanding Why Jerry's Life Insurance Policy Can't Be Canceled After His DeathWhy will the insurer probably not be able to cancel Jerry's life insurance policy after his death, despite premium payments being forwarded through an agent?Understanding Why Medicare SELECT Plans Have Lower PremiumsWhy do Medicare SELECT plans have lower premiums compared to Medicare supplement policies?Understanding your rights when health information is not disclosed in insuranceWhat action can an insurer take if an individual health insurance applicant fails to disclose health information?What Agents Should Avoid When Delivering Insurance PoliciesWhen Tom, an agent for ABC Insurance, receives an approved policy, what must he NOT do?What Counts as a Life Insurance Advertisement in Nebraska?Which of the following does NOT qualify as a life insurance advertisement?What happens if a producer alters the insuring clause of a health insurance policy?What is the consequence of a producer altering the insuring clause of a health insurance policy before delivering it to a client?What Happens to Your Insurance Premium When You Change Jobs?If Jack takes a new job that is less hazardous after getting health coverage, what might the insurer do?What Happens When a Whole Life Insurance Policy Loan Exceeds Cash Value?What occurs if the outstanding balance of a whole life insurance policy loan, including accrued interest, ever exceeds the policy's cash value?What Happens When You Omit Information on a Life Insurance Application?When the insurer learns of an omission related to treatment for a serious chronic illness on Terry's life insurance application, what action can they take?What Options Does Mattie Have After Her Viatical Settlement?After receiving proceeds from her viatical settlement agreement, what option does Mattie have within the cancellation period?What Really Affects Life Insurance Premium Rates?Which factor often influences the premium rates of life insurance policies?What You Need to Know About Health Insurance Policy SummariesWhich document generally outlines the details of a health insurance plan and its coverage?What You Need to Know About Variable Life Insurance PoliciesVariable life insurance policies typically do NOT offer which of the following?What You Should Know About Guaranteed Renewable Health Insurance PoliciesWhat primarily characterizes a guaranteed renewable health insurance policy?What You Should Know About the Life Insurance Buyer's GuideWhich of the following is NOT included in the life insurance Buyer's Guide?What You Should Know About the Payout Stage of AnnuitiesWhat is the annuitization phase of an annuity contract commonly referred to as?When disparaging a competitor crosses the line in life and health insuranceAgent Tyler is found making negative remarks about a competitor to sway a prospect away from that competitor's policies. What unfair trade practice has he committed?When Should Agent Jones Provide Coverage Details to Trudy?At what point must Agent Jones give Trudy an outline of coverage for Medicare supplement policies?Who Holds the Master Policy in a Group Insurance Plan?In a group insurance plan, who holds the master policy?Why Are Sandy's Life Insurance Premiums Cheaper Than Cindy's?What might be indicated if Sandy's life insurance premiums are considerably lower than Cindy's, despite both being healthy and of similar age?Why Understanding Your Insurance Policy Summary Matters for BuyersWhat is the purpose of the Policy Summary provided to insurance applicants before signing an application?
More practice questions

These questions are part of the practice quiz. Start practicing

  • What does a guaranteed renewable policy ensure?
  • What are Jessica's tax consequences of converting her traditional IRA to a Roth IRA?
  • What is the main reason for using third-party ownership in life insurance for estate planning?
  • What is the maximum grace period for paying the premium on a major medical insurance policy?
  • What is the primary purpose of the insuring clause in an insurance policy?
  • Which of the following does NOT classify as a self-employed individual for tax purposes?
  • Which statement about term life insurance is correct?
  • What is the primary purpose of the re-entry option with a renewable term life insurance policy?
  • When Agent Todd earns 20 percent of his total commissions from life and health insurance written for his relatives and friends, what has he engaged in?
  • What does the term "insurable interest" best describe?
  • Producers and insurers selling Medicare supplement insurance policies are prohibited from which of the following?
  • Under what circumstance might a long-term care policy be cancelled by the insurer?
  • What is the principal purpose of Medicaid?
  • Which statement is true concerning premiums for individual long-term care insurance policies?
  • Which organization provides health insurance to residents of Nebraska who are denied coverage due to pre-existing conditions?
  • All the following types of insurance involve a personal contract EXCEPT:
  • How does one typically obtain benefits from a Medicare Advantage Plan?
  • Which of the following statements is not true about the role of producers?
  • To reinstate a lapsed life insurance policy, which of the following is NOT typically required from the policyholder?
  • Which of the following is NOT typically a requirement to reinstate a lapsed insurance policy?
  • How long can a life insurance policy be backdated from the date of the original application?
  • Which condition must be covered by a long-term care policy issued in Nebraska?
  • Which type of policy covers specific major medical expenses in addition to a base plan?
  • Which statement regarding health insurance advertisements is NOT accurate?
  • Which disability most likely qualifies for a full benefit under the presumption of disability provision?
  • Which provision allows Brent's life insurance policy to continue when he pays his premium after a lapse?
  • Cathy's Social Security spousal benefit allows her to select which of the following options?
  • Which of the following statements about the renewability of small group plans is NOT true?
  • Why is member participation percentage important in a group health insurance plan?
  • What is the role of personal producing general agents (PPGAs) in the insurance distribution system?
  • When acting in the best interests of applicants and insureds, what must producers do?
  • When can the owner of a deferred annuity choose a settlement option?
  • Justine wants to convert her employer's group life insurance coverage to an individual policy. By what date must she apply for the conversion?
  • What type of authority allows a producer to arrange sales appointments on behalf of the insurer?
  • What option does Jennifer have after purchasing an individual health insurance policy and then losing her job?
  • What must Bob do to perform medical utilization review services as a health insurance agent?
  • Which rider is NOT commonly found in a disability income policy?
  • Which of the following types of relationships is presumed NOT to have an insurable interest?
  • What type of health insurance plan reimburses the insured for the cost of covered medical care received?
  • How does a family income policy differ from a family maintenance policy?
  • How much penalty tax will Emily owe after withdrawing $8,000 from her SIMPLE plan to buy a car?
  • Policyholders in Nebraska have how many days to review their health insurance policy without obligation?
  • What type of annuities begin making payments shortly after they are purchased?
  • How often must the Director of Insurance examine the business transactions, accounts, and records of insurers?
  • What is likely to happen if a claimant has not received a response from their health insurer regarding a claim after 30 days?
  • How does the "pool of money" approach work in a long-term care insurance policy?
  • All the following statements regarding split-dollar life insurance plans are correct EXCEPT:
  • What is a guaranteed income rider in a deferred annuity?
  • Which statement about profit-sharing plans is correct?
  • Which of the following best typifies the use of a structured settlement annuity?
  • What occurs under the payor benefit rider of a juvenile life insurance policy if the payor becomes disabled?
  • Which of the following statements about the career agency distribution system is NOT correct?
  • For how long must producers and insurers maintain records of their insurance transactions?
  • Which of the following doubles or triples the benefits if the insured dies as a direct result of an accident?
  • A group disability income plan with a maximum benefit period of less than two years is classified as what type of plan?
  • A claimant on a health insurance policy must notify the insurer of a claim within how many days following a loss?
  • What is the correct statement regarding the taxation of health insurance expenses?
  • What restriction must an insurer adhere to when using information from the Medical Information Bureau (MIB)?
  • How long does a policyholder typically have to contest a policy after it is issued?
  • When is the health insurance policy delivery review period effective for policyholders in Nebraska?
  • What occurs when a universal life insurance policy's cash value cannot cover monthly deductions?
  • Which of the following is a common feature of long-term care insurance policies?
  • Holly just turned 65 and purchased a Medicare Select policy. Which statement correctly describes the features of her policy?
  • Which of the following is NOT a valid reason for an insurer to nonrenew a health insurance policy?
  • What document did Amanda receive when she applied for a long-term care policy that disclosed the policy's benefits and provisions?
  • What will an insured with a comprehensive major medical insurance policy pay after a $1,000 deductible and an $11,000 bill?
  • What is the maximum exclusion for benefits in a long-term care insurance policy issued in Nebraska?
  • What is the primary purpose of Medicare supplement policies?
  • Under the proof of loss provision, how many days does the insured have to provide written proof of loss to the insurer?
  • What action is taken by an applicant who pays the initial premium along with his application for a $500,000 whole life insurance policy?
  • What will happen to the Smiths' prepaid tuition plan if college costs increase to $30,000 for two semesters?
  • What is likely to happen if Andrew inaccurately states his age on a life insurance application?
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