NV Life & Health study guide
NV Life & Health · Work through your exam, one topic at a time.
The Nevada Life & Health Insurance Producer Licensing Exam is the state licensing assessment a candidate must pass before being issued a producer license to sell life insurance and health/accident insurance products in Nevada. It is aimed at people entering the insurance business for the first time - career changers, agency support staff moving into sales, and newly hired broker-associates - as well as producers adding a line of authority. The NV Life & Health study guide has 8 sections and about 3,602 words.
01Insurance Regulation: Who Regulates, and How Producers Stay Licensed
Insurance is regulated chiefly by the states under the McCarran-Ferguson Act (1945), which returned primary regulatory authority to the states and exempts insurance from most federal antitrust law to the extent it is state-regulated. Each state's insurance department is headed by a commissioner or superintendent who issues certificates of authority to insurers, licenses producers, conducts financial and market-conduct examinations, and enforces unfair trade and unfair claim practices laws.
361 words, about 2 min02General Insurance Concepts: Risk, Insurability, and Contract Law
Risk is uncertainty concerning loss; peril is the cause of loss (fire, accident, illness); hazard is a condition that increases the chance or severity of loss. Physical hazards are tangible (icy steps).
379 words, about 2 min03Life Insurance Basics: Underwriting, Insurable Interest, and Ownership
Life insurance pricing rests on mortality tables built on the law of large numbers; life expectancy is the average future lifetime for a person of a given age and class. Underwriting classifies applicants as preferred, standard, substandard (rated), or declined.
384 words, about 2 min04Life Insurance Policies, Provisions, Options and Riders
Every policy states the face amount, the parties (owner, insured, beneficiary, insurer), the insuring clause, the consideration clause, and the entire contract clause, plus free-look rights and signatures. The premium mode (annual, semiannual, quarterly, monthly) affects total outlay: fewer installments usually means less total cost because of interest and expense loading.
833 words, about 4 min05Annuities and Retirement Products: Accumulation, Payout and Tax
An annuity liquidates a sum of money over time or for life; it guards against living too long, the mirror image of life insurance. The owner holds all rights, the annuitant is the person whose life measures the payout, and the beneficiary receives any remaining value.
414 words, about 2 min06Health Insurance Basics and Medical Plans: Cost Sharing and Managed Care
Health plans share cost through a deductible (amount paid before benefits begin), coinsurance (a percentage split after the deductible, often an 80/20 arrangement in which the plan pays 80%), copay (a flat fee per service), and an out-of-pocket maximum (stop-loss) that caps the insured's exposure. Calendar-year deductibles differ from per-cause or per-admission deductibles.
405 words, about 2 min07Disability Income and Group Health Insurance: Definitions and Group Mechanics
Disability income insurance replaces earned income, so the definition drives everything. Own occupation pays when the insured cannot perform their own occupation - broader, and more expensive.
404 words, about 2 min08Federal Tax Considerations for Life and Health Insurance
The death benefit is generally received income-tax free, though estate tax may apply. Cash value grows tax-deferred.
422 words, about 2 min