Life Policy Types
Not publishedof exam
Term LifePermanent LifeAnnuitiesCombination Plans
Life Provisions & Riders
Not publishedof exam
BeneficiariesNonforfeiturePolicy RidersSettlement Options
Life Application & Underwriting
Not publishedof exam
ApplicationRisk ClassesPolicy DeliveryContract Law
Retirement & Life Concepts
Not publishedof exam
Retirement PlansMEC RulesGroup LifeSuitability
Health Policy Types
Not publishedof exam
Disability IncomeManaged CareLong-Term CareLimited Benefits
Health Provisions & Riders
Not publishedof exam
Uniform ProvisionsRenewabilityCost SharingClaims
Social Insurance
Not publishedof exam
MedicareMedicaidSocial SecurityMedigap
Other Health Concepts
Not publishedof exam
Disability DefinitionsCoordinationTaxationSubrogation
Health Field Underwriting
Not publishedof exam
ApplicationPrivacyReceiptsReplacement
Nevada Common Law
Not publishedof exam
CommissionerLicensingUnfair PracticesFiduciary Duties
Nevada Life & Health Law
Not publishedof exam
Group InsuranceAdvertisingGuaranty AssociationCredit Insurance
Nevada Life Law
Not publishedof exam
ReplacementTen-Day Free LookViaticalsBuyer's Guide
Nevada Health Law
Not publishedof exam
Coverage MandatesMedicare SupplementLong-Term CareSilver State Exchange
Quick Facts
- Exam Code
- 05
- Official Name
- NV Life and Health
- Line
- Life and Health Combined
- Vendor
- Pearson VUE
- Format
- Multiple-choice; two parts
- Scored Items
- 144
- Pretest Items
- 15 unscored
- Delivered Items
- 159
- Time
- 3 hours 35 minutes
- Passing Cut
- Scaled score 70
- Exam Fee
- $47
- Combined Delivery
- Test center only
- Current Outline
- Before November 14, 2026
- Domain Weights
- Not published
- Prelicensing
- Not required
- Pass Validity
- One year before application
- Retake Booking
- Wait 24 hours
Term vs Whole Life
Term
- Temporary protection
- Normally no cash value
Whole
- Permanent protection
- Guaranteed cash value
Duration and guarantees differ
Life Policy Picker
- Temporary low-cost need→Term life(Match term length)
- Lifetime guarantees needed→Whole life(Fixed premium)
- Flexible funding needed→Universal life(Monitor policy values)
- Separate-account investing→Variable life(Securities rules apply)
- Index-linked crediting→Indexed life(Not direct investing)
- First death funds need→Joint life(Pays first insured death)
- Estate liquidity later→Survivorship life(Pays second death)
- Existing policy affected→Replacement review(Follow Nevada notice)
Life Policy Types
- Level term
- Level death benefit
- Decreasing term
- Benefit declines over time
- Annual renewable term
- Premium usually rises yearly
- Convertible term
- Convert without new insurability
- Whole life
- Guaranteed premium and cash value
- Limited-pay life
- Premiums stop before maturity
- Universal life
- Flexible premium and benefit
- Variable life
- Separate-account investment risk
- Indexed life
- Interest linked to index
- Joint life
- Pays first death
- Survivorship life
- Pays second death
- Term insurance
- Normally no cash value
Universal vs Variable Life
Universal Life
- Flexible premiums
- General-account interest
Variable Life
- Separate accounts
- Owner bears market risk
Variable products are securities
Annuity Picker
- Income starts soon→Immediate annuity(Usually single premium)
- Income starts later→Deferred annuity(Accumulation first)
- Guarantees prioritized→Fixed annuity(Insurer bears risk)
- Market participation desired→Variable annuity(Owner bears risk)
- Index-linked interest desired→Indexed annuity(Caps may apply)
- Highest lifetime payment→Life-only(No survivor guarantee)
- Minimum years required→Period certain(Lower lifetime payment)
- Replacement proposed→Compare surrender costs(Document suitability)
Annuity Map
- Owner
- Controls contract rights
- Annuitant
- Life expectancy measures benefits
- Beneficiary
- Receives death value
- Immediate annuity
- Income begins soon
- Deferred annuity
- Income begins later
- Fixed annuity
- Insurer bears investment risk
- Variable annuity
- Owner bears investment risk
- Indexed annuity
- Interest follows indexed formula
- Accumulation period
- Value builds
- Annuitization
- Value converts to income
- Life-only payout
- Highest; no survivor guarantee
- Period certain
- Minimum payment period guaranteed
Owner vs Insured
Owner
- Controls contract rights
- Names beneficiaries
Insured
- Life creates risk
- May differ from owner
Control follows ownership
Life Policy Provisions
- Entire contract
- Policy plus attached application
- Consideration
- Premium and truthful application
- Grace period
- Coverage continues temporarily
- Reinstatement
- Restores lapsed coverage
- Incontestability
- Limits later application challenges
- Suicide clause
- Limits early suicide benefit
- Misstatement
- Benefit adjusts to correct age
- Policy loan
- Cash value secures loan
- Absolute assignment
- Transfers all ownership rights
- Collateral assignment
- Secures creditor interest
- Revocable beneficiary
- Owner may change freely
- Irrevocable beneficiary
- Consent protects beneficiary rights
- Primary beneficiary
- First claim to proceeds
- Contingent beneficiary
- Paid if primary unavailable
Revocable vs Irrevocable Beneficiary
Revocable
- Owner may change
- No beneficiary consent
Irrevocable
- Consent usually required
- Rights are vested
Check consent before changes
Riders & Nonforfeiture
- Waiver of premium
- Waives premiums during disability
- Guaranteed insurability
- Buy more without evidence
- Payor benefit
- Protects juvenile coverage
- Accidental death
- Adds qualifying accident benefit
- Accelerated benefit
- Advances death benefit early
- Reduced paid-up
- Lower permanent paid-up policy
- Extended term
- Original benefit, limited term
- Cash surrender
- Ends coverage for value
- Cash dividend
- Paid directly
- Premium reduction
- Dividend offsets premium
- Paid-up additions
- Buys more permanent insurance
- Accumulation at interest
- Insurer holds dividend
COAL Contract Elements
Consideration, offer, able parties, legal purpose
C = considerationO = offerA = able partiesL = legal purpose
Underwriting & Contract Rules
- Producer change
- Applicant initials correction
- Incomplete application
- Return for completion
- Conditional receipt
- Coverage depends on conditions
- Insurable interest
- Required at policy inception
- Preferred risk
- Lower-than-average risk
- Standard risk
- Average expected risk
- Substandard risk
- Higher premium or restriction
- Adverse selection
- Higher risks seek coverage
- MIB
- Underwriting information exchange
- FCRA
- Consumer-report rights and notice
- Policy delivery
- Explain provisions and ratings
- Aleatory
- Unequal values may exchange
- Adhesion
- Insurer drafts contract
- Unilateral
- Only insurer makes promise
MEC Means LIFO
Modified contracts distribute interest first
Gain firstLoans countPenalty may apply
MEC vs Non-MEC
MEC
- Fails seven-pay test
- Distributions use LIFO
Non-MEC
- Retains life tax treatment
- Withdrawals generally basis-first
Seven-pay test is cumulative
MEC, Tax & Retirement
- Death benefit
- Generally income-tax free
- Cash accumulation
- Tax deferred
- Policy dividends
- Usually premium return
- Seven-pay test
- Cumulative at each anniversary
- MEC status
- Once MEC, always MEC
- MEC distributions
- Gain first under LIFO
- MEC loans
- Treated as distributions
- Early MEC gain
- May face 10% penalty
- Material change
- May restart seven-pay testing
- Qualified plan
- Receives tax-code treatment
- Nonqualified plan
- No qualified-plan treatment
- Group life conversion
- Usually no new evidence
HMO vs PPO
HMO
- Network-centered care
- Referrals may apply
PPO
- Broader provider choice
- Higher out-of-network cost
Flexibility usually costs more
Health Plan Picker
- Coordinated network care→HMO(Referral rules may apply)
- Provider flexibility needed→PPO(Higher outside-network cost)
- Hybrid network choice→POS(Check referral rules)
- Tax-advantaged savings→HDHP + HSA(Verify eligibility)
- Temporary group continuation→COBRA(Pay required premium)
- Fixed hospital cash→Hospital indemnity(Not major medical)
- Daily-care assistance→LTC policy(Check benefit triggers)
- Medicare gaps targeted→Medigap(Requires Original Medicare)
Health Plan Types
- HMO
- Network-focused coordinated care
- PPO
- Out-of-network coverage available
- POS
- HMO and PPO features
- HDHP
- Higher deductible; HSA eligible
- HSA
- Individually owned tax-advantaged account
- FSA
- Employer plan; use-it rules
- HRA
- Employer-funded reimbursement arrangement
- Group health
- Master contract covers members
- COBRA
- Temporary group continuation
- Hospital indemnity
- Fixed cash benefit
- Specified disease
- Limited named-condition benefit
- AD&D
- Accidental loss coverage
Deductible vs Coinsurance
Deductible
- Paid before sharing
- Usually annual amount
Coinsurance
- Percentage after deductible
- Costs split by ratio
Order matters in calculations
Cost-Sharing Picker
- Before plan sharing→Deductible(Insured pays first)
- Percentage after deductible→Coinsurance(Plan and insured split)
- Fixed visit amount→Copayment(Service-specific)
- Annual spending cap→Out-of-pocket maximum(Covered services only)
- Two plans cover→Coordination rules(Identify primary payer)
- Third party caused loss→Subrogation(Prevent double recovery)
- Service needs approval→Preauthorization(Not payment guarantee)
- Claim documentation due→Proof of loss(Meet policy timing)
Health Policy Mechanics
- Deductible
- Insured pays first
- Coinsurance
- Percentage shared after deductible
- Copayment
- Fixed service amount
- Out-of-pocket maximum
- Caps covered cost sharing
- Elimination period
- Time before benefits begin
- Probationary period
- Coverage delay after issuance
- Preauthorization
- Advance plan approval
- Eligible expense
- Plan-recognized covered charge
- Noncancelable
- Premium and coverage guaranteed
- Guaranteed renewable
- Coverage guaranteed; class rates change
- Cancelable
- Insurer may terminate contract
- Coordination of benefits
- Determines primary payer
- Subrogation
- Insurer pursues responsible party
- Proof of loss
- Supports claim payment
Noncancelable vs Guaranteed Renewable
Noncancelable
- Coverage guaranteed
- Premium guaranteed
Guaranteed Renewable
- Coverage guaranteed
- Class premium may rise
Only noncancelable locks premium
Medicare ABCD
Hospital, medical, Advantage, drugs
A = hospitalB = medicalC = AdvantageD = drugs
Medicare Advantage vs Medigap
Advantage
- Part C plan
- Alternative Medicare delivery
Medigap
- Supplements Original Medicare
- Not Part C
Never combine both
Six LTC ADLs
Bath, dress, toilet, transfer, continence, eat
BathingDressingToiletingTransferringContinenceEating
Disability & LTC
- Own occupation
- Cannot perform own job
- Any occupation
- Cannot perform suitable work
- Total disability
- Meets policy's total definition
- Residual disability
- Income loss from reduced capacity
- Recurrent disability
- Related disability returns
- Benefit period
- Maximum payment duration
- Business overhead expense
- Pays eligible business expenses
- Disability buyout
- Funds ownership transfer
- LTC trigger
- ADL loss or cognitive impairment
- Custodial care
- Assists daily living
- Skilled care
- Medical professional services
- LTC elimination
- Waiting days before benefits
Field Underwriting
- Applicant signatures
- Required before submission
- Initial premium
- Issue proper receipt
- HIPAA privacy
- Explain information authorization
- Consumer report
- Follow FCRA notice duties
- Application delivery
- Submit promptly
- Policy delivery
- Explain limits and riders
- Replacement
- Identify existing coverage impact
- Material fact
- Never conceal or alter
- Premium handling
- Maintain fiduciary control
- Client questions
- Answer accurately and completely
Nevada MTRD
Misrepresent, twist, rebate, defame: all prohibited
MisrepresentationTwistingRebatingDefamation
Combined vs Single-Line Exams
Code 05 Combined
- Life plus Health
- 159 delivered items
- Test center only
Codes 01/02
- One line each
- Shorter separate exams
- OnVUE listed
Book the intended authority
Nevada Producer Path
- Need both lines→Schedule Code 05(Combined test-center exam)
- Preparing to test→Current Pearson outline(Use before-date section)
- Exam passed→Apply within one year(Submit through Sircon)
- Application submitted→Get fingerprint authorization(Current DOI sequence)
- Authorization ready→Complete fingerprints(Approved vendor)
- License issued→Secure appointment(Required when acting agent)
- License term active→Complete 30 CE(Include three ethics)
- Renewal approaches→Renew through Sircon(Before expiration)
Official Series 05 Map
- Life general
- 50 scored + 5 pretest
- Health general
- 50 scored + 5 pretest
- Nevada specific
- 44 scored + 5 pretest
- Scored total
- 144
- Delivered total
- 159
- General part
- National product knowledge
- State part
- Nevada law and practice
- Final result
- One combined score
- Pretest questions
- Mixed and unidentified
- Wrong answers
- No guessing penalty
- Current outline
- Before November 14, 2026
- Future outline
- Starts November 14, 2026
Series 05 Scored Mix
Fifty life, fifty health, forty-four Nevada
Life = 50Health = 50Nevada = 44
Rebating vs Twisting
Rebating
- Unlisted inducement
- Purchase incentive
Twisting
- Misleading comparison
- Induces replacement
Gift versus deceptive replacement
Nevada Licensing Core
- Regulator
- Nevada Division of Insurance
- Passing cut
- Scaled score 70
- Pass validity
- One year before application
- Prelicensing
- Not required for producers
- Resident application
- Submit through Sircon
- State license fee
- $190 state filing ($185 + $5)
- Fingerprint sequence
- Apply before fingerprinting
- Agent role
- Requires insurer appointment
- Broker role
- May operate without appointment
- CE total
- 30 hours each license term
- Ethics CE
- Three included hours
- License term
- Three-year renewal cycle
- Address change
- Report within 30 days
- Transaction records
- Keep three years after expiration
License vs Appointment
License
- State grants authority
- Lists qualified lines
Appointment
- Insurer names agent
- Filed with Commissioner
Agent usually needs both
Nevada Unfair Practices
- Misrepresentation
- False policy statement
- Twisting
- Misleading replacement inducement
- Rebating
- Unlisted purchase inducement
- Defamation
- False malicious insurer statement
- Unfair discrimination
- Improper unequal treatment
- Fraud
- Intentional material deception
- Premium funds
- Held in fiduciary capacity
- Immediate remittance
- Send funds promptly
- Otherwise remit
- Within 15 days
- Commission recipient
- Must hold required license
- Guaranty association
- Never a sales inducement
- Record access
- Commissioner may examine anytime
Nevada Replacement Picker
- Existing policy may change→Ask replacement question(Mark application)
- Lapse or surrender expected→Treat as replacement(Follow NAC rules)
- Benefits materially reduced→Check replacement definition(May still qualify)
- Replacement identified→Present notice(Explain consequences)
- Notice presented→Obtain both signatures(Give applicant copy)
- Sales proposal used→Retain records(Three years)
- Application submitted→Attach signed notice(Insurer requirement)
- New policy delivered→Explain free look(Confirm replacement rules)
Nevada Life Rules
- Standard free look
- Ten days after delivery
- Free-look refund
- Premiums, fees, charges returned
- Replacement question
- Mark every life application
- Replacement notice
- Producer and applicant sign
- Applicant copy
- Provide signed notice
- Producer retention
- Three years after notice
- Replacing insurer notice
- Attach before policy issuance
- Replacement scope
- Includes major value reductions
- Buyer's Guide
- Provide required disclosure
- Viatical settlement
- Transfers death-benefit interest
Nevada Health & Medigap
- Newborn coverage
- Nevada mandates protection
- Mental health
- Nevada coverage rules apply
- Reconstructive surgery
- Nevada mandate applies
- Hospice
- Nevada mandate applies
- LTC
- Nevada regulations govern
- Birthday open enrollment
- Starts birthday month's first day
- Birthday window
- At least 60 days
- Birthday switch
- Same or lesser benefits
- Birthday underwriting
- Health discrimination prohibited
- Under-65 eligibility
- Disability or ESRD Medicare
- Under-65 offering
- Any plan offered to seniors
- Under-65 enrollment
- Six months from Part B
- Plan A/B/D rate
- No more than age-65 rate
- Other plan rate
- Maximum twice age-65 rate
Common Traps
Scaled Score Trap
Passing cut is scaled 70 ≠ It is not 70% correct
Question Count Trap
144 items are scored ≠ 159 includes 15 pretest
Outline Date Trap
Current section precedes November 14 ≠ Future section starts November 14
Online Delivery Trap
Single lines appear on OnVUE ≠ Combined Code 05 does not
Pretest Identification
Pretest items are mixed ≠ Candidates cannot identify them
Cash Value Assumption
Permanent policies may build value ≠ Term normally does not
MEC Timing Error
Seven-pay test is cumulative ≠ Not merely seven-year total
Medicare Product Mixup
Advantage replaces Original delivery ≠ Medigap supplements Original Medicare
Appointment Confusion
License comes from state ≠ Appointment comes from insurer
Guaranty Sales Pitch
Association protects within limits ≠ Never use as inducement
Fingerprint Sequence
Current DOI says apply first ≠ Older handbook sequence conflicts
Life Free-Look Scope
Standard rule is ten days ≠ Replacement rules may differ
Last Minute
- 1.Code 05 = combined Life/Health
- 2.Code 01 = Life only
- 3.Code 02 = Health only
- 4.Use current pre-November outline
- 5.144 scored plus 15 pretest
- 6.159 total delivered items
- 7.Time allowed is 3h35m
- 8.Passing cut is scaled 70
- 9.Scaled 70 is not 70%
- 10.Combined fee is $47
- 11.Code 05 uses test centers
- 12.Pretest items are unidentified
- 13.Guessing has no penalty
- 14.Life general = 50 scored
- 15.Health general = 50 scored
- 16.Nevada law = 44 scored
- 17.Term normally lacks cash value
- 18.Owner controls policy rights
- 19.MEC testing is cumulative
- 20.MEC distributions use LIFO
- 21.Medigap supplements Original Medicare
- 22.Deductible precedes coinsurance
- 23.Nevada free look is ten days
- 24.Replacement requires signed notice
- 25.Producer records survive three years
- 26.Premium funds are fiduciary
- 27.Never use guaranty as inducement
- 28.Apply before current fingerprint step
- 29.Complete 30 CE; three ethics
- 30.Apply within one year after passing
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