Free NE Life & Health Exam Flashcards
Memorize 50 essential terms and definitions for the Nebraska Producer’s Examination for Life, Accident and Health or Sickness Insurance (Series 13-03). See the term, recall the definition, then flip to check yourself.
What must a Nebraska resident applicant obtain before selling, soliciting, or negotiating insurance?
An issued Nebraska insurance license; passing the exam alone is insufficient.
Filter by Topic
Jump to Card
About These NE Life & Health Flashcards
These 50 flashcards are designed to help you memorize key terms and definitions for the Nebraska Producer’s Examination for Life, Accident and Health or Sickness Insurance (Series 13-03). Each card shows a term on the front and its definition on the back—the classic flashcard format for vocabulary memorization. Use these alongside our practice questions to build both recall and comprehension.
Topics Covered
Complete Flashcard Reference
Review every term in this set. Open any term to reveal its definition.
What must a Nebraska resident applicant obtain before selling, soliciting, or negotiating insurance?
An issued Nebraska insurance license; passing the exam alone is insufficient.
What is Nebraska’s minimum age for a resident producer applicant?
18 years.
How soon must a Nebraska producer notify the Director of a legal-name or address change?
Within 30 days of the change.
When must an appointing insurer file a Nebraska producer’s appointment notice?
Within 15 days from execution of the agency contract or submission of the first insurance application.
What starts Nebraska’s 30-day deadline for reporting an administrative action against a producer?
Final disposition of the matter, including actions in another jurisdiction or by an SRO or governmental agency.
What starts Nebraska’s 30-day deadline for reporting a producer’s criminal prosecution?
The date of arraignment, or the date arraignment is waived.
How many CE hours must a nonexempt Nebraska resident Life and Health producer complete each two-year renewal period?
24 total: 21 general insurance hours and 3 ethics hours.
Under Nebraska’s annuity best-interest rule, whose financial interest may not be placed ahead of the consumer’s?
The producer’s or insurer’s financial interest.
How does a peril differ from a hazard?
A peril causes a loss; a hazard increases the likelihood or severity of loss.
What is adverse selection?
Higher-risk people are more likely to seek or retain insurance than lower-risk people.
What does reinsurance transfer?
Part of an insurer’s accepted insurance risk to another insurer.
Who owns a stock insurer versus a mutual insurer?
Stockholders own a stock insurer; policyholders own a mutual insurer.
How does risk retention differ from transferring risk to an insurer?
Retention funds the loss exposure internally; transfer shifts financial responsibility to the insurer under the policy.
What does insurable interest in another person’s life mean under Nebraska’s definition?
A pecuniary, blood, or marriage relationship that creates an expected benefit from that person’s continued life.
What should a life-insurance needs analysis compare?
Survivors’ income needs, debts, final expenses, and future goals against existing insurance and available resources.
Who receives the benefit of key-person life insurance?
The business that bought coverage on a person important to its operations.
What does a life insurer’s underwriting process decide?
Whether to accept the applicant’s risk and, if accepted, its classification and premium rate.
What is the main coverage-and-cash-value difference between term life and whole life?
Term covers a stated period and usually has no cash value; whole life is permanent cash-value coverage.
What condition limits universal life’s flexible premium payments?
Enough premium and policy value must remain to cover charges and keep the policy in force.
Who bears the risk that variable life’s chosen investments reduce its cash value?
The policyowner; cash value changes with investment performance.
What does a term policy’s conversion privilege allow during its permitted conversion period?
Exchanging term coverage for cash-value coverage despite a deterioration in health, subject to the contract’s limits.
What is Nebraska’s free-look period for individual life or annuity policies other than credit life?
10 days after delivery to return the policy for a premium refund.
What grace period does Nebraska §44-502(2) specify for premiums after the first policy year?
One month, with coverage continuing during that grace period.
When does Nebraska §44-502(5) require a covered life policy to become incontestable?
After two years in force during the insured’s lifetime, subject to nonpayment and other statutory exceptions.
For Nebraska life policies issued or delivered on or after January 1, 2026, how far ahead must premium-default lapse notice be sent?
At least 15 days before lapse or termination, to the owner and any assignee on record.
Whose consent is needed to change an irrevocable life-insurance beneficiary?
The irrevocable beneficiary’s consent.
What distinguishes an annuity’s accumulation period from its payout period?
During accumulation, contract value changes with contributions and returns; during payout, the annuity makes income payments.
What is the key investment-risk difference between fixed deferred and variable annuities?
Fixed contracts guarantee a minimum interest rate; variable subaccount returns can rise or fall and are not guaranteed.
How do immediate and deferred annuities differ in when income begins?
Immediate annuities begin income soon after purchase; deferred annuities begin at a later chosen date.
How are life-insurance death proceeds and interest paid on those proceeds generally treated for federal income tax?
Death proceeds are generally excluded from gross income; interest is taxable.
For a nonqualified annuity issued after August 13, 1982, how is a partial withdrawal before annuitization generally taxed?
Earnings come out first as taxable income; remaining withdrawals recover the owner’s investment tax-free.
What does HIPAA’s minimum-necessary standard require when it applies?
Limit protected health information to what is reasonably needed for the purpose; provider requests or disclosures for treatment are exempt.
What does morbidity measure, compared with mortality?
Morbidity measures illness frequency or severity; mortality measures death rates.
How does a standard underwriting risk differ from a substandard risk?
Standard risks qualify at normal rates; substandard risks may need higher premiums or modified coverage.
Which underwriting information source reports medical facts from the applicant’s treating physician?
An attending physician statement (APS), distinct from the application or producer’s report.
Nebraska prohibits unfair discrimination in individual sickness-and-accident premiums or benefits between what risks?
Individuals of substantially the same hazard.
Under Nebraska’s standard sickness-and-accident grace clause, what are the minimum periods by premium frequency?
7 days for weekly premiums, 10 for monthly, and 31 for other frequencies, after the first premium.
What two clocks govern legal action under Nebraska’s standard sickness-and-accident policy clause?
Wait 60 days after written proof of loss is furnished; sue within 3 years after proof was required to be furnished.
Can an agent change or waive Nebraska’s standard sickness-and-accident policy provisions?
No. A valid policy change requires an insurer executive officer’s approval and an endorsement or attachment.
What loss does disability-income insurance primarily replace?
Part of the insured’s income lost because a disabling illness or injury prevents earning it.
A covered allowed bill is $6,000, with $1,000 deductible remaining and 20% patient coinsurance. With no other charges or cap reached, what does the patient owe?
$2,000: $1,000 deductible + 20% × ($6,000 − $1,000) = $1,000 coinsurance.
Can a Marketplace health plan deny coverage or charge more because an applicant has a pre-existing condition?
No. Marketplace plans must cover pre-existing conditions without charging a higher premium for them.
When does a child who turns 26 generally age off a parent’s Marketplace plan?
December 31 of the year the child turns 26, unless a permitted state rule allows longer coverage.
Who generally regulates private-employer self-insured health plans, compared with insurance plans an employer buys?
DOL generally oversees self-insured employer plans; state insurance regulators oversee the purchased insurance plans.
What starts the minimum 60-day COBRA election period?
The later of losing coverage or being provided the COBRA election notice.
What is the ordinary maximum COBRA period after job loss other than gross misconduct or a reduction in hours?
18 months for eligible covered employees and family members; specified extensions can lengthen it.
Which dental specialty includes root-canal treatment?
Endodontics, which treats dental pulp and tissues around tooth roots.
Which two parts make up Original Medicare?
Part A (hospital insurance) and Part B (medical insurance).
What is Nebraska’s free-look period for a Medicare supplement policy or certificate?
30 days after delivery to return it for a premium refund if dissatisfied.
How are disability benefits generally taxed when an individual pays all premiums with after-tax money?
The benefits are generally excluded from income; employer-paid or pre-tax premiums generally produce taxable benefits.
Frequently Asked Questions
Is a separate national Life and Health exam required first?
No. This deck covers Nebraska’s combined producer exam, PSI series 13-03. General insurance concepts and Nebraska law are tested together in that state exam.
How many questions are delivered, and what score passes?
The outline lists 150 scored questions plus 5 unscored items in 2 hours 30 minutes. PSI explicitly publishes 70%, or 105 correct scored answers, as the passing cut.
Can I take the exam remotely?
No. Nebraska ended remote-proctored insurance examinations effective March 16, 2026. Schedule a physical PSI testing-center appointment.
What does the published pass rate mean?
The latest DOI-linked report covers July 2026. First-time combined-producer attempts passed at 54.7% (58 of 106); all attempts passed at 43.5% (81 of 186). These are monthly results, not a forecast.
What happens after a failed attempt?
Nebraska permits unlimited attempts without a state waiting period. PSI does not book a new appointment on the day of the exam; the next test depends on processing and an available seat.
How should I use these 50 cards?
Answer each prompt before turning it over. Repeat missed topics and use the full official outline and study guide for topics that a short deck cannot cover exhaustively.
Explore More Life & Health Insurance
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
Free CEMore From This Family
Videos and articles for deeper review.