Nevada Life Insurance
Explore the lessons in Policy decisions. Start with a lesson and review the key ideas. Use lesson questions when available.
6 lessons · Reading progress is separate from quiz results.
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A beneficiary designation is the owner's instruction to the insurer: who gets paid, in what order, and in what shares when the insured dies.
About 22 minutes
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Open lesson →A life policy's death benefit is payable only if the policy was in force, meaning the coverage was active, when the insured died. For a death benefit, the event that matters is the insured's death, not the later date the claim is submitted. The policy's other conditions, such as proof of death, still apply. Most coverage problems come down to one question: was the required premium paid in time, and if not, what did the contract do next?
About 22 minutes
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Open lesson →A permanent life policy can build cash value: money inside the policy that the owner can use while the insured is still alive. There is more than one way to use it, and the ways have very different effects. One choice keeps full coverage but creates a debt. Another removes money for good. Another ends the policy entirely.
About 17 minutes
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Open lesson →A life insurance claim does not get decided by one rule. Before you say "this claim is payable" or "this claim is denied," you have to ask several separate questions about the policy, and each question has its own rule.
About 28 minutes
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Open lesson →When a life insurance policy pays out, the money does not have to arrive as one check. The person entitled to the money can often ask the insurer to pay it in a different way: hold it and pay interest, pay it in installments, or turn it into income for life. Some policies can also pay part of the death benefit early, while the insured is still alive.
About 20 minutes
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Open lesson →A life insurance policy makes one main promise: pay a death benefit if the insured dies while the coverage is in force. Most households have other worries too. They may wonder who will pay the premium after a disability, whether they can buy more coverage later, or what happens after a serious accident.
About 21 minutes
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