FINAL EXAM-VIRGINIA LIFE AND HEALTH EXAM QUESTIONS

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FINAL EXAM-VIRGINIA LIFE AND HEALTH EXAM QUESTIONS

Qs and Ans - Expert- Explanation - ing score -100 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: Where will a life insurance policy's proceeds be directed to if all the beneficiaries die before the insured?

Answer:

The insured's estate Question 2: Pat is covered by a disability income insurance policy that covers disabilities arising from a work-related illness or injury. The amount of his disability income payments for an on-the-job injury may be reduced by

Answer:

Benefits paid under workers compensation Question 3: An agent has received the first year commission paid on a Medicare supplement policy Renewal commissions must then be provided for at least _____ years after the first year.

Answer:

• years

Question 4: What determines how much an annuitant is paid for a variable annuity?

Answer:

The market value variations of the securities backing it

Question 5: Under what circumstances does an accident and health insurer have the right to request an autopsy?

Answer:

When not prohibited by state law Question 6: These are all accurate statements regarding universal life insurance EXCEPT

Answer:

Policy loans are not permitted Question 7: An applicant submits a life insurance application where an investigative consumer report is used in the underwriting process. Which of these statements is true?

Answer:

Applicant has a right to receive a copy of the report Question 8: How often must the commission examine each domestic insurance company?

Answer:

every 5 years

Question 9: Where dose the primary funding for medical part A come from?

Answer:

Federal payroll and self employment taxes

Question 10: Periodic health claim payments MUST be made at least

Answer:

monthly Question 11: Which of the following approves continuing education courses for credit in Virginia?

Answer:

State Continuing Education Board

Question 12: Employees generally receive Worker's Compensation benefits for

Answer:

Lost wages and medical expenses due to a occupational accident

Question 13: Taxable income may be the result from all of these modified endowment contract (MEC) transactions EXCEPT For

Answer:

The policy is surrendered for less than what was paid into it Question 14: What would be a valid reason for naming a trust as the beneficiary of a life insurance policy as opposed to naming an individual?

Answer:

Management of proceeds would be provided Question 15: Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n)

Answer:

Single Premium Deferred Annuity Question 16: What is the primary reason for the state corporation commission's examination of an agent's insurance records?

Answer:

To determine compliance with state insurance laws and regulations Question 17: Which of the following provisions allows an insured or the insurer to terminate the policy

Answer:

Cancelable provision Question 18: How is an insured's accident and health claim handled by an insurer if it occurs during the policy's grace period?

Answer:

The unpaid premium may be subtracted from the reimbursement Question 19: Which of the following does TRI-CARE provide accident and health coverage to?

Answer:

Military families

Question 20: According to the needs approach, an emergency reserve fund's primary purpose is to

Answer:

cover the cost of unexpected expenses

Question 21: A health insurer MUST provide a proof of loss form

Answer:

within 15 days of receipt of the notice of loss Question 22: COBRA extends coverage for a surviving spouse but at a rate not more than _____ of the group premium.

Answer:

102% Question 23: The change of Occupation provision in a disability income policy states that, in the event the insured changes to a less hazardous occupation, which of the following may apply?

Answer:

Benefits can be increased in the event of a covered claim Question 24: Misrepresenting pertinent policy provisions relating to coverage after a loss is a(n) A concealment in insurance application An unfair claims settlement practice An unfair discrimination between individuals A violation of the principle of adhesion

Answer:

unfair claims settlement practice Question 25: Which is an accurate description of the premium in d premium life insurance policy?

Answer:

Annual increases in premium for a stated number of years then levels off for the remainder of the contract Question 26: In regards to technology and the ACA, which of the following statements is correct?

Answer:

States which operate with an Exchange must offer an internet-based portal