VIRGINIA LIFE AND HEALTH EXAM REVIEW

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VIRGINIA LIFE AND HEALTH EXAM REVIEW

Actual Qs and Ans - Expert-Verified Explanation -Guaranteed passing score -99 Questions and Answers

-Format: Multiple-choice / Flashcard

Question 1: If an applicant states their age is 30 on an application for life insurance, when they were actually 37, what is the insurer likely to do?

Answer:

Pay the death benefit based on the applicant's actual age.Question 2: What is a marketing communication that is oral, printed, or written and designed to create public interest in life insurance or annuities?

Answer:

Advertisement Question 3: How much time does an insurer have to report a termination of an appointment to the Commissioner of Insurance?

Answer:

30 days Question 4: If the cash values of an annuity are invested in securities, it is a:

Answer:

Variable annuity

Question 5: Alex's life policy lapsed, which Nonforfeiture option would the insurer send him the value of the policy?

Answer:

Cash surrender Question 6: What is the minimum time required for the basis of a long-term policy?

Answer:

12 consecutive months Question 7: What is the rule on the use of a previous adverse underwriting decision on a new underwriting request?

Answer:

A previous adverse underwriting decision must not be used

Question 8: Which of the following groups is ineligible for group insurance?

Answer:

A sports team formed to procure insurance Question 9: Jeff and Mike own an architect firm with 20 employees and worry about the company if one of them becomes permanently disabled. What type of policy should they buy?

Answer:

Disability buy-out Question 10: Someone who owns a life insurance policy, has a life-threatening illness and sells

the death benefits is a:

Answer:

Viator Question 11: An insured became disabled in February of 2014. She had bought a disability income policy in October of 2012. Her disability was due to a condition that existed prior to

October 2012 but was not excluded from her policy. The insurer will:

Answer:

Pay the claim in full.

Question 12: Phil and Sarah bought a life policy in which both are insured. Sarah dies before

Phil. If the policy pays the death benefit after Phil dies, it is a:

Answer:

Survivorship life Question 13: What federal act protects the coverage of individuals and their families when they change or lose their jobs?

Answer:

HIPAA Question 14: At what age would a qualified retirement plan distribution be premature?

Answer:

59 Question 15: Which of the following would NOT be considered unfair discrimination?

Answer:

Discrimination abased on occupation Question 16: Which of the following is not one of the elements required to make a contract legal?

Answer:

Ambiguities Question 17: In life insurance, insurable interest must be present at the time of:

Answer:

Application Question 18: Mr. Jones, the insured, committed suicide after the expiration of the suicide clause

in his life insurance policy. The insurer is obligated to:

Answer:

Pay the death benefit.Question 19: The most common plan used with an HSA is:

Answer:

HDHP

Question 20: What part of the policy directs the insurer on the recipients of benefits?

Answer:

Payment of Claims provision Question 21: A person or entity licensed to sell, solicit, or negotiate insurance is called:

Answer:

An insurance agent Question 22: Which of the following statements is not true about the tax liabilities for individual life insurance policies?

Answer:

Policy loans are taxable as income.Question 23: After receiving notice of a claim, the insurer has a maximum of how many days to provide claims forms?

Answer:

15 days Question 24: A decreasing term life policy would be the most appropriate for:

Answer:

A 41 year old lawyer who wants a policy to pay his mortgage if he dies

Question 25: In health policies, when does coverage for newborns begin?

Answer:

The moment of birth Question 26: The Commissioner is responsible for all of the following in Virginia, EXCEPT:

Answer:

Enactment of insurance laws Question 27: Kim's policy remained in force for a certain number of days even though she

forgot to pay the premium. The provision that allows this is called:

Answer:

The grace period provision