VA State Life, Health and Annuities Exam
6 months - ANS-In a long-term care policy issued in Virginia, any provision limiting preexisting
conditions may not exceed _____ months
A flexible premium deposit fund and a monthly renewable term insurance policy - ANS-What is a
universal life insurance policy?
The unpaid premium may be subtracted from the reimbursement - ANS-How is an insured's
accident and health claim handled by an insurer if it occurs during the policy's grace period?
Notify the applicant that an annual premium must be paid for the new policy - ANS-What must
an agent do when replacing a long-term care policy with a new policy?
10 days - ANS-The free look period provided in a life insurance policy is usually
How the premium is calculated - ANS-Which of the following is NOT subject to the promise to
pay in an insuring clause?
A) How the premium is calculated
B) Policy provisions
C) Policy conditions
D) Policy exclusions
until termination - ANS-In Virginia, an insurance agent's appointment is in effect
Long-term car benefit rider - ANS-Tim is confined to a nursing home but doesn't have a terminal
illness. Which life insurance rider is designed to help pay for this type of expense?
when the agency contract is unclear concerning the authority given - ANS-An insurance
company can be liable for a producer's unauthorized acts
provision that provides a policy loan to pay any premiums by the end of the grace period -
ANS-The automatic premium loan provision can be accurately described as a
Interest payments made by policyowner are deductible - ANS-Which of these statements ins
NOT true regarding a cash value loan against a life insurance policy?
A) Interest normally accrues on unpaid balances
B) Loan cannot exceed the policy's cash value
C) Policy contract terms dictate the interest rate
D) Interest payments made by policyowner are deductable
,prescription medication - ANS-Home health care benefits typically do NOT include coverage for
A) nursing care
B) wheelchairs
C) physical therapy
D) prescription medication
entire contract clause - ANS-What health insurance provision requires that the application
becomes part of the policy
31 days of terminated employment - ANS-The conversion option for group term insurance may
be exercised by an employee within ____ days of terminated employment
variable life - ANS-An insurance policy that can also be classified as a securities product is
called
misrepresentation - ANS-In Virginia, false advertising is an example of
The insured must be actively at work for a specified number of hours per week - ANS-An
insured, age 67, is coved under a disability income policy. What will the insurer normally require
in order for the insured to continue coverage
are not part of the agency or agent contract - ANS-An agent may be personally liable if he or
she engages in acts that
States which operate with an Exchange MUST offer an internet-based portal - ANS-In regards
to technology and the ACA, which of the following statements is correct?
solicit, receive, an forward applications to the insurer - ANS-Licensed agents in Virginia are
authorized to
level term insurance - ANS-Group life insurance is typically issued as _______ insurance
incarcerate the agent - ANS-If the State Corporation Commission believes that an agent is
incompetent or untrustworthy, it has the authority to perform all of the following functions
EXCEPT
does NOT require evidence of insurability - ANS-Group life plans sold in Virginia typically
contain a conversion option. If the insured elects this option. The new policy does
premiums which can only be increased per rate class - ANS-A Guaranteed Renewable
provision allows
, Given written consent by the state insurance regulatory agency - ANS-John has a criminal
record in which he was convicted of a felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions?
residual benefits will be received income tax-free - ANS-Mary is an employee who is covered
with a disability income policy through her employer. SHE PAYS for the portion of the premium
attributable to the cost of residual disability benefits, while her employer pays for the remainder.
What are the tax implications of this policy?
comes from the policy's cash value - ANS-In an extended term insurance nonforfeiture option in
a life policy, the premium to purchase the coverage ________
not acting as a fiduciary - ANS-Rick the agent handles insurance premiums in an untrustworthy
manner. His actions could find him guilty of
cash value - ANS-A source of supplemental income for a life insurance policyowner can be
derived from the
policy, endorsements, an attached papers constitute the "entire contract" - ANS-The standard
provisions of an accident and health insurance policy require that the
Applicant is a substandard risk - ANS-In what situation could an insurance policy's coverage be
modified?
the policy's cash value - ANS-What is considered the collateral on a life insurance policy loan
must sign a statement that no illustration was provided - ANS-James the agent has sold a life
insurance contract to a client without using an illustration, even though his insurer offers one.
For this particular transaction, the applicant
The time period in which premiums will be paid - ANS-How does a continuous premium whole
life policy differ from a limited payment whole life policy?
bringing legal action against the insurer - ANS-An accident and health insurer has just received
written proof of loss from one of its insureds. The insured must now wait 60 days before
15 days of receipt of the notice of loss - ANS-A health insurer MUST provided a proof of loss
form within ______
A cash benefit will be provided if the insured is alive at the end of the policy period - ANS-Which
of these is NOT an advantage of term life insurance?
A) the greatest amount of coverage can be provided for the initial premium paid
B) It can be provided as a rider to another policy
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