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VA LIFE AND HEALTH INSURANCE STATE EXAM
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VA LIFE AND HEALTH INSURANCE STATE EXAM
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VA LIFE AND HEALTH INSURANCE STATE EXAMWho owns an employer group health policy?
A) The employer only
B) The agent
C) The employees
D) Both the employer and the employees - ANSWER A) The employer only
It is common for an employer to obtain group health insurance for the benefit of their
employees. The employer is the owner of the policy and determines what classes of
employees will covered.
Which of the following type of insurance protects a lending institution from losing
money as the result of a borrower's death or disability?
A) Lenders life and health
B) Credit life and health
C) Loaners life and health
D) Bankers life and health - ANSWER B) Credit life and health
Credit group, also called "credit life and health insurance" is a specialized use of
group life and health insurance. It protects the lending institution from losing money
as the result of a borrowers death or disability. Generally the borrower is the
premium payor but the lending institution is the beneficiary of the policy
If an insured's eligibility for group health insurance terminates and the person is not
eligible to receive replacement group benefits or Medicare, coverage can be
extended for 12 months if the person was covered under the plan for at least
A) 2 months
B) 3 months
C) 6 months
D) 12 months - ANSWER B) 3 months
The present group coverage may continue for 12 months immediately following the
date of the insured's eligibility termination if the individual has been insured under the
group plan for at least 3 months.
Which of the following is true regarding conversion from a group health plan to an
individual policy?
A) Evidence of insurability is required
B) The individual must pay the premium
C) Pre-existing conditions may apply in a new policy
D) Coverage will cease after 90 days. - ANSWER B) The individual must pay the
premium
According to group insurance conversion provision, individual coverage may be
obtained without evidence of insurability, and without the application of waiting
periods or pre-existing conditions, as long as the individual insured pays the
premium within a specified time. Coverage may be extended up to 12 months.
, In order to convert from group coverage to an individual plan, an eligible individual
must pay the premium within how many days after the written notice of termination?
A) 15 days
B) 31 days
C) 60 days
D) 90 days - ANSWER B) 31 days
The insurer will issue an individual accident and sickness policy, without causing
overinsurance or duplication of benefits, if the application for the policy is made and
the first premium is paid within 31 days of the written notice of termination and in no
event later than 60 days after the date of the person's eligibility for group coverage.
In the state of Virginia, an association may be the policyholder of a group policy that
covers its members, providing that it has been in active existence for at least how
many years?
A) 2
B) 5
C) 10
D) 12 - ANSWER B) 5
An association may be the policyholder of a group policy that covers its members,
providing that is has a minimum of 100 members, has been organized and
maintained in good faith for purposes other than obtaining insurance, and has been
in active existence for at least 5 years.
Kiera is recommending that her client replace her current health policy with another
policy that Kiera's company markets. What duty does Kiera have regarding the
replacement of an existing policy?
A) She must notify the existing insurer of the planned replacement and await the
insurer's response prior to taking an application
B) She must read the replacement form aloud to her client and then have the client
sign a form that such reading was conducted.
C) Kiera must give the client a copy of the approve replacement form and have a
client sign a copy for the insurer's files.
D) Kiera must submit a copy of the existing policy for review as part of the
application process. - ANSWER C) Kiera must give the client a copy of the approve
replacement form and have a client sign a copy for the insurer's files.
An agent must give the client a copy of the approved replacement form and have the
client sign a copy for the insurer's files. The replacement accident and sickness
policy form, unlike the life policy replacement form, only requires the client's
signature.
An association may be the policyholder of a group policy that covers its members,
providing that it has a minimum of how many members?
A) 10
B) 15
C) 50
D) 100 - ANSWER D) 100
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