Virginia Laws and Rules Questions and Answers Already Passed

Virginia Laws and Rules Questions and Answers Already Passed A policy loan provision is not required in which of the following types of policies? Term Life An insurance licensee is required to provide records of insurance transactions to the State Corporation Commission: Promptly upon request for examination of the licensee Testimonials used in Accident & Health insurance must meet all of the following requirements, EXCEPT: They must be approved by the Virginia Commissioner of Insurance The Virginia Commissioner of Insurance has the authority to examine the business records of all of the following entities, EXCEPT: life insurance master policyholders The purpose of the Rules Governing Life Insurance and Annuity Replacements is to: reduce the opportunity for misrepresentation and incomplete disclosure Health coverage provided under the Affordable Care Act (ACA) shall be made available for dependents until the child attains the age of: 26 An insurance agent is in violation of the Rules Governing Advertisement of Life Insurance and Annuities if the agent takes which of the following actions during a sales presentation? Refers to guaranteed policy dividends The Commission may suspend or revoke the license of an agent who takes any of the following actions EXCEPT represents more than one insurance company When soliciting a Medicare Supplement policy, an insurance agent should advise an applicant that the: agent is there to determine what, if any, policy is appropriate for the purchaser, considering existing coverage The act of offering an applicant something of value as an inducement to purchase a policy of insurance is: rebating Medicare supplement insurance is issued by insurance companies An advertisement stating that an agent is licensed for a line of authority, when that agent is not licensed for that line of authority, is: false advertising An agent must maintain records of insurance transactions for a MINIMUM of how many previous calendar years? 3 At the date of issue, an employee group life insurance policy must cover a MINIMUM of how many employees? 2 Which of the following statements about a business entity acting as an insurance agent is CORRECT? It must designate at least 1 licensed producer to be responsible for the entity's compliance with the insurance laws and rules Which of the following statements is a purpose of the Rules Governing Advertisement of Life Insurance and Annuities? To assure full disclosure to the public of all material and relevant information A Long Term Care insurance contract shall provide coverage for a minimum of how many months? 12 The State Corporation Commission has the authority