Virginia life insurance EXAM 2026-2027 LATEST
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Which of the following is NOT true regarding the accumulation period of an annuity?
a) It is also known as the pay-in period.
b) It would not occur in a deferred annuity.
c) It is the period during which the annuity payments earn interest.
d) It is the period over which the owner makes payments into an annuity. - answer>>>b)It
would not occur in a deferred annuity.
Which of the following riders would NOT cause the Death Benefit to increase? a)Guaranteed
Insurability Rider
b) Cost of Living Rider c)Accidental Death Rider
d)Payor Benefit Rider - answer>>>d)Payor Benefit Rider
The proposed insured makes the premium payment on a new insurance policy. If the insured
should die, the insurer will pay the death benefit to the beneficiary if the policy is approved.
This is an example of what kind of contract?a)Conditional b)Adhesion
c) Personal
d) Unilateral - answer>>>a)Conditional
The automatic premium loan provision is activated at the end of the a)Elimination period.
b) Policy period.
c) Grace period.
d) Free-look period - answer>>>c)Grace period.
-
Under which of the following circumstances would an insurer pay accelerated benefits?
a) An insured is looking for a way to put her daughter through college.
b) A couple wants to build a house and would like to make a larger down payment.
c) An insured is diagnosed with cancer and needs help paying for her medical treatment.
d) A couple is nearing retirement and needs a steady stream of income. - answer>>>c)An
insured is diagnosed with cancer and needs help paying for her medical treatment.
Which of the following terms is used to name the nontaxed return of unused premiums?
a) Interest b)Surrender c)Dividend
d)Premium return - answer>>>c)Dividend
Employer contributions made to a qualified plan
a) Are subject to vesting requirements.
b) May discriminate in favor of highly paid employees.
, Virginia life insurance EXAM 2026-2027 LATEST
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
c) Are after-tax contributions.
d) Are taxed annually as salary - answer>>>a)Are subject to vesting requirements.
A couple owns a life insurance policy with a Children's Term rider. Their daughter is
reaching the maximum age of dependent coverage, so she will have to convert to permanent
insurance in the near future. Which of the following will she need to provide for proof of
insurability?
a) Medical exam and parents' medical history
b) Proof of insurability is not required.
c) Medical exam
d) Her parents' federal income tax receipts - answer>>>b)Proof of insurability is not
required.
An IRA purchased by a small employer to cover employees is known as a
a) 403(b) plan.
b) Simplified Employee Pension plan.
c) 401(k) plan.
d) Defined contribution plan. - answer>>>b)Simplified Employee Pension plan.
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide
additional protection until his children finished college. He discovered that his policy
a) Decreased death benefit at each renewal.
b) Required a premium increase each renewal.
c) Built cash values.
d) Required proof of insurability every year. - answer>>>b)Required a premium increase
each renewal.
Both Universal Life and Variable Universal Life have a a)Increasing premium.
b) Flexible premium.
c) Level fixed premium.
d) Decreasing premium. - answer>>>b)Flexible premium.
Which is true about a spouse term rider?
a) The rider is usually level term insurance.
b) Coverage is allowed for an unlimited time.
c) The rider is decreasing term insurance.
d) Coverage is allowed up to age 75. - answer>>>a)The rider is usually level term
insurance.
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, Virginia life insurance EXAM 2026-2027 LATEST
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Which of the following is another term for the accumulation period of an annuity?
a) Pay-in period
b) Premium period c)Liquidation period
d)Annuity period - answer>>>a)Pay-in period
A rider attached to a life insurance policy that provides coverage on the insured's family
members is called the
a) Payor rider.
b) Other-insured rider.
c) Change of insured rider.
d) Juvenile rider. - answer>>>b)Other-insured rider.
If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered
to the applicant
a) Upon issuance of the policy.
b) Within 30 days after the first premium payment was collected.
c) Prior to filling out an application for insurance.
d) With the policy. - answer>>>d)With the policy.
Which of the following will be included in a policy summary?a)Copies of illustrations and
application
b) Comparisons with similar policies
c) Primary and secondary beneficiary designations
d) Premium amounts and surrender values - answer>>>d)Premium amounts and surrender
values
If a life insurance policy has an irrevocable beneficiary designation,
a) The beneficiary cannot be changed for at least 2 years.
b) The owner can always change the beneficiary at will.
c) The beneficiary cannot be changed.
d) The beneficiary can only be changed with written permission of the beneficiary. -
answer>>>d)The beneficiary can only be changed with written permission of the beneficiary.
An insured under a life insurance policy has been diagnosed with a terminal illness and has 6
months to live. The insured knows that his financial state will worsen even more with the
upcoming medical expenses. What option could the insured utilize?
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Which of the following is NOT true regarding the accumulation period of an annuity?
a) It is also known as the pay-in period.
b) It would not occur in a deferred annuity.
c) It is the period during which the annuity payments earn interest.
d) It is the period over which the owner makes payments into an annuity. - answer>>>b)It
would not occur in a deferred annuity.
Which of the following riders would NOT cause the Death Benefit to increase? a)Guaranteed
Insurability Rider
b) Cost of Living Rider c)Accidental Death Rider
d)Payor Benefit Rider - answer>>>d)Payor Benefit Rider
The proposed insured makes the premium payment on a new insurance policy. If the insured
should die, the insurer will pay the death benefit to the beneficiary if the policy is approved.
This is an example of what kind of contract?a)Conditional b)Adhesion
c) Personal
d) Unilateral - answer>>>a)Conditional
The automatic premium loan provision is activated at the end of the a)Elimination period.
b) Policy period.
c) Grace period.
d) Free-look period - answer>>>c)Grace period.
-
Under which of the following circumstances would an insurer pay accelerated benefits?
a) An insured is looking for a way to put her daughter through college.
b) A couple wants to build a house and would like to make a larger down payment.
c) An insured is diagnosed with cancer and needs help paying for her medical treatment.
d) A couple is nearing retirement and needs a steady stream of income. - answer>>>c)An
insured is diagnosed with cancer and needs help paying for her medical treatment.
Which of the following terms is used to name the nontaxed return of unused premiums?
a) Interest b)Surrender c)Dividend
d)Premium return - answer>>>c)Dividend
Employer contributions made to a qualified plan
a) Are subject to vesting requirements.
b) May discriminate in favor of highly paid employees.
, Virginia life insurance EXAM 2026-2027 LATEST
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
c) Are after-tax contributions.
d) Are taxed annually as salary - answer>>>a)Are subject to vesting requirements.
A couple owns a life insurance policy with a Children's Term rider. Their daughter is
reaching the maximum age of dependent coverage, so she will have to convert to permanent
insurance in the near future. Which of the following will she need to provide for proof of
insurability?
a) Medical exam and parents' medical history
b) Proof of insurability is not required.
c) Medical exam
d) Her parents' federal income tax receipts - answer>>>b)Proof of insurability is not
required.
An IRA purchased by a small employer to cover employees is known as a
a) 403(b) plan.
b) Simplified Employee Pension plan.
c) 401(k) plan.
d) Defined contribution plan. - answer>>>b)Simplified Employee Pension plan.
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide
additional protection until his children finished college. He discovered that his policy
a) Decreased death benefit at each renewal.
b) Required a premium increase each renewal.
c) Built cash values.
d) Required proof of insurability every year. - answer>>>b)Required a premium increase
each renewal.
Both Universal Life and Variable Universal Life have a a)Increasing premium.
b) Flexible premium.
c) Level fixed premium.
d) Decreasing premium. - answer>>>b)Flexible premium.
Which is true about a spouse term rider?
a) The rider is usually level term insurance.
b) Coverage is allowed for an unlimited time.
c) The rider is decreasing term insurance.
d) Coverage is allowed up to age 75. - answer>>>a)The rider is usually level term
insurance.
-
, Virginia life insurance EXAM 2026-2027 LATEST
VERSION QUESTIONS AND VERIFIED CORRECT
ANSWERS JUST RELEASED
Which of the following is another term for the accumulation period of an annuity?
a) Pay-in period
b) Premium period c)Liquidation period
d)Annuity period - answer>>>a)Pay-in period
A rider attached to a life insurance policy that provides coverage on the insured's family
members is called the
a) Payor rider.
b) Other-insured rider.
c) Change of insured rider.
d) Juvenile rider. - answer>>>b)Other-insured rider.
If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered
to the applicant
a) Upon issuance of the policy.
b) Within 30 days after the first premium payment was collected.
c) Prior to filling out an application for insurance.
d) With the policy. - answer>>>d)With the policy.
Which of the following will be included in a policy summary?a)Copies of illustrations and
application
b) Comparisons with similar policies
c) Primary and secondary beneficiary designations
d) Premium amounts and surrender values - answer>>>d)Premium amounts and surrender
values
If a life insurance policy has an irrevocable beneficiary designation,
a) The beneficiary cannot be changed for at least 2 years.
b) The owner can always change the beneficiary at will.
c) The beneficiary cannot be changed.
d) The beneficiary can only be changed with written permission of the beneficiary. -
answer>>>d)The beneficiary can only be changed with written permission of the beneficiary.
An insured under a life insurance policy has been diagnosed with a terminal illness and has 6
months to live. The insured knows that his financial state will worsen even more with the
upcoming medical expenses. What option could the insured utilize?
