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VIRGINIA LAWS AND RULES
PERTINENT TO INSURANCE EXAM
PREP 2026 |100 QUESTIONS AND
VERIFIED ANSWERS | RATED A+ |
NEW!!
Which of the following actions does the Commission in Virginia have
the power to perform - ANSWER- Examine insurer solvency
An Accident and Health policy is required to provide Essential Benefits
without annual and lifetime limits when purchased individually or with
group coverage through - ANSWER- the Federal Marketplace
An insurance agent that solicits a Medicare Supplement policy must
disclose to the applicant that the agent - ANSWER- is there to determine
what is appropriate for the purchaser, while taking into consideration
any existing coverage
Which of the following is a requirement for an applicant to receive an
agent license in Virginia - ANSWER- Be of good character
Each Long Term Care policy sold in Virginia must include a Free Look
provision that refunds all premiums within _____ days of policy
delivery - ANSWER- 30
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What is the qualification for being considered a small group in Virginia -
ANSWER- 2 to 50 members
Individual life insurance policies can charge no more than _____ interest
per year on cash value loans - ANSWER- 8%
A Long Term Care policy issues in Virginia must provide coverage for
at LEAST - ANSWER- 12 months
Which of the following BEST describes an insurance agent conducting
business in Virginia - ANSWER- An individual who sells, solicits, or
negotiates contracts of insurance
Which of the following is information that an insurer is NOT expected
to provide to an employer when offering health coverage to an employee
A) The provisions relating to renewability of coverage
B) The provisions relating to exclusions
C) The benefits and premiums available under all health insurance
coverage for which the employer is qualified
D) The terms of the insurer's provider agreements - ANSWER- D) The
terms of the insurer's provider agreements
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A Health Maintenance Organization (HMO) MUST
A) Be licensed to operate in only one state
B) Be operated by a fully accredited hospital
C) Be federally funded
D) require its providers must be under contract or employment -
ANSWER- D) require its providers must be under contract or
employment
Which of the following is the requirement for an individual to perform
the duties of an insurance agent - ANSWER- Be duly licensed
Which situations does NOT require an agent to provide a suitability
statement to the annuity company
A) When an annuity contract is recommended and sold as a solution to a
client's financial objectives
B) After evaluation of a client's retirement goals, an annuity is proposed
and sold
VIRGINIA LAWS AND RULES
PERTINENT TO INSURANCE EXAM
PREP 2026 |100 QUESTIONS AND
VERIFIED ANSWERS | RATED A+ |
NEW!!
Which of the following actions does the Commission in Virginia have
the power to perform - ANSWER- Examine insurer solvency
An Accident and Health policy is required to provide Essential Benefits
without annual and lifetime limits when purchased individually or with
group coverage through - ANSWER- the Federal Marketplace
An insurance agent that solicits a Medicare Supplement policy must
disclose to the applicant that the agent - ANSWER- is there to determine
what is appropriate for the purchaser, while taking into consideration
any existing coverage
Which of the following is a requirement for an applicant to receive an
agent license in Virginia - ANSWER- Be of good character
Each Long Term Care policy sold in Virginia must include a Free Look
provision that refunds all premiums within _____ days of policy
delivery - ANSWER- 30
,2|Page
What is the qualification for being considered a small group in Virginia -
ANSWER- 2 to 50 members
Individual life insurance policies can charge no more than _____ interest
per year on cash value loans - ANSWER- 8%
A Long Term Care policy issues in Virginia must provide coverage for
at LEAST - ANSWER- 12 months
Which of the following BEST describes an insurance agent conducting
business in Virginia - ANSWER- An individual who sells, solicits, or
negotiates contracts of insurance
Which of the following is information that an insurer is NOT expected
to provide to an employer when offering health coverage to an employee
A) The provisions relating to renewability of coverage
B) The provisions relating to exclusions
C) The benefits and premiums available under all health insurance
coverage for which the employer is qualified
D) The terms of the insurer's provider agreements - ANSWER- D) The
terms of the insurer's provider agreements
, 3|Page
A Health Maintenance Organization (HMO) MUST
A) Be licensed to operate in only one state
B) Be operated by a fully accredited hospital
C) Be federally funded
D) require its providers must be under contract or employment -
ANSWER- D) require its providers must be under contract or
employment
Which of the following is the requirement for an individual to perform
the duties of an insurance agent - ANSWER- Be duly licensed
Which situations does NOT require an agent to provide a suitability
statement to the annuity company
A) When an annuity contract is recommended and sold as a solution to a
client's financial objectives
B) After evaluation of a client's retirement goals, an annuity is proposed
and sold
