VIRGINIA LIFE INSURANCE EXAM AND
PRACTICE EXAM 2026/2027 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |CURRENTLY TESTING
QUESTIONS AND SOLUTIONS|ALREADY
GRADED A+|NEWEST |BRAND NEW
VERSION|JUST RELEASED!!
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
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.
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.
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,c)Built cash values.
d)Required proof of insurability every year.
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.
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.
a)The rider is usually level term insurance.
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
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.
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,c)Change of insured rider.
d)Juvenile rider.
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.
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
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.
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?
a)Viatical settlement
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, b)Estate liquidation
c)Nonpayment of premium
d)Change of beneficiary
a)Viatical settlement
What is the purpose of a fixed-period settlement option?
a)To settle the insurance company's liability
b)To provide a guaranteed income for life
c)To provide a guaranteed amount of money each month
d)To provide a guaranteed income for a certain amount of time
d)To provide a guaranteed income for a certain amount of time
If a life policy allows the policyowner to make periodic additions to the face amount at standard
rates, without proving insurability, the policy includes a
a)Nonforfeiture option.
b)Guaranteed insurability rider.
c)Paid-up additions option.
d)Cost of living provision.
b)Guaranteed insurability rider.
The premiums paid by the employer in a business life insurance policy are
a)Tax deductible by the employee.
b)Always taxable to the employee.
c)Never taxable to the employee.
d)Tax deductible by the employer.
d)Tax deductible by the employer.
Which nonforfeiture option has the highest amount of insurance protection?
a)Conversion
b)Decreasing Term
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PRACTICE EXAM 2026/2027 WITH ACTUAL
CORRECT QUESTIONS AND VERIFIED
DETAILED ANSWERS |CURRENTLY TESTING
QUESTIONS AND SOLUTIONS|ALREADY
GRADED A+|NEWEST |BRAND NEW
VERSION|JUST RELEASED!!
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
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.
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.
1|Page
,c)Built cash values.
d)Required proof of insurability every year.
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.
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.
a)The rider is usually level term insurance.
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
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.
2|Page
,c)Change of insured rider.
d)Juvenile rider.
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.
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
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.
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?
a)Viatical settlement
3|Page
, b)Estate liquidation
c)Nonpayment of premium
d)Change of beneficiary
a)Viatical settlement
What is the purpose of a fixed-period settlement option?
a)To settle the insurance company's liability
b)To provide a guaranteed income for life
c)To provide a guaranteed amount of money each month
d)To provide a guaranteed income for a certain amount of time
d)To provide a guaranteed income for a certain amount of time
If a life policy allows the policyowner to make periodic additions to the face amount at standard
rates, without proving insurability, the policy includes a
a)Nonforfeiture option.
b)Guaranteed insurability rider.
c)Paid-up additions option.
d)Cost of living provision.
b)Guaranteed insurability rider.
The premiums paid by the employer in a business life insurance policy are
a)Tax deductible by the employee.
b)Always taxable to the employee.
c)Never taxable to the employee.
d)Tax deductible by the employer.
d)Tax deductible by the employer.
Which nonforfeiture option has the highest amount of insurance protection?
a)Conversion
b)Decreasing Term
4|Page
