Virginia Life Insurance 2026/2027 Latest Actual Exam
And Practice Exam With Complete Questions And
Correct Detailed Answers| Latest Update!
Methods of Handling Risk (STARR) - ANSWER-1. Sharing
(each member of group pays portion of loss)
2. Transfer (spreading risk among customers)
3. Avoidance (not engaging in certain activity)
4. Reduction (lessening chance)
5. Retention (indiv pays for loss)
Reinstatement Provision - ANSWER-Restores a lapses
policy IF insured:
-submits an app for reinstatement within 3 years of lapse
,-Pay all past due premiums with interest
-Provide satisfactory evidence of insurability (medical
exam)
Incontestability Provision - ANSWER-After an insurance
policy has been in effect for 2 years, company cannot
claim that a statement in app was meant to defraud
insurer
Suicide Clause - ANSWER-if the insured commits suicide
within two years after the policy is issued, the company
will only prem paid by the insured
,Per Capita - ANSWER-Divides policy's db equally among
surviving members of class (no children of benef)
Per Stirpes - ANSWER-children of deceased beneficiary
are entitled to their share of proceeds
When life insurance coverage does not apply - ANSWER-
1. Suicide
2. Aviation (except commercial)
3. War/Military Service
4. Hazardous Occupation or Hobby
, Types of Group Life Insurance - ANSWER-1. Employer
group plans
2. Multiple Employer Trusts (METs) - Taft Hartley Trust
3. Labor Unions
4. Association Group Plans
5. Group Credit Life Insurance
Group Underwriting Considerations - ANSWER--No
medical underwriting
And Practice Exam With Complete Questions And
Correct Detailed Answers| Latest Update!
Methods of Handling Risk (STARR) - ANSWER-1. Sharing
(each member of group pays portion of loss)
2. Transfer (spreading risk among customers)
3. Avoidance (not engaging in certain activity)
4. Reduction (lessening chance)
5. Retention (indiv pays for loss)
Reinstatement Provision - ANSWER-Restores a lapses
policy IF insured:
-submits an app for reinstatement within 3 years of lapse
,-Pay all past due premiums with interest
-Provide satisfactory evidence of insurability (medical
exam)
Incontestability Provision - ANSWER-After an insurance
policy has been in effect for 2 years, company cannot
claim that a statement in app was meant to defraud
insurer
Suicide Clause - ANSWER-if the insured commits suicide
within two years after the policy is issued, the company
will only prem paid by the insured
,Per Capita - ANSWER-Divides policy's db equally among
surviving members of class (no children of benef)
Per Stirpes - ANSWER-children of deceased beneficiary
are entitled to their share of proceeds
When life insurance coverage does not apply - ANSWER-
1. Suicide
2. Aviation (except commercial)
3. War/Military Service
4. Hazardous Occupation or Hobby
, Types of Group Life Insurance - ANSWER-1. Employer
group plans
2. Multiple Employer Trusts (METs) - Taft Hartley Trust
3. Labor Unions
4. Association Group Plans
5. Group Credit Life Insurance
Group Underwriting Considerations - ANSWER--No
medical underwriting
