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VIRGINIA LIFE AND HEALTH INSURANCE
2026 EXAM COMPLETE (108) CURRENT
TESTING QUESTIONS AND CORRECT
DETAILED ANSWERS|TOP-RATED A+.
INSURANCE
Prepare for the Virginia Life and Health Insurance Exam with this
concise study resource covering key insurance concepts,
policies, regulations, and exam-style questions. It helps
reinforce essential knowledge and improve test readiness.
Suitable for individuals preparing for life and health insurance
licensing exams.
A retirement plan that meets certain federal requirements
and therefore qualifies for special tax treatment. Plans must
be (1) for the exclusive benefit of employees, (2) in writing,
(3) nondiscriminatory, (4) either defined benefits or defined
contributions, and (5) permanent. ...... ANSWER .......
Qualified Retirement Plan
Anything of value given by an agent to a client as an
inducement to buy insurance. ...... ANSWER .......
Rebating
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Nonforfeiture option where cash value is used to make a
single premium payment to purchase as much of the same
type of insurance as possible. Face amount of the new
policy would be less than the original policy but no further
premium payments would be necessary. Policy can be
reinstated. ...... ANSWER ....... Reduced Paid-up
Insurance
Contained in the policy this clause described how a policy
can be restored to its original condition. It states the
conditions, period of time and necessary steps to reinstate a
policy. ...... ANSWER ....... Reinstatement Clause
The sharing of risk between insurance companies. One
insurance company sells part of its risk to another insurance
company. ...... ANSWER ....... Reinsurance
Term insurance where at the end of the specified term the
policyowner has the right to continue the policy for another
term without proof of insurability. Premiums will be
determined by the new attained age. ...... ANSWER .......
Renewable Term
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The exchange of one policy for another. Replacement
regulations must be followed. ...... ANSWER .......
Replacement
Statements made by an applicant or an insured that are true
to the best of his or her knowledge and belief. ......
ANSWER ....... Representations
Revocable: A beneficiary named by the policy owner that
can be changed by the policyowner at his/her discretion.
Irrevocable: A beneficiary named by the policy owner that
can not be changed by the policyowner at his/her discretion.
Changing this beneficiary requires the permission of the
beneficiary. ...... ANSWER ....... Revocable Beneficiary v.
Irrevocable Beneficiary
Optional coverages that can be added to policies that
provide additional benefits or protections. Vary from policy
to policy and company to company. Also known as
addendums, additions, amendments, or additional policy
benefits. ...... ANSWER ....... Riders
VIRGINIA LIFE AND HEALTH INSURANCE
2026 EXAM COMPLETE (108) CURRENT
TESTING QUESTIONS AND CORRECT
DETAILED ANSWERS|TOP-RATED A+.
INSURANCE
Prepare for the Virginia Life and Health Insurance Exam with this
concise study resource covering key insurance concepts,
policies, regulations, and exam-style questions. It helps
reinforce essential knowledge and improve test readiness.
Suitable for individuals preparing for life and health insurance
licensing exams.
A retirement plan that meets certain federal requirements
and therefore qualifies for special tax treatment. Plans must
be (1) for the exclusive benefit of employees, (2) in writing,
(3) nondiscriminatory, (4) either defined benefits or defined
contributions, and (5) permanent. ...... ANSWER .......
Qualified Retirement Plan
Anything of value given by an agent to a client as an
inducement to buy insurance. ...... ANSWER .......
Rebating
, Page 2 of 26
Nonforfeiture option where cash value is used to make a
single premium payment to purchase as much of the same
type of insurance as possible. Face amount of the new
policy would be less than the original policy but no further
premium payments would be necessary. Policy can be
reinstated. ...... ANSWER ....... Reduced Paid-up
Insurance
Contained in the policy this clause described how a policy
can be restored to its original condition. It states the
conditions, period of time and necessary steps to reinstate a
policy. ...... ANSWER ....... Reinstatement Clause
The sharing of risk between insurance companies. One
insurance company sells part of its risk to another insurance
company. ...... ANSWER ....... Reinsurance
Term insurance where at the end of the specified term the
policyowner has the right to continue the policy for another
term without proof of insurability. Premiums will be
determined by the new attained age. ...... ANSWER .......
Renewable Term
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The exchange of one policy for another. Replacement
regulations must be followed. ...... ANSWER .......
Replacement
Statements made by an applicant or an insured that are true
to the best of his or her knowledge and belief. ......
ANSWER ....... Representations
Revocable: A beneficiary named by the policy owner that
can be changed by the policyowner at his/her discretion.
Irrevocable: A beneficiary named by the policy owner that
can not be changed by the policyowner at his/her discretion.
Changing this beneficiary requires the permission of the
beneficiary. ...... ANSWER ....... Revocable Beneficiary v.
Irrevocable Beneficiary
Optional coverages that can be added to policies that
provide additional benefits or protections. Vary from policy
to policy and company to company. Also known as
addendums, additions, amendments, or additional policy
benefits. ...... ANSWER ....... Riders
