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VIRGINIA LIFE INSURANCE EXAM LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Which two terms are associated directly with the way an annuity
is funded?
a)Renewable or convertible
b)Single payment or periodic payments
c)Increasing or decreasing
d)Immediate or deferred - ANSWER-b)Single payment or periodic
payment
An insured has a life insurance policy that requires him to only
pay premiums for a specified number of years until the policy is
paid up. What kind of policy is it?
a)Graded Premium Life
b)Limited-pay Life
c)Variable Life
d)Adjustable Life - ANSWER-b)Limited-pay Life
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An insurance policy that only requires a payment of premium at its
inception, provides insurance protection for the life of the insured,
and matures at the insured's age 100 is called
a)Modified Endowment Contract (MEC).
b)Level term life.
c)Graded premium whole life.
d)Single premium whole life. - ANSWER-d)Single premium whole
life.
Who may contribute to an HR-10 plan?
a)Self-employed plumber
b)Manager of a store
c)Corporate executive
d)Partner with at least 5% ownership - ANSWER-a)Self-employed
plumber
An insurer neglects to pay a legitimate claim that is covered under
the terms of the policy. Which of the following insurance principles
has the insurer violated?
a)Representation
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b)Adhesion
c)Consideration
d)Good faith - ANSWER-c)Consideration
Which of the following is an example of a limited-pay life
policy?a)Level Term Life
b)Straight Life
c)Life Paid-up at Age 65
d)Renewable Term to Age 70 - ANSWER-c)Life Paid-up at Age 65
If an insured worker has earned 40 quarters of coverage, the
worker's status under Social Security disability is
a)Fully insured.
b)Partially insured.
c)Correctly insured.
d)Permanently insured. - ANSWER-a)Fully insured.
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When the insured selects the extended term nonforfeiture option,
the cash value will be used to purchase term insurance with what
face amount?
a)The same as the original policy minus the cash value
b)Equal to the original policy for as long as the cash values will
purchase.
c)In lesser amounts for the remaining policy term of age 100.
d)Equal to the cash value surrendered from the policy -
ANSWER-b)Equal to the original policy for as long as the cash
values will purchase.
All other factors being equal, what would the premium be like in a
survivorship life policy as compared to the premium in a joint life
policy?
a)As high
b)Half the amount
c)Lower
d)Higher - ANSWER-c)Lower
VIRGINIA LIFE INSURANCE EXAM LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Which two terms are associated directly with the way an annuity
is funded?
a)Renewable or convertible
b)Single payment or periodic payments
c)Increasing or decreasing
d)Immediate or deferred - ANSWER-b)Single payment or periodic
payment
An insured has a life insurance policy that requires him to only
pay premiums for a specified number of years until the policy is
paid up. What kind of policy is it?
a)Graded Premium Life
b)Limited-pay Life
c)Variable Life
d)Adjustable Life - ANSWER-b)Limited-pay Life
,2|Page
An insurance policy that only requires a payment of premium at its
inception, provides insurance protection for the life of the insured,
and matures at the insured's age 100 is called
a)Modified Endowment Contract (MEC).
b)Level term life.
c)Graded premium whole life.
d)Single premium whole life. - ANSWER-d)Single premium whole
life.
Who may contribute to an HR-10 plan?
a)Self-employed plumber
b)Manager of a store
c)Corporate executive
d)Partner with at least 5% ownership - ANSWER-a)Self-employed
plumber
An insurer neglects to pay a legitimate claim that is covered under
the terms of the policy. Which of the following insurance principles
has the insurer violated?
a)Representation
,3|Page
b)Adhesion
c)Consideration
d)Good faith - ANSWER-c)Consideration
Which of the following is an example of a limited-pay life
policy?a)Level Term Life
b)Straight Life
c)Life Paid-up at Age 65
d)Renewable Term to Age 70 - ANSWER-c)Life Paid-up at Age 65
If an insured worker has earned 40 quarters of coverage, the
worker's status under Social Security disability is
a)Fully insured.
b)Partially insured.
c)Correctly insured.
d)Permanently insured. - ANSWER-a)Fully insured.
, 4|Page
When the insured selects the extended term nonforfeiture option,
the cash value will be used to purchase term insurance with what
face amount?
a)The same as the original policy minus the cash value
b)Equal to the original policy for as long as the cash values will
purchase.
c)In lesser amounts for the remaining policy term of age 100.
d)Equal to the cash value surrendered from the policy -
ANSWER-b)Equal to the original policy for as long as the cash
values will purchase.
All other factors being equal, what would the premium be like in a
survivorship life policy as compared to the premium in a joint life
policy?
a)As high
b)Half the amount
c)Lower
d)Higher - ANSWER-c)Lower
