Virginia Insurance License FINAL EXAM
STUDY GUIDE 2026/2027 COMPLETE
QUESTIONS WITH CORRECT DETAILED
ANSWERS || 100% GUARANTEED PASS
<BRAND NEW VERSION>
1. What is the maximum amount of continuing education hours for an agent
who been licensed for less than 20 years in Virginia? - ANSWER ✔ 16
hours to include three hours of law or ethics
2. Any agent broker or counselor is required to notify the commissioner of
insurance of any change of address within how many days of change -
ANSWER ✔ 30 days
3. What type of report would be provided by a consumer reporting agency
containing information on a consumer's character, general reputation,
personal characteristics or mode of living as obtained through personal
contact with neighbors, friends or associates of the consumer? - ANSWER
✔ Investigative consumer report
4. Making a derogatory statement, which is intended to injure a person in the
insurance business is an illegal practice known as: - ANSWER ✔
Defamation
5. When can the Bureau of insurance examine an agents record? - ANSWER
✔ Anytime
6. In addition to other penalties set forth in the code,the specific penalty to the
agent for submitting business without the required license is: - ANSWER
✔ A fine equal to the first year's commission
,7. To satisfy the continuing education requirements an agent who hold only
two licenses is required to complete at least - ANSWER ✔ 24 hours of
continuing education
8. Licensed insurance agent in Virginia are required to notify the commission
of any conviction of felony within - ANSWER ✔ 30 days
9. If a Virginia P and L licensed agent who holds a nonresident license and on
the other state have an administrative action taken against him by the
nonresident state how long does the agent have to advise the insurance
bureau of the outcome? - ANSWER ✔ He must inform it within 30 days
10.What if the make up off their Virginia property and casualty insurance
guaranty Association - ANSWER ✔ All admitted insurers
11.Section of the law that established standards for the collection use and
disclosure of information gathered in connection with insurance transactions
by Insurance institutions or agent - ANSWER ✔ Fair credit reporting act
12.Jonas brothers insurance company guarantees in their commercials that you
will save 20% by switching to their company several customers have
complained that they did not save 20% by switching to the Jonas brothers
Jonas brothers could be found guilty of? - ANSWER ✔ False advertising
13.What is the program in Virginia for drivers if they cannot purchase
insurance from standard auto insurers. This program is known as the
Virginia auto insurance plan and can be purchased from: - ANSWER ✔
Property casualty agent licensed by VAIP
14.What is the name of the endorsement that will provide coverage for a rental
vehicle if yours is stolen and you have other than collision coverage -
ANSWER ✔ Rental reimbursement
15.If an auto the employer provides for you by his business employee covered
by your personal auto policy? - ANSWER ✔ No
16.Endorsement to the personal auto policy that changes the contract to allow
for coverage of a vehicle provided for the insureds regular use, but not
, owned by the insured or any family member - ANSWER ✔ Extended non-
own auto
17.An agent required to comply with CE requirements by what date? -
ANSWER ✔ November 30 of the evening year in the crate biennium
18.Who does the insurance producer or agent re-present? - ANSWER ✔
Insurer
19.An agent must retain record for how much time - ANSWER ✔ Three years
20.What actions can an unlicensed person do legally - ANSWER ✔ Assist
with completion of applications
21.What structure would be eligible for coverage under a DP3 policy? -
ANSWER ✔ A dwelling that contains 3 living units
22.A mobile home can be insured on which policies - ANSWER ✔ DP1,
HO2, HO4
23.What situation is covered under an earthquake endorsement - ANSWER ✔
Mudslides
24.The deductible on an earthquake policy is - ANSWER ✔ A percentage of
the limit
25.One and a sure cancels an unendorsed dwelling policy for nonpayment of
premium they must give the insured advanced notice of at least - ANSWER
✔ 10 days
26.Fair rental value is identified as what coverage? - ANSWER ✔ Coverage
D
27.Which is not covered automatically covered on a dwelling policy -
ANSWER ✔ Liability
, 28.If coverage C is written on a DP 89 form, an endorsement may be used to
provide worldwide personal property coverage for an amount up to? -
ANSWER ✔ 10% of the coverage limit
29.Fire intentionally set by the insurer is covered on a HO2? - ANSWER ✔
No
30.A deer jumped through the window of an insurer's home, damaging the
interior and exterior walls. Which homeowner form will provide coverage
for this loss? - ANSWER ✔ HO3
31.What is the name of the endorsement used to add personal property theft
coverage to an owner-occupied DP2 policy? - ANSWER ✔ Broad theft
32.After a homeowners policy has been for at least 60 days , when the insurer
non-renews the policy, they must give the insured advance written notice of
at least? - ANSWER ✔ 30 days
33.Homeowners policies include limitations for loss resulting from a volcanic
eruption. What following cause of damage is not covered? - ANSWER ✔
Tremors
34.One of the additional HO 00 is "loss assessment" ehat likit of liability for
loss assessment is included in the policy? - ANSWER ✔ $1,000
35.The bureau of insurance is a division of: - ANSWER ✔ The State
Corporation commission
36.What portion of an agent biannual continuing education requirement must be
dedicated to Virginia law and ethics? - ANSWER ✔ At least three credit
hours
37.When must insurance agents renew their appointments in Virginia? -
ANSWER ✔ Must be renewed annually by the insurer
38.Any person who knowing violates a provision of the insurance code will be
fined up to - ANSWER ✔ $5000 per occurrence with no maximum
STUDY GUIDE 2026/2027 COMPLETE
QUESTIONS WITH CORRECT DETAILED
ANSWERS || 100% GUARANTEED PASS
<BRAND NEW VERSION>
1. What is the maximum amount of continuing education hours for an agent
who been licensed for less than 20 years in Virginia? - ANSWER ✔ 16
hours to include three hours of law or ethics
2. Any agent broker or counselor is required to notify the commissioner of
insurance of any change of address within how many days of change -
ANSWER ✔ 30 days
3. What type of report would be provided by a consumer reporting agency
containing information on a consumer's character, general reputation,
personal characteristics or mode of living as obtained through personal
contact with neighbors, friends or associates of the consumer? - ANSWER
✔ Investigative consumer report
4. Making a derogatory statement, which is intended to injure a person in the
insurance business is an illegal practice known as: - ANSWER ✔
Defamation
5. When can the Bureau of insurance examine an agents record? - ANSWER
✔ Anytime
6. In addition to other penalties set forth in the code,the specific penalty to the
agent for submitting business without the required license is: - ANSWER
✔ A fine equal to the first year's commission
,7. To satisfy the continuing education requirements an agent who hold only
two licenses is required to complete at least - ANSWER ✔ 24 hours of
continuing education
8. Licensed insurance agent in Virginia are required to notify the commission
of any conviction of felony within - ANSWER ✔ 30 days
9. If a Virginia P and L licensed agent who holds a nonresident license and on
the other state have an administrative action taken against him by the
nonresident state how long does the agent have to advise the insurance
bureau of the outcome? - ANSWER ✔ He must inform it within 30 days
10.What if the make up off their Virginia property and casualty insurance
guaranty Association - ANSWER ✔ All admitted insurers
11.Section of the law that established standards for the collection use and
disclosure of information gathered in connection with insurance transactions
by Insurance institutions or agent - ANSWER ✔ Fair credit reporting act
12.Jonas brothers insurance company guarantees in their commercials that you
will save 20% by switching to their company several customers have
complained that they did not save 20% by switching to the Jonas brothers
Jonas brothers could be found guilty of? - ANSWER ✔ False advertising
13.What is the program in Virginia for drivers if they cannot purchase
insurance from standard auto insurers. This program is known as the
Virginia auto insurance plan and can be purchased from: - ANSWER ✔
Property casualty agent licensed by VAIP
14.What is the name of the endorsement that will provide coverage for a rental
vehicle if yours is stolen and you have other than collision coverage -
ANSWER ✔ Rental reimbursement
15.If an auto the employer provides for you by his business employee covered
by your personal auto policy? - ANSWER ✔ No
16.Endorsement to the personal auto policy that changes the contract to allow
for coverage of a vehicle provided for the insureds regular use, but not
, owned by the insured or any family member - ANSWER ✔ Extended non-
own auto
17.An agent required to comply with CE requirements by what date? -
ANSWER ✔ November 30 of the evening year in the crate biennium
18.Who does the insurance producer or agent re-present? - ANSWER ✔
Insurer
19.An agent must retain record for how much time - ANSWER ✔ Three years
20.What actions can an unlicensed person do legally - ANSWER ✔ Assist
with completion of applications
21.What structure would be eligible for coverage under a DP3 policy? -
ANSWER ✔ A dwelling that contains 3 living units
22.A mobile home can be insured on which policies - ANSWER ✔ DP1,
HO2, HO4
23.What situation is covered under an earthquake endorsement - ANSWER ✔
Mudslides
24.The deductible on an earthquake policy is - ANSWER ✔ A percentage of
the limit
25.One and a sure cancels an unendorsed dwelling policy for nonpayment of
premium they must give the insured advanced notice of at least - ANSWER
✔ 10 days
26.Fair rental value is identified as what coverage? - ANSWER ✔ Coverage
D
27.Which is not covered automatically covered on a dwelling policy -
ANSWER ✔ Liability
, 28.If coverage C is written on a DP 89 form, an endorsement may be used to
provide worldwide personal property coverage for an amount up to? -
ANSWER ✔ 10% of the coverage limit
29.Fire intentionally set by the insurer is covered on a HO2? - ANSWER ✔
No
30.A deer jumped through the window of an insurer's home, damaging the
interior and exterior walls. Which homeowner form will provide coverage
for this loss? - ANSWER ✔ HO3
31.What is the name of the endorsement used to add personal property theft
coverage to an owner-occupied DP2 policy? - ANSWER ✔ Broad theft
32.After a homeowners policy has been for at least 60 days , when the insurer
non-renews the policy, they must give the insured advance written notice of
at least? - ANSWER ✔ 30 days
33.Homeowners policies include limitations for loss resulting from a volcanic
eruption. What following cause of damage is not covered? - ANSWER ✔
Tremors
34.One of the additional HO 00 is "loss assessment" ehat likit of liability for
loss assessment is included in the policy? - ANSWER ✔ $1,000
35.The bureau of insurance is a division of: - ANSWER ✔ The State
Corporation commission
36.What portion of an agent biannual continuing education requirement must be
dedicated to Virginia law and ethics? - ANSWER ✔ At least three credit
hours
37.When must insurance agents renew their appointments in Virginia? -
ANSWER ✔ Must be renewed annually by the insurer
38.Any person who knowing violates a provision of the insurance code will be
fined up to - ANSWER ✔ $5000 per occurrence with no maximum
