VA Life Insurance Practice Exam Questions and Correct
Answers
Question 1
Variable Life products require a producer to
Correct Answer
hold a Life Insurance license and a Securities license
Question 2
An example of an Adverse Underwriting Decision is
Correct Answer
Terminating insurance coverage
Question 3
T is an insurance agent running television ads stating he is licensed for a line of annuity, when in fact he is not. T has
engaged in
Correct Answer
false advertising
Page 1 of 23
,Question 4
Which of the following types of policies pays a benefit if the insured goes blind?
Correct Answer
AD&D
Question 5
Which of these factors do NOT play a role in the underwriting of a life insurance policy?
Correct Answer
Marital status
Question 6
All of the following are examples of insurance advertisement EXCEPT
Correct Answer
An employer newsletter announcing the availability of coverage for employees
Question 7
Under Virginia Law, all of these are required to be kept by licensed agents EXCEPT
Correct Answer
records of premium quotations that were rejected by the insured
Page 2 of 23
, Question 8
An agent has made false comparisons of policies to induce the sale of an insurance policy. This illegal act is called
Correct Answer
twisting
Question 9
Which of these retirement plans can be started by an employee, even if another plan is in existence?
Correct Answer
Individual Retirement Account (IRA)
Question 10
B the agent recently had her license terminated because she did not meet continuing education requirements. She may
successfully appeal IF
Correct Answer
proof of compliance is provided
Question 11
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level
thereafter, all the while the death benefit remains the same. What kind of policy is this?
Correct Answer
Modified Whole Life
Page 3 of 23
Answers
Question 1
Variable Life products require a producer to
Correct Answer
hold a Life Insurance license and a Securities license
Question 2
An example of an Adverse Underwriting Decision is
Correct Answer
Terminating insurance coverage
Question 3
T is an insurance agent running television ads stating he is licensed for a line of annuity, when in fact he is not. T has
engaged in
Correct Answer
false advertising
Page 1 of 23
,Question 4
Which of the following types of policies pays a benefit if the insured goes blind?
Correct Answer
AD&D
Question 5
Which of these factors do NOT play a role in the underwriting of a life insurance policy?
Correct Answer
Marital status
Question 6
All of the following are examples of insurance advertisement EXCEPT
Correct Answer
An employer newsletter announcing the availability of coverage for employees
Question 7
Under Virginia Law, all of these are required to be kept by licensed agents EXCEPT
Correct Answer
records of premium quotations that were rejected by the insured
Page 2 of 23
, Question 8
An agent has made false comparisons of policies to induce the sale of an insurance policy. This illegal act is called
Correct Answer
twisting
Question 9
Which of these retirement plans can be started by an employee, even if another plan is in existence?
Correct Answer
Individual Retirement Account (IRA)
Question 10
B the agent recently had her license terminated because she did not meet continuing education requirements. She may
successfully appeal IF
Correct Answer
proof of compliance is provided
Question 11
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases in year 6 and stays level
thereafter, all the while the death benefit remains the same. What kind of policy is this?
Correct Answer
Modified Whole Life
Page 3 of 23
