VIRGINIA LAWS AND RULES - LIFE INSURANCE EXAM
ACTUAL EXAM COMPLETE 180 QUESTIONS AND
CORRECT DETAILED ANSWERS
A policy loan provision is not required in which of the following types of policies? -
ANSWER: Term Life
An insurance licensee is required to provide records of insurance transactions to the
State Corporation Commission: - ANSWER: Promptly upon request for examination
of the licensee
Testimonials used in Accident & Health insurance must meet all of the following
requirements, EXCEPT: - ANSWER: They must be approved by the Virginia
Commissioner of Insurance
The Virginia Commissioner of Insurance has the authority to examine the business
records of all of the following entities, EXCEPT: - ANSWER: life insurance master
policyholders
The purpose of the Rules Governing Life Insurance and Annuity Replacements is to: -
ANSWER: reduce the opportunity for misrepresentation and incomplete disclosure
Health coverage provided under the Affordable Care Act (ACA) shall be made
available for dependents until the child attains the age of: - ANSWER: 26
An insurance agent is in violation of the Rules Governing Advertisement of Life
Insurance and Annuities if the agent takes which of the following actions during a
sales presentation? - ANSWER: Refers to guaranteed policy dividends
The Commission may suspend or revoke the license of an agent who takes any of the
following actions EXCEPT - ANSWER: represents more than one insurance company
When soliciting a Medicare Supplement policy, an insurance agent should advise an
applicant that the: - ANSWER: agent is there to determine what, if any, policy is
appropriate for the purchaser, considering existing coverage
The act of offering an applicant something of value as an inducement to purchase a
policy of insurance is: - ANSWER: rebating
Medicare supplement insurance is issued by - ANSWER: insurance companies
An advertisement stating that an agent is licensed for a line of authority, when that
agent is not licensed for that line of authority, is: - ANSWER: false advertising
An agent must maintain records of insurance transactions for a MINIMUM of how
many previous calendar years? - ANSWER: 3
ACTUAL EXAM COMPLETE 180 QUESTIONS AND
CORRECT DETAILED ANSWERS
A policy loan provision is not required in which of the following types of policies? -
ANSWER: Term Life
An insurance licensee is required to provide records of insurance transactions to the
State Corporation Commission: - ANSWER: Promptly upon request for examination
of the licensee
Testimonials used in Accident & Health insurance must meet all of the following
requirements, EXCEPT: - ANSWER: They must be approved by the Virginia
Commissioner of Insurance
The Virginia Commissioner of Insurance has the authority to examine the business
records of all of the following entities, EXCEPT: - ANSWER: life insurance master
policyholders
The purpose of the Rules Governing Life Insurance and Annuity Replacements is to: -
ANSWER: reduce the opportunity for misrepresentation and incomplete disclosure
Health coverage provided under the Affordable Care Act (ACA) shall be made
available for dependents until the child attains the age of: - ANSWER: 26
An insurance agent is in violation of the Rules Governing Advertisement of Life
Insurance and Annuities if the agent takes which of the following actions during a
sales presentation? - ANSWER: Refers to guaranteed policy dividends
The Commission may suspend or revoke the license of an agent who takes any of the
following actions EXCEPT - ANSWER: represents more than one insurance company
When soliciting a Medicare Supplement policy, an insurance agent should advise an
applicant that the: - ANSWER: agent is there to determine what, if any, policy is
appropriate for the purchaser, considering existing coverage
The act of offering an applicant something of value as an inducement to purchase a
policy of insurance is: - ANSWER: rebating
Medicare supplement insurance is issued by - ANSWER: insurance companies
An advertisement stating that an agent is licensed for a line of authority, when that
agent is not licensed for that line of authority, is: - ANSWER: false advertising
An agent must maintain records of insurance transactions for a MINIMUM of how
many previous calendar years? - ANSWER: 3
