VA State Life, Health and Annuities Exam Questions and Correct Answers

In a long-term care policy issued in Virginia, any provision limiting preexisting conditions may not exceed _____ months 6 months What is a universal life insurance policy? A flexible premium deposit fund and a monthly renewable term insurance policy How is an insured's accident and health claim handled by an insurer if it occurs during the policy's grace period? The unpaid premium may be subtracted from the reimbursement What must an agent do when replacing a long-term care policy with a new policy? Notify the applicant that an annual premium must be paid for the new policy The free look period provided in a life insurance policy is usually 10 days Which of the following is NOT subject to the promise to pay in an insuring clause? A) How the premium is calculated B) Policy provisions C) Policy conditions D) Policy exclusions How the premium is calculated In Virginia, an insurance agent's appointment is in effect until termination Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider is designed to help pay for this type of expense? Long-term car benefit rider An insurance company can be liable for a producer's unauthorized acts when the agency contract is unclear concerning the authority given The automatic premium loan provision can be accurately described as a provision that provides a policy loan to pay any premiums by the end of the grace period Which of these statements ins NOT true regarding a cash value loan against a life insurance policy? A) Interest normally accrues on unpaid balances B) Loan cannot exceed the policy's cash value C) Policy contract terms dictate the interest rate D) Interest payments made by policyowner are deductable Interest payments made by policyowner are deductible