VA Life Insurance Practice Exam (90 Xcel) Questions and Correct Answers

P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Set up a meeting with the applicant to answer the remaining questions 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? Modified Whole Life Which of the following would be a valid reason for suspending or revoking an insurance agent's license? Participating in the act of twisting Post-tax dollar contributions are found in: Roth IRA investments Which of the following is a requirement to be eligible for a group life policy in Virginia? Group must be formed for a purpose other than obtaining insurance K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? Conditional If an agent holds 2 license types, the continuing education requirement is _____ credits by December 31 in even number years. 24 J the agent makes false statements to a prospective client about the projected dividends for a policy. J may be found guilty of misrepresentation When is he face amount paid under a Joint Life and Survivor policy? upon death of the last insured Which provision is NOT a requirement in a group life policy? Accidental An agent has made false comparisons of policies to induce the sale of an insurance policy. This illegal act is called twisting All of these are unfair trade practice EXCEPT Reinsurance All of the following statements about traditional individual retirement accounts are false EXCEPT 10% penalty is applied to withdrawals before age 59 1/2