2024 VA LIFE AND HEALTH INSURANCE STATE EXAM
REAL EXAM COMPLETE ACTUAL QUESTIONS AND
CORRECT VERIFIED ANSWERS (A NEW UPDATED
VERSION) |ALREADY GRADED A+ (BRAND NEW!!) VA
LIFE & HEALTH INSUARANCE STATE EXAM 2024
A & H - ANSWER: accident and health
absolute assignment - ANSWER: assignment by the policy owner of all control and
rights to a third party
Accidental Death Insurance - ANSWER: A form of health insurance that provides
payment, if death of the insured results from accident. Accidental Death insurance is
often combined with Dismemberment insurance in a form called "Accidental Death
& Dismemberment (AD&D)"
Accidental and Sickness - ANSWER: Insurance against bodily injury, disability, or
death by accident or accidental mean, or expense thereof, or against disability or
expense resulting from sickness, and the insurance relating thereto
Accidental Means - ANSWER: The unexpected cause of an accidental bodily injury.
Under an Accidental Means definition, which is very restrictive, if you meant to do
whatever caused your injury, there is no coverage. Most health insurance policies
cover Accidental bodily injury, which is much broader, in that it covers accidental
regardless of the cause
Accumulation at Interest Option - ANSWER: A dividend or settlement option under
which the policyholder allows his or her dividends or policy proceeds to accumulate
interest with the company. Although the dividends or proceeds are not generally
taxable, the interest earned is.
Actuary - ANSWER: One concerned with the application of probability and statistical
theory to insurance, utilizing the law of large numbers
ADB - ANSWER: Accidental Death Benefit, also known as Double or Triple Indemnity.
A rider added to a life policy that will pay double the face amount if the insured dies
as a result of accident, generally within 90 days of the accident
AD&D - ANSWER: Accidental Death and Dismemberment insurance. A limited form
of health insurance that covers accidents only. It is the only type of health insurance
that covers death. AD&D policies do not follow the principle of Indemnity, in that
they pay in addition to any other coverage the insured has.
Administrator - ANSWER: Person Appointed by a court to settle a deceased's estate,
sometimes called an executor
,Adverse Selection - ANSWER: Selection not in favor of the company. The tendency of
poorer risks to want insurance more often than standard risks. Adverse selection
occurs when a person who is already sick purchases health insurance
Adverse Underwriting decisions, consumer rights - ANSWER: Under the fair credit
reporting act, when an adverse underwriting title is made, an individual has 90
business days within which to request information in writing. upon receipt of the
written request, the institution or producer must furnish, within 21 business days,
specific reason for the adverse decision and the names and addresses of the sources
that provided that decision
Affordable Care Act - ANSWER: Signed into law on March 23, 2010, the patient
protection and affordable care act (ACA or obamacare) represents a fundamental
shift in the area of medical expense policies. a controversial law, the ACA is designed
to enable all US citizens the ability to purchase health insurance regardless of their
health status. The ACA also eliminates annual limits, lifetime limits, and describes
"essential coverage benefits" that all medical expense policies must cover.
Agent/ producer - ANSWER: the individual appointed by an insurance company to
solicit and negotiate insurance contracts on its behalf. Agent or producers represent
the company, not the client
alien company - ANSWER: an insurer organized and domiciled in any country other
than the united states
Annuitant - ANSWER: the party receiving benefits of an annuity, similar to the
insured on an insurance policy. the annuitant usually also owns the annuity,
although you can buy an annuity to benefit another party, who would then be the
annuitant
annuity - ANSWER: 1) an amount of money payable yearly or at other regular
intervals
2) an agreement by an insurer to make periodic payments that continue during the
lifetime of the annuitant(s) or for a specified period. Considered to be the opposite
of life insurance, since annuities pay while you're alive. Life insurance proceeds
create an estate, while annuities are used to liquidate a estate over a period of time.
All annuities are insurance products and a life insurance license is required
Applicant - ANSWER: the party making application to the insurance company for the
policy. applicants must provide the insurer with the truth to the best of their
knowledge, which is known as a "representation"
application - ANSWER: a form on which the prospective insured states facts
requested by the insurer and on the basis of which (together with any information
from medical examiners, attending physicians, hospitals, investigators, and the
, producer) the insurer decides whether or not to accept the risk, modify the coverage
offered, or decline the risk
assignee - ANSWER: the person to whom policy rights are assigned in a whole or in
part by the policy owner, who is known as the assignor. on life insurance there are
two types of assignment: absolute and collateral
assignment - ANSWER: transfer of rights in a policy to another party by the
policyholder. for example, you bought a life insurance policy on a minor child, you
are the owner and the child is insured. when the child reaches 21, you could assign
all rights of ownership in the policy to the child. this is an absolute assignment
attained age - ANSWER: the present age of the insured. upon conversion, premiums
are based on the current age of the insured
attorney-in-fact - ANSWER: a person to whom authorization is given by an individual
to exchange insurance with other persons. always present in a reciprocal insurance
company
authorized company - ANSWER: an insurer permitted to sell insurance within a state.
must obtain a certificate of authority from the director (insurance comissioner) from
every state they sell in
automatic premium loan - ANSWER: a rider in a life policy authorizing the insurance
company to use the cash value to pay premiums not paid by the end of the grace
period. May be present in Whole life or endowment policies only, never term since
term has no cash value. this rider is free, but must be selected by the policy owner
aviation clause - ANSWER: limits or excludes coverage when the insured is
participating in specified types of air travel. coverage usually confined to regularly
scheduled flights of commercial airlines. Often applies to student pilots
beneficiary - ANSWER: a person who may become eligible to receive, or is receiving,
benefits under an insurance plan, other than as a participant. the beneficiary is
selected by the policy owner and may be changed at any time, unless irrevocable
blanket insurance contract - ANSWER: a contract of health insurance that covers all
of a class of persons not individually identified. often written to cover school children
or sports teams like little league. no certificates are issued, since coverage applies to
everyone that attends or participates
blue plan - ANSWER: generic term for those insurers (usually on a service rather than
reimbursement basis) who are authorized to use the designation "blue cross" or
"blue shield"
brokerage - ANSWER: a producer who represents an insured in the solicitation,
negotiation, or procurement of contracts of insurance. for example, you might
REAL EXAM COMPLETE ACTUAL QUESTIONS AND
CORRECT VERIFIED ANSWERS (A NEW UPDATED
VERSION) |ALREADY GRADED A+ (BRAND NEW!!) VA
LIFE & HEALTH INSUARANCE STATE EXAM 2024
A & H - ANSWER: accident and health
absolute assignment - ANSWER: assignment by the policy owner of all control and
rights to a third party
Accidental Death Insurance - ANSWER: A form of health insurance that provides
payment, if death of the insured results from accident. Accidental Death insurance is
often combined with Dismemberment insurance in a form called "Accidental Death
& Dismemberment (AD&D)"
Accidental and Sickness - ANSWER: Insurance against bodily injury, disability, or
death by accident or accidental mean, or expense thereof, or against disability or
expense resulting from sickness, and the insurance relating thereto
Accidental Means - ANSWER: The unexpected cause of an accidental bodily injury.
Under an Accidental Means definition, which is very restrictive, if you meant to do
whatever caused your injury, there is no coverage. Most health insurance policies
cover Accidental bodily injury, which is much broader, in that it covers accidental
regardless of the cause
Accumulation at Interest Option - ANSWER: A dividend or settlement option under
which the policyholder allows his or her dividends or policy proceeds to accumulate
interest with the company. Although the dividends or proceeds are not generally
taxable, the interest earned is.
Actuary - ANSWER: One concerned with the application of probability and statistical
theory to insurance, utilizing the law of large numbers
ADB - ANSWER: Accidental Death Benefit, also known as Double or Triple Indemnity.
A rider added to a life policy that will pay double the face amount if the insured dies
as a result of accident, generally within 90 days of the accident
AD&D - ANSWER: Accidental Death and Dismemberment insurance. A limited form
of health insurance that covers accidents only. It is the only type of health insurance
that covers death. AD&D policies do not follow the principle of Indemnity, in that
they pay in addition to any other coverage the insured has.
Administrator - ANSWER: Person Appointed by a court to settle a deceased's estate,
sometimes called an executor
,Adverse Selection - ANSWER: Selection not in favor of the company. The tendency of
poorer risks to want insurance more often than standard risks. Adverse selection
occurs when a person who is already sick purchases health insurance
Adverse Underwriting decisions, consumer rights - ANSWER: Under the fair credit
reporting act, when an adverse underwriting title is made, an individual has 90
business days within which to request information in writing. upon receipt of the
written request, the institution or producer must furnish, within 21 business days,
specific reason for the adverse decision and the names and addresses of the sources
that provided that decision
Affordable Care Act - ANSWER: Signed into law on March 23, 2010, the patient
protection and affordable care act (ACA or obamacare) represents a fundamental
shift in the area of medical expense policies. a controversial law, the ACA is designed
to enable all US citizens the ability to purchase health insurance regardless of their
health status. The ACA also eliminates annual limits, lifetime limits, and describes
"essential coverage benefits" that all medical expense policies must cover.
Agent/ producer - ANSWER: the individual appointed by an insurance company to
solicit and negotiate insurance contracts on its behalf. Agent or producers represent
the company, not the client
alien company - ANSWER: an insurer organized and domiciled in any country other
than the united states
Annuitant - ANSWER: the party receiving benefits of an annuity, similar to the
insured on an insurance policy. the annuitant usually also owns the annuity,
although you can buy an annuity to benefit another party, who would then be the
annuitant
annuity - ANSWER: 1) an amount of money payable yearly or at other regular
intervals
2) an agreement by an insurer to make periodic payments that continue during the
lifetime of the annuitant(s) or for a specified period. Considered to be the opposite
of life insurance, since annuities pay while you're alive. Life insurance proceeds
create an estate, while annuities are used to liquidate a estate over a period of time.
All annuities are insurance products and a life insurance license is required
Applicant - ANSWER: the party making application to the insurance company for the
policy. applicants must provide the insurer with the truth to the best of their
knowledge, which is known as a "representation"
application - ANSWER: a form on which the prospective insured states facts
requested by the insurer and on the basis of which (together with any information
from medical examiners, attending physicians, hospitals, investigators, and the
, producer) the insurer decides whether or not to accept the risk, modify the coverage
offered, or decline the risk
assignee - ANSWER: the person to whom policy rights are assigned in a whole or in
part by the policy owner, who is known as the assignor. on life insurance there are
two types of assignment: absolute and collateral
assignment - ANSWER: transfer of rights in a policy to another party by the
policyholder. for example, you bought a life insurance policy on a minor child, you
are the owner and the child is insured. when the child reaches 21, you could assign
all rights of ownership in the policy to the child. this is an absolute assignment
attained age - ANSWER: the present age of the insured. upon conversion, premiums
are based on the current age of the insured
attorney-in-fact - ANSWER: a person to whom authorization is given by an individual
to exchange insurance with other persons. always present in a reciprocal insurance
company
authorized company - ANSWER: an insurer permitted to sell insurance within a state.
must obtain a certificate of authority from the director (insurance comissioner) from
every state they sell in
automatic premium loan - ANSWER: a rider in a life policy authorizing the insurance
company to use the cash value to pay premiums not paid by the end of the grace
period. May be present in Whole life or endowment policies only, never term since
term has no cash value. this rider is free, but must be selected by the policy owner
aviation clause - ANSWER: limits or excludes coverage when the insured is
participating in specified types of air travel. coverage usually confined to regularly
scheduled flights of commercial airlines. Often applies to student pilots
beneficiary - ANSWER: a person who may become eligible to receive, or is receiving,
benefits under an insurance plan, other than as a participant. the beneficiary is
selected by the policy owner and may be changed at any time, unless irrevocable
blanket insurance contract - ANSWER: a contract of health insurance that covers all
of a class of persons not individually identified. often written to cover school children
or sports teams like little league. no certificates are issued, since coverage applies to
everyone that attends or participates
blue plan - ANSWER: generic term for those insurers (usually on a service rather than
reimbursement basis) who are authorized to use the designation "blue cross" or
"blue shield"
brokerage - ANSWER: a producer who represents an insured in the solicitation,
negotiation, or procurement of contracts of insurance. for example, you might
