©EVERLY 2024/2025 ALL RIGHTS RESERVED.
VA Life Insurance Practice (90 Xcel). Exam
Questions And Answers (Guaranteed A+)
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take? - Answer✔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? - Answer✔Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance agent's
license? - Answer✔Participating in the act of twisting
Post-tax dollar contributions are found in: - Answer✔Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? -
Answer✔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? - Answer✔Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits by
December 31 in even number years. - Answer✔24
J the agent makes false statements to a prospective client about the projected dividends for a
policy. J may be found guilty of - Answer✔misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - Answer✔upon death of
the last insured
Which provision is NOT a requirement in a group life policy? - Answer✔Accidental
An agent has made false comparisons of policies to induce the sale of an insurance policy. This
illegal act is called - Answer✔twisting
All of these are unfair trade practice EXCEPT - Answer✔Reinsurance
All of the following statements about traditional individual retirement accounts are false
EXCEPT - Answer✔10% penalty is applied to withdrawals before age 59 1/2
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, ©EVERLY 2024/2025 ALL RIGHTS RESERVED.
Which of these statements accurately reflects Virginia law regarding life insurance
advertisements? - Answer✔An insurance agency is responsible for advertisements placed by its
insurance agents
Premiums collected by insurance agent must be maintained in a fiduciary capacity. At what point
MUST these premiums be remitted to the insurer? - Answer✔In the ordinary course of business
If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth of
10-year Term coverage on X under the same policy, the applicant should purchase: - Answer✔A
Whole Life Policy with an Other Insured Rider
When must an agent report a felony conviction to the Bureau of Insurance? - Answer✔Within 30
calendar days
All of the following are examples of insurance advertisement EXCEPT - Answer✔An employer
newsletter announcing the availability of coverage for employees
Quarterly premium payments increase the annual cost of insurance because - Answer✔interest to
the insurer is decreased while the administrative costs are increased
An individual received a quote from an insurance company that is a different rate from
individuals in the same risk class. The insurance company may be accused of - Answer✔unfair
discrimination
An incomplete life insurance application submitted to an insurer will result in which of these
actions? - Answer✔Application will be returned to the writing agent
All of these statements about the Waiver of Premium provision are correct, EXCEPT -
Answer✔Insured must be eligible for Social Security disability for claim to be accepted
Which of these factors do NOT play a role in the underwriting of a life insurance policy? -
Answer✔Marital status
Traditional individual retirement annuity (IRA) distribution must start by: - Answer✔April 1st of
the year following the year the participant attains age 70 1/2
According to the Rules Advertisement of Life Insurance and Annuities, an agent may NOT take
which of the following actions during a sales presentation? - Answer✔Mentioning guaranteed
policy dividends
What type of insurance offers permanent life coverage with premiums that are payable for life? -
Answer✔Whole Life
If an insurance agent changes his/her address, the Bureau of Insurance must be notified within
______ calendar days. - Answer✔30
The Rules Governing Advertisement of Life Insurance and Annuities were created to provide -
Answer✔full disclosure to the public of all material and relevant information
2|Page
VA Life Insurance Practice (90 Xcel). Exam
Questions And Answers (Guaranteed A+)
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take? - Answer✔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? - Answer✔Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance agent's
license? - Answer✔Participating in the act of twisting
Post-tax dollar contributions are found in: - Answer✔Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? -
Answer✔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? - Answer✔Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits by
December 31 in even number years. - Answer✔24
J the agent makes false statements to a prospective client about the projected dividends for a
policy. J may be found guilty of - Answer✔misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - Answer✔upon death of
the last insured
Which provision is NOT a requirement in a group life policy? - Answer✔Accidental
An agent has made false comparisons of policies to induce the sale of an insurance policy. This
illegal act is called - Answer✔twisting
All of these are unfair trade practice EXCEPT - Answer✔Reinsurance
All of the following statements about traditional individual retirement accounts are false
EXCEPT - Answer✔10% penalty is applied to withdrawals before age 59 1/2
1|Page
, ©EVERLY 2024/2025 ALL RIGHTS RESERVED.
Which of these statements accurately reflects Virginia law regarding life insurance
advertisements? - Answer✔An insurance agency is responsible for advertisements placed by its
insurance agents
Premiums collected by insurance agent must be maintained in a fiduciary capacity. At what point
MUST these premiums be remitted to the insurer? - Answer✔In the ordinary course of business
If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth of
10-year Term coverage on X under the same policy, the applicant should purchase: - Answer✔A
Whole Life Policy with an Other Insured Rider
When must an agent report a felony conviction to the Bureau of Insurance? - Answer✔Within 30
calendar days
All of the following are examples of insurance advertisement EXCEPT - Answer✔An employer
newsletter announcing the availability of coverage for employees
Quarterly premium payments increase the annual cost of insurance because - Answer✔interest to
the insurer is decreased while the administrative costs are increased
An individual received a quote from an insurance company that is a different rate from
individuals in the same risk class. The insurance company may be accused of - Answer✔unfair
discrimination
An incomplete life insurance application submitted to an insurer will result in which of these
actions? - Answer✔Application will be returned to the writing agent
All of these statements about the Waiver of Premium provision are correct, EXCEPT -
Answer✔Insured must be eligible for Social Security disability for claim to be accepted
Which of these factors do NOT play a role in the underwriting of a life insurance policy? -
Answer✔Marital status
Traditional individual retirement annuity (IRA) distribution must start by: - Answer✔April 1st of
the year following the year the participant attains age 70 1/2
According to the Rules Advertisement of Life Insurance and Annuities, an agent may NOT take
which of the following actions during a sales presentation? - Answer✔Mentioning guaranteed
policy dividends
What type of insurance offers permanent life coverage with premiums that are payable for life? -
Answer✔Whole Life
If an insurance agent changes his/her address, the Bureau of Insurance must be notified within
______ calendar days. - Answer✔30
The Rules Governing Advertisement of Life Insurance and Annuities were created to provide -
Answer✔full disclosure to the public of all material and relevant information
2|Page
