VIRGINIA LAWS AND RULES PERTINENT EXAM QUESTIONS WITH
ANSWERS GRADED A+ 2025/2026
If an agent holds 1 license type, the biennial continuing education requirement is ___
hours - 16
With whom may an agent share commissions with - A licensed agent with the same
license type
According to the ACA, a dependent child's eligibility status is determined by - age
A business entity acting as an insurance agent MUST - designate at least 1 licensed
producer to be responsible for the entity's compliance with the insurance laws and rules
Replacement can be defined as - exchanging an existing policy for a new policy
What would be a potential consequence for an agent who misappropriates insurance
funds held in a fiduciary capacity - The Commission may suspend or revoke the agent's
license
The Rules Governing Advertisement of Life Insurance and Annuities were created to
provide - full disclosure to the public of all material and relevant information
If an agent has not completed the continuation education requirement by November 30,
a final opportunity to complete this requirement is extended to - December 31 every
even year
During a sales transaction, which of the following forms must be completed by an agent
if the customer has existing insurance coverage - Notice Regarding Replacement of Life
Insurance or Annuity
A Medicare Supplement policy can impose a pre-existing condition exclusion for up to -
6 months
If an existing Accident and Health policy is being replaced with a new policy, the
decision to replace should NOT be based on - commissions to be paid
If an agent holds 2 license types, the continuing education requirement is ____ credits
by December 31 in even numbered years - 24
Which of these circumstances requires an agent to make reasonable efforts to obtain
information concerning the suitability of an annuity?
A) Agent helps a client with the purchase of an annuity
B) Agent sets up a sales appointment
, C) Agent purchases advertisement regarding a new annuity product
D) Agent explains the benefits of annuities to the consumer and the consumer decides
to purchase an endowment instead - A) Agent helps a client with the purchase of an
annuity
An agent must notify the Bureau within ___ days of an address change - 30
When must an agent report a felony conviction to the Bureau of Insurance - Within 30
calendar days
When making a recommendation to a consumer to purchase an annuity, the agent must
make reasonable efforts to obtain - suitability information
How often must an insurance agent's license be renewed - Every 2 years
In Virginia, Long-Term Care insurance - must offer inflation protection to applicants
Which of the following would be a valid reason for the State of Virginia to deny an
insurance agent license - Felony Conviction
Which of the following items are governed by the Rules Governing Advertisement of Life
Insurance and Annuities?
A) Intra-company communications relating to insurance product development
B) Employer announcements notifying employees about the availability of group
insurance
C) Prepared sales presentations used by insurance agents
D) Insurance company announcements to policyholders about premium adjustments -
C) Prepared sales presentations used by insurance agents
A client would like to purchase an annuity from an agent. The agent does NOT need to
make reasonable efforts to obtain information from the client on which of the following?
A) Client's financial status
B) Client's tax status
C) Client's marital status
D) Client's investment objectives - C) Client's marital status
ANSWERS GRADED A+ 2025/2026
If an agent holds 1 license type, the biennial continuing education requirement is ___
hours - 16
With whom may an agent share commissions with - A licensed agent with the same
license type
According to the ACA, a dependent child's eligibility status is determined by - age
A business entity acting as an insurance agent MUST - designate at least 1 licensed
producer to be responsible for the entity's compliance with the insurance laws and rules
Replacement can be defined as - exchanging an existing policy for a new policy
What would be a potential consequence for an agent who misappropriates insurance
funds held in a fiduciary capacity - The Commission may suspend or revoke the agent's
license
The Rules Governing Advertisement of Life Insurance and Annuities were created to
provide - full disclosure to the public of all material and relevant information
If an agent has not completed the continuation education requirement by November 30,
a final opportunity to complete this requirement is extended to - December 31 every
even year
During a sales transaction, which of the following forms must be completed by an agent
if the customer has existing insurance coverage - Notice Regarding Replacement of Life
Insurance or Annuity
A Medicare Supplement policy can impose a pre-existing condition exclusion for up to -
6 months
If an existing Accident and Health policy is being replaced with a new policy, the
decision to replace should NOT be based on - commissions to be paid
If an agent holds 2 license types, the continuing education requirement is ____ credits
by December 31 in even numbered years - 24
Which of these circumstances requires an agent to make reasonable efforts to obtain
information concerning the suitability of an annuity?
A) Agent helps a client with the purchase of an annuity
B) Agent sets up a sales appointment
, C) Agent purchases advertisement regarding a new annuity product
D) Agent explains the benefits of annuities to the consumer and the consumer decides
to purchase an endowment instead - A) Agent helps a client with the purchase of an
annuity
An agent must notify the Bureau within ___ days of an address change - 30
When must an agent report a felony conviction to the Bureau of Insurance - Within 30
calendar days
When making a recommendation to a consumer to purchase an annuity, the agent must
make reasonable efforts to obtain - suitability information
How often must an insurance agent's license be renewed - Every 2 years
In Virginia, Long-Term Care insurance - must offer inflation protection to applicants
Which of the following would be a valid reason for the State of Virginia to deny an
insurance agent license - Felony Conviction
Which of the following items are governed by the Rules Governing Advertisement of Life
Insurance and Annuities?
A) Intra-company communications relating to insurance product development
B) Employer announcements notifying employees about the availability of group
insurance
C) Prepared sales presentations used by insurance agents
D) Insurance company announcements to policyholders about premium adjustments -
C) Prepared sales presentations used by insurance agents
A client would like to purchase an annuity from an agent. The agent does NOT need to
make reasonable efforts to obtain information from the client on which of the following?
A) Client's financial status
B) Client's tax status
C) Client's marital status
D) Client's investment objectives - C) Client's marital status
