1 Exampromax - Stuvia US
Virginia Laws and Rules Pertinent to Insurance
Questions and Answers 100% Correct Answers
Already Graded A+
Q: All of the following are examples of insurance advertisement EXCEPT
A) A direct mail brochure announcing specific Accident and Health
insurance plans
Exampromax - Stuvia US
B) A newspaper notice announcing free insurance advice
C) A television spot announcing an insurance company's new product
D) An employer newsletter announcing the availability of coverage for
employees
Ans: D) An employee newsletter announcing the availability of coverage for
employees
Q: Under the ACA, health coverage is provided for dependents up to the
age of
Ans: 26
Q: Who issues Medicare Supplement policies
Ans: Insurance companies
Q: Which of the following is a requirement to be eligible for a group life
policy in Virginia
A) Group must be formed for a purpose other than obtaining insurance
, 2 Exampromax - Stuvia US
B) Group must designate one of its members to be the name insured
C) Group must have been formed for obtaining insurance
D) Group must include at least 5 employers
Ans: A) Group must be formed for a purpose other than obtaining insurance
Q: An agent who willfully violates the insurance code may, after a hearing,
pay UP TO _________ per violation as a penalty
Ans: $5,000
Exampromax - Stuvia US
Q: Which of the following coverages does NOT need to be provided under
the ACA?
A)Preventative services as set by the CMS
B) Elective cosmetic surgery
C) Emergency services
D) Pre-existing Conditions
Ans: B) Elective cosmetic surgery
Q: Which of the following does NOT qualify as a creditable coverage
under HIPAA
A) Accident plans
B) Individual major medical plans
, 3 Exampromax - Stuvia US
C) Medicare plans
D)Group major medical plans
Ans: A) Accident Plans
Q: An agent charged an insurance applicant an administration fee. At what
point must the agent give a written disclosure for this fee?
Ans: Prior to any services being rendered
Q: Which of the following actions does the Commission in Virginia have
the power to perform
Ans: Examine insurer solvency
Exampromax - Stuvia US
Q: An Accident and Health policy is required to provide Essential Benefits
without annual and lifetime limits when purchased individually or with
group coverage through
Ans: the Federal Marketplace
Q: An insurance agent that solicits a Medicare Supplement policy must
disclose to the applicant that the agent
Ans: is there to determine what is appropriate for the purchaser, while taking
into consideration any existing coverage
Q: Which of the following is a requirement for an applicant to receive an
agent license in Virginia
Ans: Be of good character
Q: Each Long Term Care policy sold in Virginia must include a Free Look
provision that refunds all premiums within _____ days of policy delivery
Ans: 30
Q: What is the qualification for being considered a small group in Virginia
Virginia Laws and Rules Pertinent to Insurance
Questions and Answers 100% Correct Answers
Already Graded A+
Q: All of the following are examples of insurance advertisement EXCEPT
A) A direct mail brochure announcing specific Accident and Health
insurance plans
Exampromax - Stuvia US
B) A newspaper notice announcing free insurance advice
C) A television spot announcing an insurance company's new product
D) An employer newsletter announcing the availability of coverage for
employees
Ans: D) An employee newsletter announcing the availability of coverage for
employees
Q: Under the ACA, health coverage is provided for dependents up to the
age of
Ans: 26
Q: Who issues Medicare Supplement policies
Ans: Insurance companies
Q: Which of the following is a requirement to be eligible for a group life
policy in Virginia
A) Group must be formed for a purpose other than obtaining insurance
, 2 Exampromax - Stuvia US
B) Group must designate one of its members to be the name insured
C) Group must have been formed for obtaining insurance
D) Group must include at least 5 employers
Ans: A) Group must be formed for a purpose other than obtaining insurance
Q: An agent who willfully violates the insurance code may, after a hearing,
pay UP TO _________ per violation as a penalty
Ans: $5,000
Exampromax - Stuvia US
Q: Which of the following coverages does NOT need to be provided under
the ACA?
A)Preventative services as set by the CMS
B) Elective cosmetic surgery
C) Emergency services
D) Pre-existing Conditions
Ans: B) Elective cosmetic surgery
Q: Which of the following does NOT qualify as a creditable coverage
under HIPAA
A) Accident plans
B) Individual major medical plans
, 3 Exampromax - Stuvia US
C) Medicare plans
D)Group major medical plans
Ans: A) Accident Plans
Q: An agent charged an insurance applicant an administration fee. At what
point must the agent give a written disclosure for this fee?
Ans: Prior to any services being rendered
Q: Which of the following actions does the Commission in Virginia have
the power to perform
Ans: Examine insurer solvency
Exampromax - Stuvia US
Q: An Accident and Health policy is required to provide Essential Benefits
without annual and lifetime limits when purchased individually or with
group coverage through
Ans: the Federal Marketplace
Q: An insurance agent that solicits a Medicare Supplement policy must
disclose to the applicant that the agent
Ans: is there to determine what is appropriate for the purchaser, while taking
into consideration any existing coverage
Q: Which of the following is a requirement for an applicant to receive an
agent license in Virginia
Ans: Be of good character
Q: Each Long Term Care policy sold in Virginia must include a Free Look
provision that refunds all premiums within _____ days of policy delivery
Ans: 30
Q: What is the qualification for being considered a small group in Virginia
