1|Page
Virginia Life and Health Exam Review | COMPLETE
QUESTIONS AND ANSWERS | 2025 LATEST
UPDATED | ALREADY GRADED A+
A decreasing term life policy would be the most appropriate for:
- . . ANSWER ✓✓ A 41 year old lawyer who wants a policy to pay
his mortgage if he dies
A health policy will usually exclude losses related to all of the
following, EXCEPT: - . . ANSWER ✓✓ Losses from an auto
accident when the insured was at fault
A person or entity licensed to sell, solicit, or negotiate insurance
is called: - . . ANSWER ✓✓ An insurance agent
A POS (Point od Service) plan is a combination of: - . . ANSWER
✓✓ HMO and PPO
A program that includes prehospitalization authorization is an
example of: - . . ANSWER ✓✓ Managed care
A replacing insurer has all the following duties, EXCEPT: - . .
ANSWER ✓✓ Inform applicant of the free look period
,2|Page
A Waiver of Premium provision in a Disability Income policy
allows: - . . ANSWER ✓✓ The insured to maintain a policy in
force while unable to pay premiums when disabled.
According to the Physical Examination and Autopsy provision,
who is responsible for paying the cost of examining the insured?
- . . ANSWER ✓✓ The insurer
After receiving notice of a claim, the insurer has a maximum of
how many days to provide claims forms? - . . ANSWER ✓✓ 15
days
Alex's life policy lapsed, which Nonforfeiture option would the
insurer send him the value of the policy? - . . ANSWER ✓✓ Cash
surrender
All of the following are duties of a producer when delivering a
policy to an applicant EXCEPT: - . . ANSWER ✓✓ Arranging to
keep the policy in his office for safe-keeping.
An Accident and Health policy contains a Consideration clause
which states: - . . ANSWER ✓✓ That the applicant pays the initial
premium.
, 3|Page
An agent may share their commissions or other compensation
with which of the following? - . . ANSWER ✓✓ A person also
licensed for the same class of insurance
An individual has a disability income policy with a Change of
Occupation clause when he changes to a new more hazardous
job. He neglects to inform the insurer. What happens if one year
later he files a claim when he becomes disabled? - . . ANSWER
✓✓ The insurer will pay the claim based on what the premiums
would have purchased had the hazardous occupation been
known.
An insurance applicant submits an application with a premium.
After underwriting, the insurer sends back the policy, rated, with
an impairment rider. What should the producer tell the applicant
at delivery? - . . ANSWER ✓✓ Explain the issue and collect an
additional premium.
An insurance application is not complete unless it has: - . .
ANSWER ✓✓ The signature of the insured (unless not an adult),
and the agent.
An insured became disabled in February of 2014. She had bought
a disability income policy in October of 2012. Her disability was
due to a condition that existed prior to October 2012 but was not
excluded from her policy. The insurer will: - . . ANSWER ✓✓ Pay
the claim in full.
Virginia Life and Health Exam Review | COMPLETE
QUESTIONS AND ANSWERS | 2025 LATEST
UPDATED | ALREADY GRADED A+
A decreasing term life policy would be the most appropriate for:
- . . ANSWER ✓✓ A 41 year old lawyer who wants a policy to pay
his mortgage if he dies
A health policy will usually exclude losses related to all of the
following, EXCEPT: - . . ANSWER ✓✓ Losses from an auto
accident when the insured was at fault
A person or entity licensed to sell, solicit, or negotiate insurance
is called: - . . ANSWER ✓✓ An insurance agent
A POS (Point od Service) plan is a combination of: - . . ANSWER
✓✓ HMO and PPO
A program that includes prehospitalization authorization is an
example of: - . . ANSWER ✓✓ Managed care
A replacing insurer has all the following duties, EXCEPT: - . .
ANSWER ✓✓ Inform applicant of the free look period
,2|Page
A Waiver of Premium provision in a Disability Income policy
allows: - . . ANSWER ✓✓ The insured to maintain a policy in
force while unable to pay premiums when disabled.
According to the Physical Examination and Autopsy provision,
who is responsible for paying the cost of examining the insured?
- . . ANSWER ✓✓ The insurer
After receiving notice of a claim, the insurer has a maximum of
how many days to provide claims forms? - . . ANSWER ✓✓ 15
days
Alex's life policy lapsed, which Nonforfeiture option would the
insurer send him the value of the policy? - . . ANSWER ✓✓ Cash
surrender
All of the following are duties of a producer when delivering a
policy to an applicant EXCEPT: - . . ANSWER ✓✓ Arranging to
keep the policy in his office for safe-keeping.
An Accident and Health policy contains a Consideration clause
which states: - . . ANSWER ✓✓ That the applicant pays the initial
premium.
, 3|Page
An agent may share their commissions or other compensation
with which of the following? - . . ANSWER ✓✓ A person also
licensed for the same class of insurance
An individual has a disability income policy with a Change of
Occupation clause when he changes to a new more hazardous
job. He neglects to inform the insurer. What happens if one year
later he files a claim when he becomes disabled? - . . ANSWER
✓✓ The insurer will pay the claim based on what the premiums
would have purchased had the hazardous occupation been
known.
An insurance applicant submits an application with a premium.
After underwriting, the insurer sends back the policy, rated, with
an impairment rider. What should the producer tell the applicant
at delivery? - . . ANSWER ✓✓ Explain the issue and collect an
additional premium.
An insurance application is not complete unless it has: - . .
ANSWER ✓✓ The signature of the insured (unless not an adult),
and the agent.
An insured became disabled in February of 2014. She had bought
a disability income policy in October of 2012. Her disability was
due to a condition that existed prior to October 2012 but was not
excluded from her policy. The insurer will: - . . ANSWER ✓✓ Pay
the claim in full.
