VA STATE LIFE, HEALTH AND
ANNUITIES EXAM QUESTIONS &
SOLUTIONS PASSED ALREADY
GRADED A+
In a long-term care policy issued in Virginia, any provision limiting preexisting conditions may
not exceed _____ months - correct answer ✔✔6 months
What is a universal life insurance policy? - correct answer ✔✔A flexible premium deposit fund
and a monthly renewable term insurance policy
How is an insured's accident and health claim handled by an insurer if it occurs during the
policy's grace period? - correct answer ✔✔The unpaid premium may be subtracted from the
reimbursement
What must an agent do when replacing a long-term care policy with a new policy? - correct
answer ✔✔Notify the applicant that an annual premium must be paid for the new policy
The free look period provided in a life insurance policy is usually - correct answer ✔✔10 days
Which of the following is NOT subject to the promise to pay in an insuring clause?
A) How the premium is calculated
B) Policy provisions
C) Policy conditions
D) Policy exclusions - correct answer ✔✔How the premium is calculated
,In Virginia, an insurance agent's appointment is in effect - correct answer ✔✔until termination
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider
is designed to help pay for this type of expense? - correct answer ✔✔Long-term car benefit
rider
An insurance company can be liable for a producer's unauthorized acts - correct answer
✔✔when the agency contract is unclear concerning the authority given
The automatic premium loan provision can be accurately described as a - correct answer
✔✔provision that provides a policy loan to pay any premiums by the end of the grace period
Which of these statements ins NOT true regarding a cash value loan against a life insurance
policy?
A) Interest normally accrues on unpaid balances
B) Loan cannot exceed the policy's cash value
C) Policy contract terms dictate the interest rate
D) Interest payments made by policyowner are deductable - correct answer ✔✔Interest
payments made by policyowner are deductible
Home health care benefits typically do NOT include coverage for
A) nursing care
B) wheelchairs
C) physical therapy
D) prescription medication - correct answer ✔✔prescription medication
, What health insurance provision requires that the application becomes part of the policy -
correct answer ✔✔entire contract clause
The conversion option for group term insurance may be exercised by an employee within ____
days of terminated employment - correct answer ✔✔31 days of terminated employment
An insurance policy that can also be classified as a securities product is called - correct answer
✔✔variable life
An insured, age 67, is coved under a disability income policy. What will the insurer normally
require in order for the insured to continue coverage - correct answer ✔✔The insured must be
actively at work for a specified number of hours per week
In Virginia, false advertising is an example of - correct answer ✔✔misrepresentation
An agent may be personally liable if he or she engages in acts that - correct answer ✔✔are not
part of the agency or agent contract
In regards to technology and the ACA, which of the following statements is correct? - correct
answer ✔✔States which operate with an Exchange MUST offer an internet-based portal
Licensed agents in Virginia are authorized to - correct answer ✔✔solicit, receive, an forward
applications to the insurer
Group life insurance is typically issued as _______ insurance - correct answer ✔✔level term
insurance
ANNUITIES EXAM QUESTIONS &
SOLUTIONS PASSED ALREADY
GRADED A+
In a long-term care policy issued in Virginia, any provision limiting preexisting conditions may
not exceed _____ months - correct answer ✔✔6 months
What is a universal life insurance policy? - correct answer ✔✔A flexible premium deposit fund
and a monthly renewable term insurance policy
How is an insured's accident and health claim handled by an insurer if it occurs during the
policy's grace period? - correct answer ✔✔The unpaid premium may be subtracted from the
reimbursement
What must an agent do when replacing a long-term care policy with a new policy? - correct
answer ✔✔Notify the applicant that an annual premium must be paid for the new policy
The free look period provided in a life insurance policy is usually - correct answer ✔✔10 days
Which of the following is NOT subject to the promise to pay in an insuring clause?
A) How the premium is calculated
B) Policy provisions
C) Policy conditions
D) Policy exclusions - correct answer ✔✔How the premium is calculated
,In Virginia, an insurance agent's appointment is in effect - correct answer ✔✔until termination
Tim is confined to a nursing home but doesn't have a terminal illness. Which life insurance rider
is designed to help pay for this type of expense? - correct answer ✔✔Long-term car benefit
rider
An insurance company can be liable for a producer's unauthorized acts - correct answer
✔✔when the agency contract is unclear concerning the authority given
The automatic premium loan provision can be accurately described as a - correct answer
✔✔provision that provides a policy loan to pay any premiums by the end of the grace period
Which of these statements ins NOT true regarding a cash value loan against a life insurance
policy?
A) Interest normally accrues on unpaid balances
B) Loan cannot exceed the policy's cash value
C) Policy contract terms dictate the interest rate
D) Interest payments made by policyowner are deductable - correct answer ✔✔Interest
payments made by policyowner are deductible
Home health care benefits typically do NOT include coverage for
A) nursing care
B) wheelchairs
C) physical therapy
D) prescription medication - correct answer ✔✔prescription medication
, What health insurance provision requires that the application becomes part of the policy -
correct answer ✔✔entire contract clause
The conversion option for group term insurance may be exercised by an employee within ____
days of terminated employment - correct answer ✔✔31 days of terminated employment
An insurance policy that can also be classified as a securities product is called - correct answer
✔✔variable life
An insured, age 67, is coved under a disability income policy. What will the insurer normally
require in order for the insured to continue coverage - correct answer ✔✔The insured must be
actively at work for a specified number of hours per week
In Virginia, false advertising is an example of - correct answer ✔✔misrepresentation
An agent may be personally liable if he or she engages in acts that - correct answer ✔✔are not
part of the agency or agent contract
In regards to technology and the ACA, which of the following statements is correct? - correct
answer ✔✔States which operate with an Exchange MUST offer an internet-based portal
Licensed agents in Virginia are authorized to - correct answer ✔✔solicit, receive, an forward
applications to the insurer
Group life insurance is typically issued as _______ insurance - correct answer ✔✔level term
insurance
