VA Life Insurance Practice Exam (90 Xcel) Test Questions with
Answers Rated A
P is a producer who notices 5 questions on a life for a policy. J may be found guilty of - -
application were not answered. What actions misrepresentation
should P take? - -Set up a meeting with
the applicant to answer the remaining questions
When is he face amount paid under a Joint Life
and Survivor policy? - -upon death of the
K buys a policy where the premium stays fixed last insured
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 Which provision is NOT a requirement in a group
policy is this? - -Modified Whole Life life policy? - -Accidental
Which of the following would be a valid reason An agent has made false comparisons of policies
for suspending or revoking an insurance agent's to induce the sale of an insurance policy. This
license? - -Participating in the act of illegal act is called - -twisting
twisting
All of these are unfair trade practice EXCEPT -
Post-tax dollar contributions are found in: - -Reinsurance
-Roth IRA investments
All of the following statements about traditional
Which of the following is a requirement to be individual retirement accounts are false EXCEPT
eligible for a group life policy in Virginia? - - - -10% penalty is applied to withdrawals
Group must be formed for a purpose other than before age 59 1/2
obtaining insurance
Which of these statements accurately reflects
K applies for a life insurance policy on herself Virginia law regarding life insurance
and submits the initial premium with the advertisements? - -An insurance agency is
application. She is given a receipt by the agent responsible for advertisements placed by its
stating that coverage begins immediately if the insurance agents
application is approved. What kind of receipt was
used? - -Conditional
Premiums collected by insurance agent must be
maintained in a fiduciary capacity. At what point
If an agent holds 2 license types, the continuing MUST these premiums be remitted to the
education requirement is _____ credits by insurer? - -In the ordinary course of
December 31 in even number years. - -24 business
J the agent makes false statements to a If X wants to buy $50,000 worth of permanent
prospective client about the projected dividends protection on his/her spouse and $25,000 worth
1/6
, VA Life Insurance Practice Exam (90 Xcel) Test Questions with
Answers Rated A
of 10-year Term coverage on X under the same
policy, the applicant should purchase: - -A Traditional individual retirement annuity (IRA)
Whole Life Policy with an Other Insured Rider distribution must start by: - -April 1st of the
year following the year the participant attains age
70 1/2
When must an agent report a felony conviction to
the Bureau of Insurance? - -Within 30
calendar days According to the Rules Advertisement of Life
Insurance and Annuities, an agent may NOT take
which of the following actions during a sales
All of the following are examples of insurance presentation? - -Mentioning guaranteed
advertisement EXCEPT - -An employer policy dividends
newsletter announcing the availability of
coverage for employees
What type of insurance offers permanent life
coverage with premiums that are payable for life?
Quarterly premium payments increase the - -Whole Life
annual cost of insurance because - -
interest to the insurer is decreased while the
administrative costs are increased If an insurance agent changes his/her address,
the Bureau of Insurance must be notified within
______ calendar days. - -30
An individual received a quote from an insurance
company that is a different rate from individuals
in the same risk class. The insurance company The Rules Governing Advertisement of Life
may be accused of - -unfair discrimination Insurance and Annuities were created to provide
- -full disclosure to the public of all material
and relevant information
An incomplete life insurance application
submitted to an insurer will result in which of
these actions? - -Application will be T would like to be assured $10,000 is available in
returned to the writing agent 10 years to replace a roof on his house. What
kind of $10,000 policy should T purchase? -
-Ten-Year Endowment
All of these statements about the Waiver of
Premium provision are correct, EXCEPT -
-Insured must be eligible for Social The USA Patriot Act was enacted in: - -
Security disability for claim to be accepted 2001
Which of these factors do NOT play a role in the Which of the following types of policies BEST
underwriting of a life insurance policy? - - identifies one in which the cash value may
Marital status fluctuate to reflect changing assumptions
regarding mortality cost, interest, and expense
2/6
Answers Rated A
P is a producer who notices 5 questions on a life for a policy. J may be found guilty of - -
application were not answered. What actions misrepresentation
should P take? - -Set up a meeting with
the applicant to answer the remaining questions
When is he face amount paid under a Joint Life
and Survivor policy? - -upon death of the
K buys a policy where the premium stays fixed last insured
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 Which provision is NOT a requirement in a group
policy is this? - -Modified Whole Life life policy? - -Accidental
Which of the following would be a valid reason An agent has made false comparisons of policies
for suspending or revoking an insurance agent's to induce the sale of an insurance policy. This
license? - -Participating in the act of illegal act is called - -twisting
twisting
All of these are unfair trade practice EXCEPT -
Post-tax dollar contributions are found in: - -Reinsurance
-Roth IRA investments
All of the following statements about traditional
Which of the following is a requirement to be individual retirement accounts are false EXCEPT
eligible for a group life policy in Virginia? - - - -10% penalty is applied to withdrawals
Group must be formed for a purpose other than before age 59 1/2
obtaining insurance
Which of these statements accurately reflects
K applies for a life insurance policy on herself Virginia law regarding life insurance
and submits the initial premium with the advertisements? - -An insurance agency is
application. She is given a receipt by the agent responsible for advertisements placed by its
stating that coverage begins immediately if the insurance agents
application is approved. What kind of receipt was
used? - -Conditional
Premiums collected by insurance agent must be
maintained in a fiduciary capacity. At what point
If an agent holds 2 license types, the continuing MUST these premiums be remitted to the
education requirement is _____ credits by insurer? - -In the ordinary course of
December 31 in even number years. - -24 business
J the agent makes false statements to a If X wants to buy $50,000 worth of permanent
prospective client about the projected dividends protection on his/her spouse and $25,000 worth
1/6
, VA Life Insurance Practice Exam (90 Xcel) Test Questions with
Answers Rated A
of 10-year Term coverage on X under the same
policy, the applicant should purchase: - -A Traditional individual retirement annuity (IRA)
Whole Life Policy with an Other Insured Rider distribution must start by: - -April 1st of the
year following the year the participant attains age
70 1/2
When must an agent report a felony conviction to
the Bureau of Insurance? - -Within 30
calendar days According to the Rules Advertisement of Life
Insurance and Annuities, an agent may NOT take
which of the following actions during a sales
All of the following are examples of insurance presentation? - -Mentioning guaranteed
advertisement EXCEPT - -An employer policy dividends
newsletter announcing the availability of
coverage for employees
What type of insurance offers permanent life
coverage with premiums that are payable for life?
Quarterly premium payments increase the - -Whole Life
annual cost of insurance because - -
interest to the insurer is decreased while the
administrative costs are increased If an insurance agent changes his/her address,
the Bureau of Insurance must be notified within
______ calendar days. - -30
An individual received a quote from an insurance
company that is a different rate from individuals
in the same risk class. The insurance company The Rules Governing Advertisement of Life
may be accused of - -unfair discrimination Insurance and Annuities were created to provide
- -full disclosure to the public of all material
and relevant information
An incomplete life insurance application
submitted to an insurer will result in which of
these actions? - -Application will be T would like to be assured $10,000 is available in
returned to the writing agent 10 years to replace a roof on his house. What
kind of $10,000 policy should T purchase? -
-Ten-Year Endowment
All of these statements about the Waiver of
Premium provision are correct, EXCEPT -
-Insured must be eligible for Social The USA Patriot Act was enacted in: - -
Security disability for claim to be accepted 2001
Which of these factors do NOT play a role in the Which of the following types of policies BEST
underwriting of a life insurance policy? - - identifies one in which the cash value may
Marital status fluctuate to reflect changing assumptions
regarding mortality cost, interest, and expense
2/6
