VIRGINIA LAWS AND LATEST
RULES PERTINENT
TO INSURANCE
EXAM
All of these are eligible groups for purchasing group insurance EXCEPT
a(n)
A) labor union
B) employer
C) association
D) nonprofit organization - ANSWERS-D) nonprofit organization
Insurance transactions MUST be maintained by an agent for at LEAST
____ calendar years - ANSWERS-3
Which of these actions by a licensee would NOT likely result in license
suspension of revocation
END OF
PAGE
1
, VIRGINIA LAWS AND LATEST
RULES PERTINENT
TO INSURANCE
EXAM
A) Maliciously aligning another insurance company's financial status
B) Willfully submitting false insurance applications
C) Knowingly accepting insurance business from an unlicensed
individual
D) Sharing commission with another similarly-licensed agent -
ANSWERS-D) Sharing commission with another similarly-licensed
agent
What is Virginia's definition of Life insurance replacement -
ANSWERS-A transaction in which a new policy is bought and an old
policy is terminated
Which of the following actions must be taken by an insurance company
that wishes to conduct business in Virginia - ANSWERS-acquire a
certificate of authority
END OF
PAGE
2
, VIRGINIA LAWS AND LATEST
RULES PERTINENT
TO INSURANCE
EXAM
In Virginia, which of the following insurance transactions do NOT
require records be maintained
A) Delivery receipt records
B) Premium quotes not accepted by the client
C) Premium receipt records
D) Replacement records - ANSWERS-B) Premium quotes not accepted
by the client
An Accident and Health insurance applicant who fails to include
material medical information on an application would be reason for the
insurer to - ANSWERS-deny any future claims and to refund the
premium
END OF
PAGE
3
RULES PERTINENT
TO INSURANCE
EXAM
All of these are eligible groups for purchasing group insurance EXCEPT
a(n)
A) labor union
B) employer
C) association
D) nonprofit organization - ANSWERS-D) nonprofit organization
Insurance transactions MUST be maintained by an agent for at LEAST
____ calendar years - ANSWERS-3
Which of these actions by a licensee would NOT likely result in license
suspension of revocation
END OF
PAGE
1
, VIRGINIA LAWS AND LATEST
RULES PERTINENT
TO INSURANCE
EXAM
A) Maliciously aligning another insurance company's financial status
B) Willfully submitting false insurance applications
C) Knowingly accepting insurance business from an unlicensed
individual
D) Sharing commission with another similarly-licensed agent -
ANSWERS-D) Sharing commission with another similarly-licensed
agent
What is Virginia's definition of Life insurance replacement -
ANSWERS-A transaction in which a new policy is bought and an old
policy is terminated
Which of the following actions must be taken by an insurance company
that wishes to conduct business in Virginia - ANSWERS-acquire a
certificate of authority
END OF
PAGE
2
, VIRGINIA LAWS AND LATEST
RULES PERTINENT
TO INSURANCE
EXAM
In Virginia, which of the following insurance transactions do NOT
require records be maintained
A) Delivery receipt records
B) Premium quotes not accepted by the client
C) Premium receipt records
D) Replacement records - ANSWERS-B) Premium quotes not accepted
by the client
An Accident and Health insurance applicant who fails to include
material medical information on an application would be reason for the
insurer to - ANSWERS-deny any future claims and to refund the
premium
END OF
PAGE
3
