Virginia Life Insurance Latest Actual Exam And
Practice Exam 2026-2027 With Complete Questions
And Correct Detailed Answers| Brand New Version!
Which of the following statements about the reinstatement provision is
true?
a)It permits reinstatement within 10 years after a policy has lapsed.
b)It provides for reinstatement of a policy regardless of the insured's
health.
c)It guarantees the reinstatement of a policy that has been surrendered
for cash.
d)It requires the policyowner to pay all overdue premiums with interest
before the policy is reinstated. - ANSWER-d)It requires the policyowner
to pay all overdue premiums with interest before the policy is
reinstated.
An insured committed suicide one year after his life insurance policy
was issued. The insurer will
a)Pay the policy's cash value.
b)Pay the full death benefit to the beneficiary.
c)Pay nothing.
d)Refund the premiums paid. - ANSWER-d)Refund the premiums paid.
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,All of the following entities regulate variable life policies EXCEPT
a)The Insurance Department.
b)The Guaranty Association.
c)Federal government.
d)The SEC. - ANSWER-b)The Guaranty Association.
Which two terms are associated directly with the way an annuity is
funded?
a)Renewable or convertible
b)Single payment or periodic payments
c)Increasing or decreasing
d)Immediate or deferred - ANSWER-b)Single payment or periodic
payment
An insured has a life insurance policy that requires him to only pay
premiums for a specified number of years until the policy is paid up.
What kind of policy is it?
a)Graded Premium Life
b)Limited-pay Life
c)Variable Life
d)Adjustable Life - ANSWER-b)Limited-pay Life
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,An insurance policy that only requires a payment of premium at its
inception, provides insurance protection for the life of the insured, and
matures at the insured's age 100 is called
a)Modified Endowment Contract (MEC).
b)Level term life.
c)Graded premium whole life.
d)Single premium whole life. - ANSWER-d)Single premium whole life.
Who may contribute to an HR-10 plan?
a)Self-employed plumber
b)Manager of a store
c)Corporate executive
d)Partner with at least 5% ownership - ANSWER-a)Self-employed
plumber
An insurer neglects to pay a legitimate claim that is covered under the
terms of the policy. Which of the following insurance principles has the
insurer violated?
a)Representation
b)Adhesion
c)Consideration
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, d)Good faith - ANSWER-c)Consideration
Which of the following is an example of a limited-pay life policy?a)Level
Term Life
b)Straight Life
c)Life Paid-up at Age 65
d)Renewable Term to Age 70 - ANSWER-c)Life Paid-up at Age 65
If an insured worker has earned 40 quarters of coverage, the worker's
status under Social Security disability is
a)Fully insured.
b)Partially insured.
c)Correctly insured.
d)Permanently insured. - ANSWER-a)Fully insured.
When the insured selects the extended term nonforfeiture option, the
cash value will be used to purchase term insurance with what face
amount?
a)The same as the original policy minus the cash value
b)Equal to the original policy for as long as the cash values will
purchase.
c)In lesser amounts for the remaining policy term of age 100.
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Practice Exam 2026-2027 With Complete Questions
And Correct Detailed Answers| Brand New Version!
Which of the following statements about the reinstatement provision is
true?
a)It permits reinstatement within 10 years after a policy has lapsed.
b)It provides for reinstatement of a policy regardless of the insured's
health.
c)It guarantees the reinstatement of a policy that has been surrendered
for cash.
d)It requires the policyowner to pay all overdue premiums with interest
before the policy is reinstated. - ANSWER-d)It requires the policyowner
to pay all overdue premiums with interest before the policy is
reinstated.
An insured committed suicide one year after his life insurance policy
was issued. The insurer will
a)Pay the policy's cash value.
b)Pay the full death benefit to the beneficiary.
c)Pay nothing.
d)Refund the premiums paid. - ANSWER-d)Refund the premiums paid.
1|Page
,All of the following entities regulate variable life policies EXCEPT
a)The Insurance Department.
b)The Guaranty Association.
c)Federal government.
d)The SEC. - ANSWER-b)The Guaranty Association.
Which two terms are associated directly with the way an annuity is
funded?
a)Renewable or convertible
b)Single payment or periodic payments
c)Increasing or decreasing
d)Immediate or deferred - ANSWER-b)Single payment or periodic
payment
An insured has a life insurance policy that requires him to only pay
premiums for a specified number of years until the policy is paid up.
What kind of policy is it?
a)Graded Premium Life
b)Limited-pay Life
c)Variable Life
d)Adjustable Life - ANSWER-b)Limited-pay Life
2|Page
,An insurance policy that only requires a payment of premium at its
inception, provides insurance protection for the life of the insured, and
matures at the insured's age 100 is called
a)Modified Endowment Contract (MEC).
b)Level term life.
c)Graded premium whole life.
d)Single premium whole life. - ANSWER-d)Single premium whole life.
Who may contribute to an HR-10 plan?
a)Self-employed plumber
b)Manager of a store
c)Corporate executive
d)Partner with at least 5% ownership - ANSWER-a)Self-employed
plumber
An insurer neglects to pay a legitimate claim that is covered under the
terms of the policy. Which of the following insurance principles has the
insurer violated?
a)Representation
b)Adhesion
c)Consideration
3|Page
, d)Good faith - ANSWER-c)Consideration
Which of the following is an example of a limited-pay life policy?a)Level
Term Life
b)Straight Life
c)Life Paid-up at Age 65
d)Renewable Term to Age 70 - ANSWER-c)Life Paid-up at Age 65
If an insured worker has earned 40 quarters of coverage, the worker's
status under Social Security disability is
a)Fully insured.
b)Partially insured.
c)Correctly insured.
d)Permanently insured. - ANSWER-a)Fully insured.
When the insured selects the extended term nonforfeiture option, the
cash value will be used to purchase term insurance with what face
amount?
a)The same as the original policy minus the cash value
b)Equal to the original policy for as long as the cash values will
purchase.
c)In lesser amounts for the remaining policy term of age 100.
4|Page
