Virginia life and Health EXAM STUDY
GUIDE 2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
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Respite Care coverage is typically found in a(n) - ANSWER Long Term Care
policy
In Virginia, false advertising is an example of - ANSWER Misrepresentation
Which of the following provisions allows an insured or the insurer to terminate the
policy? - ANSWER Cancelable provision
According to the Affordable Care Act, coverage may be rescinded - ANSWER If
intentionally false statements were offered
What happens to a life insurance policy when the policy loan balance exceeds the
cash value? - ANSWER Policy will no longer be in force
Which of the following is true regarding a person receiving a waiver of premium
benefit? - ANSWER The insured must be disabled for a period of time
The initial premium for a life insurance policy is typically paid in what way? -
ANSWER It is typically obtained by the producer and forwarded to the insurer
,An accident and health insurance policy's premium requirements are set forth in
which of the following provisions? - ANSWER Consideration clause
Which of the following relationships demonstrates insurable interest in the
absence of economic interest? - ANSWER Marriage partners
Health providers are compensated by a preferred provider organization (PPO) for
normal dental procedures by what means? - ANSWER Decreased fee schedules
The Optionally Renewable provision allows what party to cancel the contract? -
ANSWER The insurer
When issuing disability income coverage on a substandard risk, an insurance
company may - ANSWER shorten the benefit period
Under which circumstance may an insurer discontinue a small employer group
medical plan? - ANSWER Employer fails to pay the premium prior to the end of
the grace period
An insured is covered with a health insurance policy. If the insured would like to
cancel the policy, he/she must - ANSWER notify the insurance company in writing
Who is protected with the "other insurance with this insurer" provision? -
ANSWER Insurance company
When a producer submits an application that discloses personal information
regarding the applicant, who supplies the privacy notice? - ANSWER Producer
Which of the following is NOT a dividend option for a life insurance policy? -
ANSWER Receiving the entire policy cash value
,Chuck and Shaquille are both licensed agents in the same line of insurance. Chuck
provides Shaquille with a referral that results in a sale. Commissions on this sale
will likely be - ANSWER shared by both agents
In Virginia, once a life insurance policy has been in force for ___ year(s), it
becomes incontestable. - ANSWER 2
A licensee who must complete continuing education as a requirement for license
renewal must do so every ___ year(s). - ANSWER 2
The ________ is required to notify the Bureau of Insurance of a licensee's change
of name or address - ANSWER licensee
An agent must maintain customer records for ___ year(s) following the
completion date of the insurance transaction. - ANSWER 5
When an insurer discovers (during the claim process) that the insured's age was
accidentally misstated on the life insurance application, the insurer will likely -
ANSWER pay an amount the premiums would have purchased at the insured's
actual age
Which of the following does NOT fall under "hospital care" in a typical health
maintenance organization (HMO) plan? - ANSWER Private duty nursing
An agent MUST notify the Bureau of Insurance for - ANSWER conducting
business under an assumed name
, A Guaranteed Renewable provision allows - ANSWER premiums which can only
be increased per rate class
Carlos the agent has sold an insurance policy and will be sharing the commission
with another individual. Which of the following individuals may Carlos share the
commission with? - ANSWER Another licensed but unappointed agent
Mike applied for life insurance and was issued a conditional receipt. He is later
found to be insurable and is issued a policy. When does his coverage become
effective? - ANSWER Date of issuance of the conditional receipt
What is the guaranteed cash value of a whole life insurance policy when the
insured turns 65 years old? - ANSWER Less than the policy's face amount
Which of these is NOT a factor during the health insurance underwriting process?
- ANSWER Former residence
Which of the following does NOT meet the requirements of "skilled nursing
care"? - ANSWER Must be provided exclusively in a hospital
Insurance crimes which affect interstate commerce are prosecuted by the -
ANSWER US Attorney General
An employee welfare plan exempt from ERISA regulations would be - ANSWER
church plans
After an annuity has been in force for ___ year(s), it becomes incontestable. -
ANSWER 2
GUIDE 2026/2027 COMPLETE QUESTIONS
WITH VERIFIED CORRECT ANSWERS ||
100% GUARANTEED PASS
Respite Care coverage is typically found in a(n) - ANSWER Long Term Care
policy
In Virginia, false advertising is an example of - ANSWER Misrepresentation
Which of the following provisions allows an insured or the insurer to terminate the
policy? - ANSWER Cancelable provision
According to the Affordable Care Act, coverage may be rescinded - ANSWER If
intentionally false statements were offered
What happens to a life insurance policy when the policy loan balance exceeds the
cash value? - ANSWER Policy will no longer be in force
Which of the following is true regarding a person receiving a waiver of premium
benefit? - ANSWER The insured must be disabled for a period of time
The initial premium for a life insurance policy is typically paid in what way? -
ANSWER It is typically obtained by the producer and forwarded to the insurer
,An accident and health insurance policy's premium requirements are set forth in
which of the following provisions? - ANSWER Consideration clause
Which of the following relationships demonstrates insurable interest in the
absence of economic interest? - ANSWER Marriage partners
Health providers are compensated by a preferred provider organization (PPO) for
normal dental procedures by what means? - ANSWER Decreased fee schedules
The Optionally Renewable provision allows what party to cancel the contract? -
ANSWER The insurer
When issuing disability income coverage on a substandard risk, an insurance
company may - ANSWER shorten the benefit period
Under which circumstance may an insurer discontinue a small employer group
medical plan? - ANSWER Employer fails to pay the premium prior to the end of
the grace period
An insured is covered with a health insurance policy. If the insured would like to
cancel the policy, he/she must - ANSWER notify the insurance company in writing
Who is protected with the "other insurance with this insurer" provision? -
ANSWER Insurance company
When a producer submits an application that discloses personal information
regarding the applicant, who supplies the privacy notice? - ANSWER Producer
Which of the following is NOT a dividend option for a life insurance policy? -
ANSWER Receiving the entire policy cash value
,Chuck and Shaquille are both licensed agents in the same line of insurance. Chuck
provides Shaquille with a referral that results in a sale. Commissions on this sale
will likely be - ANSWER shared by both agents
In Virginia, once a life insurance policy has been in force for ___ year(s), it
becomes incontestable. - ANSWER 2
A licensee who must complete continuing education as a requirement for license
renewal must do so every ___ year(s). - ANSWER 2
The ________ is required to notify the Bureau of Insurance of a licensee's change
of name or address - ANSWER licensee
An agent must maintain customer records for ___ year(s) following the
completion date of the insurance transaction. - ANSWER 5
When an insurer discovers (during the claim process) that the insured's age was
accidentally misstated on the life insurance application, the insurer will likely -
ANSWER pay an amount the premiums would have purchased at the insured's
actual age
Which of the following does NOT fall under "hospital care" in a typical health
maintenance organization (HMO) plan? - ANSWER Private duty nursing
An agent MUST notify the Bureau of Insurance for - ANSWER conducting
business under an assumed name
, A Guaranteed Renewable provision allows - ANSWER premiums which can only
be increased per rate class
Carlos the agent has sold an insurance policy and will be sharing the commission
with another individual. Which of the following individuals may Carlos share the
commission with? - ANSWER Another licensed but unappointed agent
Mike applied for life insurance and was issued a conditional receipt. He is later
found to be insurable and is issued a policy. When does his coverage become
effective? - ANSWER Date of issuance of the conditional receipt
What is the guaranteed cash value of a whole life insurance policy when the
insured turns 65 years old? - ANSWER Less than the policy's face amount
Which of these is NOT a factor during the health insurance underwriting process?
- ANSWER Former residence
Which of the following does NOT meet the requirements of "skilled nursing
care"? - ANSWER Must be provided exclusively in a hospital
Insurance crimes which affect interstate commerce are prosecuted by the -
ANSWER US Attorney General
An employee welfare plan exempt from ERISA regulations would be - ANSWER
church plans
After an annuity has been in force for ___ year(s), it becomes incontestable. -
ANSWER 2
