VIRGINIA LIFE INSURANCE 2026 ACTUAL
EXAM WITH QUESTIONS AND CORRECT
ANSWERS GRADED A+
Which of the following is an eligibility requirement for all Social
Security Disability Income benefits?
a)Have permanent kidney failure
b)Be at least age 50
c)Have attained fully insured status
d)Be disabled for at least 1 year Correct Answer c)Have attained
fully insured status
What is the clause that describes the method of paying the death
benefit in the event that the insured and beneficiary are both killed
in the same accident?
a)Nonforfeiture Clause
b)Common Disaster Clause
c)Spendthrift Clause
d)Settlement Clause Correct Answer b)Common Disaster
Clause
,Which of the following is true about the premium on the children's
rider in a life insurance policy?
a)It decreases when an adopted child is added to the policy.
b)It remains the same no matter how many children are added to
the policy.
c)It decreases when the oldest child reaches the age of 21.
d)It increases when a newborn baby is added to the policy.
Correct Answer b)It remains the same no matter how many
children are added to the policy.
Another name for a substandard risk classification is
a)Declined.
b)Elevated.
c)Rated.
d)Controlled. Correct Answer c)Rated.
An individual applied for an insurance policy and paid the initial
premium. The insurer issued a conditional receipt. Five days later
the applicant had to submit to a medical exam. If the policy is
issued, what would be the policy's effective date?
a)The date of medical exam
b)The date of policy delivery
c)The date of issue
,d)The date of application Correct Answer a)The date of medical
exam
Who can make a fully deductible contribution to a traditional IRA?
a)A person whose contributions are funded by a return on
investment
b)An individual not covered by an employer-sponsored plan who
has earned income
c)Anybody: all IRA contributions are fully deductible regardless of
income level
d)Someone making contributions to an educational IRA Correct
Answer b)An individual not covered by an employer-sponsored
plan who has earned income
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. Correct 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. Correct Answer d)Refund the
premiums paid.
All of the following entities regulate variable life policies EXCEPT
a)The Insurance Department.
b)The Guaranty Association.
c)Federal government.
d)The SEC. Correct 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 Correct Answer b)Single payment or
periodic payment
EXAM WITH QUESTIONS AND CORRECT
ANSWERS GRADED A+
Which of the following is an eligibility requirement for all Social
Security Disability Income benefits?
a)Have permanent kidney failure
b)Be at least age 50
c)Have attained fully insured status
d)Be disabled for at least 1 year Correct Answer c)Have attained
fully insured status
What is the clause that describes the method of paying the death
benefit in the event that the insured and beneficiary are both killed
in the same accident?
a)Nonforfeiture Clause
b)Common Disaster Clause
c)Spendthrift Clause
d)Settlement Clause Correct Answer b)Common Disaster
Clause
,Which of the following is true about the premium on the children's
rider in a life insurance policy?
a)It decreases when an adopted child is added to the policy.
b)It remains the same no matter how many children are added to
the policy.
c)It decreases when the oldest child reaches the age of 21.
d)It increases when a newborn baby is added to the policy.
Correct Answer b)It remains the same no matter how many
children are added to the policy.
Another name for a substandard risk classification is
a)Declined.
b)Elevated.
c)Rated.
d)Controlled. Correct Answer c)Rated.
An individual applied for an insurance policy and paid the initial
premium. The insurer issued a conditional receipt. Five days later
the applicant had to submit to a medical exam. If the policy is
issued, what would be the policy's effective date?
a)The date of medical exam
b)The date of policy delivery
c)The date of issue
,d)The date of application Correct Answer a)The date of medical
exam
Who can make a fully deductible contribution to a traditional IRA?
a)A person whose contributions are funded by a return on
investment
b)An individual not covered by an employer-sponsored plan who
has earned income
c)Anybody: all IRA contributions are fully deductible regardless of
income level
d)Someone making contributions to an educational IRA Correct
Answer b)An individual not covered by an employer-sponsored
plan who has earned income
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. Correct 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. Correct Answer d)Refund the
premiums paid.
All of the following entities regulate variable life policies EXCEPT
a)The Insurance Department.
b)The Guaranty Association.
c)Federal government.
d)The SEC. Correct 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 Correct Answer b)Single payment or
periodic payment
