Chapter exam-Virginia laws and rules
Question and answers rated A+
2025/2026
The free look period provided in a life insurance policy is usually - correct answer ✔10 or more days
A prospective client was intimidated by an agent to purchase an insurance contract. The agent could be
found guilty of - correct answer ✔Coercion
Medicare supplement policies in Virginia may contain - correct answer ✔Neither waiting periods nor
preexisting conditions exclusions
Mentally or physically handicapped children MUST be covered under an individual health insurance
policy - correct answer ✔Until they become self-supportive
Which of these is not an unfair claims settlement practice? - correct answer ✔Offering to settle a claim
by arbitration
An agent Does NOT need to notify the Bureau of insurance of a - correct answer ✔Change in financial
stats
The Affordable care act's premium rating process includes each of the following EXCEPT - correct
answer ✔Employment status
When testing for the human immunodeficiency virus (HIV), Virginia law requires a consent form - correct
answer ✔That discloses who may receive a copy of the results
, What action may the bureau of insurance take when it finds that a license applicant is not competent
untrustworthy? - correct answer ✔Declining to issue the license
The per-existing conditions exclusion under a small employer Medicare plan - correct answer ✔May be
particularly or fully sacrificed by having creditable coverage with a previous employer
The Virginia life,Accident, and sickness insurance guaranty fund protects an insured in the event of -
correct answer ✔The insurer's insolvency
A long-term care policy in Virginia must be issued on which of the following basis - correct answer
✔Guaranteed renewable
A(n)_insurance company conducts business in state outside the one in which it is domiciled - correct
answer ✔Foreign
An agent who willfully violates the insurance code may, after a hearing, pay UP TO _________ per
violation as a penalty - correct answer ✔$5,000
What is the primary reason for the state corporation commission's examination of an agent's insurance
record? - correct answer ✔To determine compliance with state insurance laws and regulations
Virginia offers in extended OCBRA insurance plan for companies with - correct answer ✔2-19
employees
If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the
illustration used in the sales presentation MUST - correct answer ✔disclose that premium payments
may need to be resumed depending on actual results
An example of misrepresentation is - correct answer ✔Falsifying the terms, benefits, advantages, or
conditions of an insurance policy
Question and answers rated A+
2025/2026
The free look period provided in a life insurance policy is usually - correct answer ✔10 or more days
A prospective client was intimidated by an agent to purchase an insurance contract. The agent could be
found guilty of - correct answer ✔Coercion
Medicare supplement policies in Virginia may contain - correct answer ✔Neither waiting periods nor
preexisting conditions exclusions
Mentally or physically handicapped children MUST be covered under an individual health insurance
policy - correct answer ✔Until they become self-supportive
Which of these is not an unfair claims settlement practice? - correct answer ✔Offering to settle a claim
by arbitration
An agent Does NOT need to notify the Bureau of insurance of a - correct answer ✔Change in financial
stats
The Affordable care act's premium rating process includes each of the following EXCEPT - correct
answer ✔Employment status
When testing for the human immunodeficiency virus (HIV), Virginia law requires a consent form - correct
answer ✔That discloses who may receive a copy of the results
, What action may the bureau of insurance take when it finds that a license applicant is not competent
untrustworthy? - correct answer ✔Declining to issue the license
The per-existing conditions exclusion under a small employer Medicare plan - correct answer ✔May be
particularly or fully sacrificed by having creditable coverage with a previous employer
The Virginia life,Accident, and sickness insurance guaranty fund protects an insured in the event of -
correct answer ✔The insurer's insolvency
A long-term care policy in Virginia must be issued on which of the following basis - correct answer
✔Guaranteed renewable
A(n)_insurance company conducts business in state outside the one in which it is domiciled - correct
answer ✔Foreign
An agent who willfully violates the insurance code may, after a hearing, pay UP TO _________ per
violation as a penalty - correct answer ✔$5,000
What is the primary reason for the state corporation commission's examination of an agent's insurance
record? - correct answer ✔To determine compliance with state insurance laws and regulations
Virginia offers in extended OCBRA insurance plan for companies with - correct answer ✔2-19
employees
If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed values, the
illustration used in the sales presentation MUST - correct answer ✔disclose that premium payments
may need to be resumed depending on actual results
An example of misrepresentation is - correct answer ✔Falsifying the terms, benefits, advantages, or
conditions of an insurance policy
