Virginia Life and Health - Final Exam
Question and answers already passed
2025/2026
Respite Care coverage is typically found in a(n) - correct answer ✔Long Term Care policy
In Virginia, false advertising is an example of - correct answer ✔Misrepresentation
Which of the following provisions allows an insured or the insurer to terminate the policy? - correct
answer ✔Cancelable provision
According to the Affordable Care Act, coverage may be rescinded - correct answer ✔If intentionally
false statements were offered
What happens to a life insurance policy when the policy loan balance exceeds the cash value? - correct
answer ✔Policy will no longer be in force
Which of the following is true regarding a person receiving a waiver of premium benefit? - correct
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? - correct 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? - correct answer ✔Consideration clause
Which of the following relationships demonstrates insurable interest in the absence of economic
interest? - correct answer ✔Marriage partners
,Health providers are compensated by a preferred provider organization (PPO) for normal dental
procedures by what means? - correct answer ✔Decreased fee schedules
The Optionally Renewable provision allows what party to cancel the contract? - correct answer ✔The
insurer
When issuing disability income coverage on a substandard risk, an insurance company may - correct
answer ✔shorten the benefit period
James is covered with health insurance by two different insurers. The "insurance with other insurers"
provision in an individual health insurance policy allows an insurer to pay benefits to the insured on a
pro-rata basis when - correct answer ✔The insurer was not notified prior to the claim that the insured
has other health coverage
Which of the following statements BEST describes a double indemnity provision in travel accident
insurance? - correct answer ✔Benefits are doubled under certain circumstances stated in the policy
An agent must hold which of the following licenses to sell variable life insurance policies? - correct
answer ✔Life, variable, and securities license
Which tax cost is normally associated with death? - correct answer ✔Federal estate tax
A group health certificate for coverage issued in Virginia MUST contain a(n) - correct answer ✔A
summary of policy features and benefits
Accident and health insurance claim handling is made more convenient to the insured by utilizing -
correct answer ✔Assignment of benefits
, Which of the following reduces the opportunity for overinsurance? - correct answer ✔Coordination of
benefits provision
The State Corporation Commission is empowered to perform each of the following acts EXCEPT - correct
answer ✔prosecute agents who violate state insurance laws
Which statement regarding the waiver of premium rider is accurate? - correct answer ✔Cash payment
is not directly provided to the policyowner
A policyowner has a life insurance policy where she had listed her age on the application as 5 years
younger than her actual age. If she dies and the insurer discovers the misstatement of age, how much
will the insurance company pay? - correct answer ✔Less than the face amount
T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable
beneficiary. What action will the insurance company take if T requests a change of beneficiary? - correct
answer ✔Request of the change will be refused
During the application process, a statement made by an applicant that becomes part of the contract is
considered to be a(n) - correct answer ✔warranty
An insurable interest in each other's lives may exist in absence of an economic interest when the
individuals are - correct answer ✔Marriage partners
Which of the following waiting periods would result in the lowest premium for a disability income
policy? - correct answer ✔180 days
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - correct answer ✔30-year decreasing term
Question and answers already passed
2025/2026
Respite Care coverage is typically found in a(n) - correct answer ✔Long Term Care policy
In Virginia, false advertising is an example of - correct answer ✔Misrepresentation
Which of the following provisions allows an insured or the insurer to terminate the policy? - correct
answer ✔Cancelable provision
According to the Affordable Care Act, coverage may be rescinded - correct answer ✔If intentionally
false statements were offered
What happens to a life insurance policy when the policy loan balance exceeds the cash value? - correct
answer ✔Policy will no longer be in force
Which of the following is true regarding a person receiving a waiver of premium benefit? - correct
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? - correct 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? - correct answer ✔Consideration clause
Which of the following relationships demonstrates insurable interest in the absence of economic
interest? - correct answer ✔Marriage partners
,Health providers are compensated by a preferred provider organization (PPO) for normal dental
procedures by what means? - correct answer ✔Decreased fee schedules
The Optionally Renewable provision allows what party to cancel the contract? - correct answer ✔The
insurer
When issuing disability income coverage on a substandard risk, an insurance company may - correct
answer ✔shorten the benefit period
James is covered with health insurance by two different insurers. The "insurance with other insurers"
provision in an individual health insurance policy allows an insurer to pay benefits to the insured on a
pro-rata basis when - correct answer ✔The insurer was not notified prior to the claim that the insured
has other health coverage
Which of the following statements BEST describes a double indemnity provision in travel accident
insurance? - correct answer ✔Benefits are doubled under certain circumstances stated in the policy
An agent must hold which of the following licenses to sell variable life insurance policies? - correct
answer ✔Life, variable, and securities license
Which tax cost is normally associated with death? - correct answer ✔Federal estate tax
A group health certificate for coverage issued in Virginia MUST contain a(n) - correct answer ✔A
summary of policy features and benefits
Accident and health insurance claim handling is made more convenient to the insured by utilizing -
correct answer ✔Assignment of benefits
, Which of the following reduces the opportunity for overinsurance? - correct answer ✔Coordination of
benefits provision
The State Corporation Commission is empowered to perform each of the following acts EXCEPT - correct
answer ✔prosecute agents who violate state insurance laws
Which statement regarding the waiver of premium rider is accurate? - correct answer ✔Cash payment
is not directly provided to the policyowner
A policyowner has a life insurance policy where she had listed her age on the application as 5 years
younger than her actual age. If she dies and the insurer discovers the misstatement of age, how much
will the insurance company pay? - correct answer ✔Less than the face amount
T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable
beneficiary. What action will the insurance company take if T requests a change of beneficiary? - correct
answer ✔Request of the change will be refused
During the application process, a statement made by an applicant that becomes part of the contract is
considered to be a(n) - correct answer ✔warranty
An insurable interest in each other's lives may exist in absence of an economic interest when the
individuals are - correct answer ✔Marriage partners
Which of the following waiting periods would result in the lowest premium for a disability income
policy? - correct answer ✔180 days
Which type of life insurance policy is best suited for paying off the outstanding balance of a 30-year
mortgage in the event of the insured's death? - correct answer ✔30-year decreasing term
