VA LIFE INSURANCE EOC TIPS QUESTIONS AND
ANSWERS SET A+
✔✔In order for an individual to receive commissions from an insurance company for
service as an agent, the individual MUST be - ✔✔licensed and appointed
✔✔After passing the State exam, an applicant is required to obtain the appropriate
license within ______ calendar days. - ✔✔183
✔✔B the agent recently had her license terminated because she did not meet
continuing education requirements. She may successfully appeal IF - ✔✔proof of
compliance is provided
✔✔Whose life is covered on a life insurance policy that contains a payor benefit clause?
- ✔✔Child
✔✔Which of these circumstances requires an agent to make reasonable efforts to
obtain information concerning the suitability of an annuity? - ✔✔Agent helps a client
with the purchase of an annuity
✔✔A client would like to purchase an annuity from an agent. The agent does NOT need
to make reasonable efforts to obtain information from the client on which of the
following? - ✔✔Client's marital status
✔✔Who is normally considered to be the owner of a 403(b) tax-sheltered annuity? -
✔✔The employee
✔✔A group life insurance policy can be converted to an individual whole life policy
under which circumstance? - ✔✔Employment termination
✔✔The reason for backdating a policy is - ✔✔to obtain a premium rate based on an
earlier age
, ✔✔A policy of adhesion can only be modified by whom? - ✔✔The insurance company
✔✔A life insurance application must signed by all of these, EXCEPT: - ✔✔beneficiary
✔✔With whom may an agent share commissions with? - ✔✔A licensed agent with the
same license type
✔✔Which of the following statements is CORRECT about the period in which a Term
Policy can be converted? - ✔✔It varies according to the contract
✔✔J is an insurance agent who maintains premiums in a fiduciary account. Which of
the following expenses many NOT be paid using funds withdrawn from this account? -
✔✔Personal medical expenses
✔✔D needs life insurance that provides coverage for only a limited amount of time while
also paying the lowest possible premium. What kind of policy is needed? - ✔✔Level
term
✔✔Which of these organizations approves continuation courses in Virginia? -
✔✔Virginia Insurance Continuing Education Board
✔✔Which of the following would be a valid reason for the Bureau of Insurance to deny
an insurance license? - ✔✔Failing to report a felony
✔✔S buys a $50,000 whole life policy with a $50,000 Accidental Death and
Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer
pay the beneficiary? - ✔✔$50,000
✔✔An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This policy may be issued with a(n) - ✔✔exclusion for the medical
condition
✔✔The Rules Governing Life Insurance and Annuity Replacement were created to -
✔✔reduce the opportunity for misrepresentation and incomplete disclosure
✔✔Which of these is an element of a Single Premium annuity? - ✔✔Lump-sum
payment
✔✔Which of these is an example of twisting? - ✔✔An agent misrepresents a policy to
induce a policyowner to surrender an existing policy
ANSWERS SET A+
✔✔In order for an individual to receive commissions from an insurance company for
service as an agent, the individual MUST be - ✔✔licensed and appointed
✔✔After passing the State exam, an applicant is required to obtain the appropriate
license within ______ calendar days. - ✔✔183
✔✔B the agent recently had her license terminated because she did not meet
continuing education requirements. She may successfully appeal IF - ✔✔proof of
compliance is provided
✔✔Whose life is covered on a life insurance policy that contains a payor benefit clause?
- ✔✔Child
✔✔Which of these circumstances requires an agent to make reasonable efforts to
obtain information concerning the suitability of an annuity? - ✔✔Agent helps a client
with the purchase of an annuity
✔✔A client would like to purchase an annuity from an agent. The agent does NOT need
to make reasonable efforts to obtain information from the client on which of the
following? - ✔✔Client's marital status
✔✔Who is normally considered to be the owner of a 403(b) tax-sheltered annuity? -
✔✔The employee
✔✔A group life insurance policy can be converted to an individual whole life policy
under which circumstance? - ✔✔Employment termination
✔✔The reason for backdating a policy is - ✔✔to obtain a premium rate based on an
earlier age
, ✔✔A policy of adhesion can only be modified by whom? - ✔✔The insurance company
✔✔A life insurance application must signed by all of these, EXCEPT: - ✔✔beneficiary
✔✔With whom may an agent share commissions with? - ✔✔A licensed agent with the
same license type
✔✔Which of the following statements is CORRECT about the period in which a Term
Policy can be converted? - ✔✔It varies according to the contract
✔✔J is an insurance agent who maintains premiums in a fiduciary account. Which of
the following expenses many NOT be paid using funds withdrawn from this account? -
✔✔Personal medical expenses
✔✔D needs life insurance that provides coverage for only a limited amount of time while
also paying the lowest possible premium. What kind of policy is needed? - ✔✔Level
term
✔✔Which of these organizations approves continuation courses in Virginia? -
✔✔Virginia Insurance Continuing Education Board
✔✔Which of the following would be a valid reason for the Bureau of Insurance to deny
an insurance license? - ✔✔Failing to report a felony
✔✔S buys a $50,000 whole life policy with a $50,000 Accidental Death and
Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer
pay the beneficiary? - ✔✔$50,000
✔✔An underwriter determines that an applicant's risk should be recategorized due to a
health issue. This policy may be issued with a(n) - ✔✔exclusion for the medical
condition
✔✔The Rules Governing Life Insurance and Annuity Replacement were created to -
✔✔reduce the opportunity for misrepresentation and incomplete disclosure
✔✔Which of these is an element of a Single Premium annuity? - ✔✔Lump-sum
payment
✔✔Which of these is an example of twisting? - ✔✔An agent misrepresents a policy to
induce a policyowner to surrender an existing policy
