VA LIFE INSURANCE CORE MAINQUESTIONS AND
ANSWERS SET A+
✔✔All of these statements about the Waiver of Premium provision are correct, EXCEPT
- ✔✔Insured must be eligible for Social Security disability for claim to be accepted
✔✔Which of these factors do NOT play a role in the underwriting of a life insurance
policy? - ✔✔Marital status
✔✔Traditional individual retirement annuity (IRA) distribution must start by: - ✔✔April
1st of the year following the year the participant attains age 70 1/2
✔✔According to the Rules Advertisement of Life Insurance and Annuities, an agent may
NOT take which of the following actions during a sales presentation? - ✔✔Mentioning
guaranteed policy dividends
✔✔What type of insurance offers permanent life coverage with premiums that are
payable for life? - ✔✔Whole Life
✔✔If an insurance agent changes his/her address, the Bureau of Insurance must be
notified within ______ calendar days. - ✔✔30
✔✔The Rules Governing Advertisement of Life Insurance and Annuities were created to
provide - ✔✔full disclosure to the public of all material and relevant information
✔✔T would like to be assured $10,000 is available in 10 years to replace a roof on his
house. What kind of $10,000 policy should T purchase? - ✔✔Ten-Year Endowment
✔✔The USA Patriot Act was enacted in: - ✔✔2001
, ✔✔Which of the following types of policies BEST identifies one in which the cash value
may fluctuate to reflect changing assumptions regarding mortality cost, interest, and
expense factors? - ✔✔Universal Life
✔✔If an annuity is terminated prior to beginning of the income payment period, the
contract owner receives: - ✔✔The contract surrender value at that time
✔✔An agent offers an applicant something of value not mentioned in the contract as an
inducement to purchase an insurance policy. This illegal act is called - ✔✔rebating
✔✔Which of the following statements is CORRECT regarding the tax treatment of a
lump-sum payment paid to a life insurance policy's primary beneficiary? - ✔✔All
proceeds are income tax free in the year they are received
✔✔An example of an Adverse Underwriting Decision is - ✔✔Terminating insurance
coverage
✔✔Which of these is an element of a Variable Life policy? - ✔✔A fixed, level premium
✔✔Which of the following policies is characterized by a a flexible premium and health
benefit and allows the policyowner control of the investment aspect of the plan? -
✔✔Variable universal life
✔✔Which of these policies does NOT require a policy loan provision? - ✔✔Term Life
✔✔Which of these actions should a producer take when submitting an insurance
application to an insurer? - ✔✔Inform insurer of relevant information not included on the
application
✔✔Which of the following BEST describes an insurance agent conducting business in
Virginia? - ✔✔An individual who sells, solicits, or negotiates contract of insurance
✔✔Under the USA Patriot Act, insurers are required to report receipt of cash payment in
excess of: - ✔✔$10,000
✔✔Which of the following types of policies pays a benefit if the insured goes blind? -
✔✔AD&D
✔✔When funds are shifted straight from one IRA to another IRA, what percentage of
the tax is withheld? - ✔✔None
✔✔Variable Life products require a producer to - ✔✔hold a Life Insurance license and a
Securities license
ANSWERS SET A+
✔✔All of these statements about the Waiver of Premium provision are correct, EXCEPT
- ✔✔Insured must be eligible for Social Security disability for claim to be accepted
✔✔Which of these factors do NOT play a role in the underwriting of a life insurance
policy? - ✔✔Marital status
✔✔Traditional individual retirement annuity (IRA) distribution must start by: - ✔✔April
1st of the year following the year the participant attains age 70 1/2
✔✔According to the Rules Advertisement of Life Insurance and Annuities, an agent may
NOT take which of the following actions during a sales presentation? - ✔✔Mentioning
guaranteed policy dividends
✔✔What type of insurance offers permanent life coverage with premiums that are
payable for life? - ✔✔Whole Life
✔✔If an insurance agent changes his/her address, the Bureau of Insurance must be
notified within ______ calendar days. - ✔✔30
✔✔The Rules Governing Advertisement of Life Insurance and Annuities were created to
provide - ✔✔full disclosure to the public of all material and relevant information
✔✔T would like to be assured $10,000 is available in 10 years to replace a roof on his
house. What kind of $10,000 policy should T purchase? - ✔✔Ten-Year Endowment
✔✔The USA Patriot Act was enacted in: - ✔✔2001
, ✔✔Which of the following types of policies BEST identifies one in which the cash value
may fluctuate to reflect changing assumptions regarding mortality cost, interest, and
expense factors? - ✔✔Universal Life
✔✔If an annuity is terminated prior to beginning of the income payment period, the
contract owner receives: - ✔✔The contract surrender value at that time
✔✔An agent offers an applicant something of value not mentioned in the contract as an
inducement to purchase an insurance policy. This illegal act is called - ✔✔rebating
✔✔Which of the following statements is CORRECT regarding the tax treatment of a
lump-sum payment paid to a life insurance policy's primary beneficiary? - ✔✔All
proceeds are income tax free in the year they are received
✔✔An example of an Adverse Underwriting Decision is - ✔✔Terminating insurance
coverage
✔✔Which of these is an element of a Variable Life policy? - ✔✔A fixed, level premium
✔✔Which of the following policies is characterized by a a flexible premium and health
benefit and allows the policyowner control of the investment aspect of the plan? -
✔✔Variable universal life
✔✔Which of these policies does NOT require a policy loan provision? - ✔✔Term Life
✔✔Which of these actions should a producer take when submitting an insurance
application to an insurer? - ✔✔Inform insurer of relevant information not included on the
application
✔✔Which of the following BEST describes an insurance agent conducting business in
Virginia? - ✔✔An individual who sells, solicits, or negotiates contract of insurance
✔✔Under the USA Patriot Act, insurers are required to report receipt of cash payment in
excess of: - ✔✔$10,000
✔✔Which of the following types of policies pays a benefit if the insured goes blind? -
✔✔AD&D
✔✔When funds are shifted straight from one IRA to another IRA, what percentage of
the tax is withheld? - ✔✔None
✔✔Variable Life products require a producer to - ✔✔hold a Life Insurance license and a
Securities license
