Virginia Laws and Rules - Life Insurance Exam Questions with Correct Answers

An agent does NOT need to notify the Bureau of Insurance of a? a) change of address; b) name change; c) change in financial status; or d) felony conviction - ANSWER-change in financial status Which of these is NOT considered advertising? A policy illustration, An AM Best company rating, A direct mailing by an insurer, or An agent's oral sales presentation? - ANSWER-An AM Best company rating A domestic insurance company in Virginia MUST - ANSWER-be formed under Virginia insurance laws Under Federal Law, which of the following actions may result in a producer becoming imprisoned? - ANSWER-Producer embezzling funds from an insurer When an insurer discovers (during the claim process) that the insured's age was accidentally misstated on the life insurance application, the insurer will likely - ANSWER-pay an amount the premiums would have purchased at the insured's actual age? In Virginia, which of the following records are not required to be maintained by an agent? - ANSWER-Premium quotes for policies not accepted An agent who informs an applicant that there are no exclusions in an insurance policy has engaged in - ANSWER-Misrepresentation In Virginia, any person action as an agent for an unlicensed insurer is - ANSWER-permissible only if acting as a licensed surplus lines broker If a group is considering applying for a group life policy, it MUST? - ANSWER-have a minimum number of eligible persons