Final Exam - Virginia Life and Health Practice Questions with complete Solution

Under which circumstance may an insurer discontinue a small employer group medical plan? - ANSWER-Employer fails to pay the premium prior to the end of the grace period An insured is covered with a health insurance policy. If the insured would like to cancel the policy, he/she must - ANSWER-notify the insurance company in writing Who is protected with the "other insurance with this insurer" provision? - ANSWER-Insurance company When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice? - ANSWER-Producer Which of the following is NOT a dividend option for a life insurance policy? - ANSWER-Receiving the entire policy cash value Chuck and Shaquille are both licensed agents in the same line of insurance. Chuck provides Shaquille with a referral that results in a sale. Commissions on this sale will likely be - ANSWER-shared by both agents In Virginia, once a life insurance policy has been in force for ___ year(s), it becomes incontestable. - ANSWER-2 A licensee who must complete continuing education as a requirement for license renewal must do so every ___ year(s). - ANSWER-2 The ________ is required to notify the Bureau of Insurance of a licensee's change of name or address - ANSWER-licensee