Virginia Laws and Rules - Life Insurance Exam Questions and Answers Already Passed

Virginia Laws and Rules - Life Insurance Exam Questions and Answers Already Passed 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 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? An AM Best company rating A domestic insurance company in Virginia MUST be formed under Virginia insurance laws Under Federal Law, which of the following actions may result in a producer becoming imprisoned? 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 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? Premium quotes for policies not accepted An agent who informs an applicant that there are no exclusions in an insurance policy has engaged in Misrepresentation In Virginia, any person action as an agent for an unlicensed insurer is permissible only if acting as a licensed surplus lines broker If a group is considering applying for a group life policy, it MUST? have a minimum number of eligible persons An agent has indicated to a potential client that the proposed life insurance policy is covered by the Virginia Life, Accident, and Sickness Insurance Guaranty Association. This action taken by the agent is prohibited by law How often must the Commission examine each domestic insurance company? Every 5 years Which is a role of the replacing insurer during a life insurance replacement transaction? Send notice of the proposed replacement transaction to the existing insurer An ____ is a person appointed by an insurer that represents the company and presents policies on its behalf. agent Which of these would likely be considered an Unfair Claims Settlement Practice? Offering settlements that are less than the fair value to offset insurer expenses Which of the following is NOT a valid reason for an insurer to contest a life insurance policy during the policy's first two years of existence? Misstatement of age A(n) _____________ settlement allows a terminally ill individual to sell their life insurance policy at a discount to pay for medical bills. Viatical According to the State Corporation Commission, the purpose of licensing prospective agents in the state of Virginia is qualifying the agent to represent an authorized insurer for soliciting and negotiating their insurance products