VA LIFE INSURANCE PRACTICE
EXAM (90 XCEL) QUESTIONS &
VERIFIED DETAILED ANSWERS 100%
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take? - correct answer ✔✔Set up a meeting with the applicant to answer the
remaining questions
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases
in year 6 and stays level thereafter, all the while the death benefit remains the same. What kind
of policy is this? - correct answer ✔✔Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance agent's
license? - correct answer ✔✔Participating in the act of twisting
Post-tax dollar contributions are found in: - correct answer ✔✔Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? - correct
answer ✔✔Group must be formed for a purpose other than obtaining insurance
K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins immediately if the
application is approved. What kind of receipt was used? - correct answer ✔✔Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits by
December 31 in even number years. - correct answer ✔✔24
, J the agent makes false statements to a prospective client about the projected dividends for a
policy. J may be found guilty of - correct answer ✔✔misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - correct answer ✔✔upon
death of the last insured
Which provision is NOT a requirement in a group life policy? - correct answer ✔✔Accidental
An agent has made false comparisons of policies to induce the sale of an insurance policy. This
illegal act is called - correct answer ✔✔twisting
All of these are unfair trade practice EXCEPT - correct answer ✔✔Reinsurance
All of the following statements about traditional individual retirement accounts are false EXCEPT
- correct answer ✔✔10% penalty is applied to withdrawals before age 59 1/2
Which of these statements accurately reflects Virginia law regarding life insurance
advertisements? - correct answer ✔✔An insurance agency is responsible for advertisements
placed by its insurance agents
Premiums collected by insurance agent must be maintained in a fiduciary capacity. At what
point MUST these premiums be remitted to the insurer? - correct answer ✔✔In the ordinary
course of business
If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth
of 10-year Term coverage on X under the same policy, the applicant should purchase: - correct
answer ✔✔A Whole Life Policy with an Other Insured Rider
When must an agent report a felony conviction to the Bureau of Insurance? - correct answer
✔✔Within 30 calendar days
EXAM (90 XCEL) QUESTIONS &
VERIFIED DETAILED ANSWERS 100%
P is a producer who notices 5 questions on a life application were not answered. What actions
should P take? - correct answer ✔✔Set up a meeting with the applicant to answer the
remaining questions
K buys a policy where the premium stays fixed for the first 5 years. The premium then increases
in year 6 and stays level thereafter, all the while the death benefit remains the same. What kind
of policy is this? - correct answer ✔✔Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance agent's
license? - correct answer ✔✔Participating in the act of twisting
Post-tax dollar contributions are found in: - correct answer ✔✔Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? - correct
answer ✔✔Group must be formed for a purpose other than obtaining insurance
K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins immediately if the
application is approved. What kind of receipt was used? - correct answer ✔✔Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits by
December 31 in even number years. - correct answer ✔✔24
, J the agent makes false statements to a prospective client about the projected dividends for a
policy. J may be found guilty of - correct answer ✔✔misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - correct answer ✔✔upon
death of the last insured
Which provision is NOT a requirement in a group life policy? - correct answer ✔✔Accidental
An agent has made false comparisons of policies to induce the sale of an insurance policy. This
illegal act is called - correct answer ✔✔twisting
All of these are unfair trade practice EXCEPT - correct answer ✔✔Reinsurance
All of the following statements about traditional individual retirement accounts are false EXCEPT
- correct answer ✔✔10% penalty is applied to withdrawals before age 59 1/2
Which of these statements accurately reflects Virginia law regarding life insurance
advertisements? - correct answer ✔✔An insurance agency is responsible for advertisements
placed by its insurance agents
Premiums collected by insurance agent must be maintained in a fiduciary capacity. At what
point MUST these premiums be remitted to the insurer? - correct answer ✔✔In the ordinary
course of business
If X wants to buy $50,000 worth of permanent protection on his/her spouse and $25,000 worth
of 10-year Term coverage on X under the same policy, the applicant should purchase: - correct
answer ✔✔A Whole Life Policy with an Other Insured Rider
When must an agent report a felony conviction to the Bureau of Insurance? - correct answer
✔✔Within 30 calendar days
