VA LIFE HEALTH EXAMINERS QUESTIONS AND
ANSWERS SET A+
✔✔Whole Life Insurance - ✔✔Insurance that is kept in force for a person's entire life
and pays a benefit upon the person's death, whenever that may be. (benefit may be
fixed or could accrue additional value based on investments.)
✔✔A contract of indemnity is one in which - ✔✔One party is restored to the same
financial position the party was in before the loss occurred
✔✔How long is the grace period for an individual life insurance policy? - ✔✔1 month
(31)
✔✔Which type of life insurance coverage has both the savings element and a flexible
premium option - ✔✔Universal Life
✔✔For income tax purposes premiums for personal life insurance - ✔✔Not deductible
✔✔Adverse Selection - ✔✔A high-risk person benefits more from insurance, so is more
likely to purchase it.
✔✔The cost of employer provided group life insurance above $50,000 is - ✔✔taxable
as income to the employee
✔✔In financial planning, the human life value concept is based on - ✔✔An individuals
income
✔✔A contract in which only one party to the contract is legally bound to do anything is -
✔✔Unilateral
✔✔To qualify for full Social Security status you must have ____________ quarters of
coverage - ✔✔40 (10 years)
, ✔✔What is the effect on a life insurance policy if the insured fails to repay the full value
of loans taken against the policy? - ✔✔The death benefit is reduced
✔✔Whole life insurance death benefit - ✔✔the death benefit is guaranteed and also
remains level for life
✔✔Universal life death benefit - ✔✔Adjustable, guaranteed minimum
✔✔Variable life, death benefit - ✔✔Variable, guaranteed minimum
✔✔Variable universal life, death benefit - ✔✔Variable and adjustable with no
guaranteed minimum
✔✔Whole life, cash value return rate - ✔✔guaranteed
✔✔Universal life cash value return rate - ✔✔guaranteed minimum
✔✔Variable life, cash value return rate - ✔✔not guaranteed
✔✔Variable universal life, cash value return rate - ✔✔not guaranteed
✔✔Whole life premiums - ✔✔Fixed
✔✔Universal life premiums - ✔✔flexible
✔✔Variable life premiums - ✔✔fixed
✔✔Variable universal life premiums - ✔✔flexible
✔✔Whole life; loans or partial surrenders available? - ✔✔Loans available no
surrenderS
✔✔Universal life; loans or partial surrenders? - ✔✔Loans and partial surrenders allowed
✔✔Variable life; loans or partial surrenders? - ✔✔Loans available
✔✔Variable universal life; loans or partial surrenders? - ✔✔Loans and partial
surrenders available
✔✔Does a renewal keep the same premium - ✔✔No, it increases
✔✔Younger age ; high or low premium - ✔✔Lower premium
ANSWERS SET A+
✔✔Whole Life Insurance - ✔✔Insurance that is kept in force for a person's entire life
and pays a benefit upon the person's death, whenever that may be. (benefit may be
fixed or could accrue additional value based on investments.)
✔✔A contract of indemnity is one in which - ✔✔One party is restored to the same
financial position the party was in before the loss occurred
✔✔How long is the grace period for an individual life insurance policy? - ✔✔1 month
(31)
✔✔Which type of life insurance coverage has both the savings element and a flexible
premium option - ✔✔Universal Life
✔✔For income tax purposes premiums for personal life insurance - ✔✔Not deductible
✔✔Adverse Selection - ✔✔A high-risk person benefits more from insurance, so is more
likely to purchase it.
✔✔The cost of employer provided group life insurance above $50,000 is - ✔✔taxable
as income to the employee
✔✔In financial planning, the human life value concept is based on - ✔✔An individuals
income
✔✔A contract in which only one party to the contract is legally bound to do anything is -
✔✔Unilateral
✔✔To qualify for full Social Security status you must have ____________ quarters of
coverage - ✔✔40 (10 years)
, ✔✔What is the effect on a life insurance policy if the insured fails to repay the full value
of loans taken against the policy? - ✔✔The death benefit is reduced
✔✔Whole life insurance death benefit - ✔✔the death benefit is guaranteed and also
remains level for life
✔✔Universal life death benefit - ✔✔Adjustable, guaranteed minimum
✔✔Variable life, death benefit - ✔✔Variable, guaranteed minimum
✔✔Variable universal life, death benefit - ✔✔Variable and adjustable with no
guaranteed minimum
✔✔Whole life, cash value return rate - ✔✔guaranteed
✔✔Universal life cash value return rate - ✔✔guaranteed minimum
✔✔Variable life, cash value return rate - ✔✔not guaranteed
✔✔Variable universal life, cash value return rate - ✔✔not guaranteed
✔✔Whole life premiums - ✔✔Fixed
✔✔Universal life premiums - ✔✔flexible
✔✔Variable life premiums - ✔✔fixed
✔✔Variable universal life premiums - ✔✔flexible
✔✔Whole life; loans or partial surrenders available? - ✔✔Loans available no
surrenderS
✔✔Universal life; loans or partial surrenders? - ✔✔Loans and partial surrenders allowed
✔✔Variable life; loans or partial surrenders? - ✔✔Loans available
✔✔Variable universal life; loans or partial surrenders? - ✔✔Loans and partial
surrenders available
✔✔Does a renewal keep the same premium - ✔✔No, it increases
✔✔Younger age ; high or low premium - ✔✔Lower premium
