VA LIFE HEALTH ANNUITIES CORRECT SET
QUESTIONS AND ANSWERS SET A+
✔✔What happens to the death benefit of a life insurance policy if the insured elects a
partial payment from the accelerated (living) benefit provision?
A) None will be given
B) Increased
C) Reduced
D) No change - ✔✔Reduced
✔✔What is the elimination period of an individual disability policy? - ✔✔Time period a
disabled person must wait before benefits are paid
✔✔What statement regarding an adjustable life insurance policy is NOT true? -
✔✔policy loans are not permitted
✔✔What kind of life policy typically offers mortgage protection?
A) Whole life
B) Decreasing term
C) Increasing term
D) Level term - ✔✔Decreasing term
✔✔What statement concerning the Entire Contract provision in an individual accident
and health insurance policy is TRUE? - ✔✔The agent doesn't have the authority to
change the policy or waive its provisions
✔✔What annuity pays an income to two or more annuitants until the death of the last
annuitant? - ✔✔joint and survivor annuity
, ✔✔An agent who willfully violates the insurance code may, after a hearing, pay UP TO
_________ per violation as a penalty - ✔✔$5,000
✔✔What effect can a long-term care benefit rider have on a life insurance policy? -
✔✔reduced death benefit
✔✔In Virginia, a period of Accident and Health insurance coverage which may be
applied to reduce the length of a pre-existing condition exclusion under a new plan is
called - ✔✔creditable coverage
✔✔An agent who informs an applicant that there are no exclusions in an insurance
policy has engaged in
A) Defamation
B) Misrepresentation
C) Coercion
D) Rebating - ✔✔misrepresentation
✔✔All of these are considered to be a benefit under Social Security EXCEPT
A) survivorship
B) unemployment
C) disability
D) retirement - ✔✔unemployment
✔✔ In a long-term care policy issued in Virginia, any provision limiting preexisting
conditions may not exceed _____ months - ✔✔6 months
✔✔What is a universal life insurance policy? - ✔✔A flexible premium deposit fund and a
monthly renewable term insurance policy
✔✔How is an insured's accident and health claim handled by an insurer if it occurs
during the policy's grace period? - ✔✔The unpaid premium may be subtracted from the
reimbursement
✔✔What must an agent do when replacing a long-term care policy with a new policy? -
✔✔Notify the applicant that an annual premium must be paid for the new policy
✔✔The free look period provided in a life insurance policy is usually - ✔✔10 days
✔✔Which of the following is NOT subject to the promise to pay in an insuring clause?
A) How the premium is calculated
QUESTIONS AND ANSWERS SET A+
✔✔What happens to the death benefit of a life insurance policy if the insured elects a
partial payment from the accelerated (living) benefit provision?
A) None will be given
B) Increased
C) Reduced
D) No change - ✔✔Reduced
✔✔What is the elimination period of an individual disability policy? - ✔✔Time period a
disabled person must wait before benefits are paid
✔✔What statement regarding an adjustable life insurance policy is NOT true? -
✔✔policy loans are not permitted
✔✔What kind of life policy typically offers mortgage protection?
A) Whole life
B) Decreasing term
C) Increasing term
D) Level term - ✔✔Decreasing term
✔✔What statement concerning the Entire Contract provision in an individual accident
and health insurance policy is TRUE? - ✔✔The agent doesn't have the authority to
change the policy or waive its provisions
✔✔What annuity pays an income to two or more annuitants until the death of the last
annuitant? - ✔✔joint and survivor annuity
, ✔✔An agent who willfully violates the insurance code may, after a hearing, pay UP TO
_________ per violation as a penalty - ✔✔$5,000
✔✔What effect can a long-term care benefit rider have on a life insurance policy? -
✔✔reduced death benefit
✔✔In Virginia, a period of Accident and Health insurance coverage which may be
applied to reduce the length of a pre-existing condition exclusion under a new plan is
called - ✔✔creditable coverage
✔✔An agent who informs an applicant that there are no exclusions in an insurance
policy has engaged in
A) Defamation
B) Misrepresentation
C) Coercion
D) Rebating - ✔✔misrepresentation
✔✔All of these are considered to be a benefit under Social Security EXCEPT
A) survivorship
B) unemployment
C) disability
D) retirement - ✔✔unemployment
✔✔ In a long-term care policy issued in Virginia, any provision limiting preexisting
conditions may not exceed _____ months - ✔✔6 months
✔✔What is a universal life insurance policy? - ✔✔A flexible premium deposit fund and a
monthly renewable term insurance policy
✔✔How is an insured's accident and health claim handled by an insurer if it occurs
during the policy's grace period? - ✔✔The unpaid premium may be subtracted from the
reimbursement
✔✔What must an agent do when replacing a long-term care policy with a new policy? -
✔✔Notify the applicant that an annual premium must be paid for the new policy
✔✔The free look period provided in a life insurance policy is usually - ✔✔10 days
✔✔Which of the following is NOT subject to the promise to pay in an insuring clause?
A) How the premium is calculated
