VA LIFE HEALTH ANNUITIES ACTUAL FINALS
QUESTIONS AND ANSWERS SET A+
✔✔In regards to health insurance, what is meant by the term "primary policy"? - ✔✔It is
the policy that will pay up to its limit before any other policy pays.
✔✔Which of these is true regarding the exchange of consideration among parties
involved in an insurance contract? - ✔✔can be equal
✔✔Terry suffers an injury at his workplace which is covered by workers compensation.
Terry also has a medical expense insurance policy. Under medical expense insurance
policies, losses that are covered by workers compensation are typically - ✔✔excluded
from coverage
✔✔______ value is payable to the policyowner if a whole life policy is surrendered prior
to prior to its maturity date - ✔✔cash value
✔✔When the disclosure of an insured's nonpublic information is involved, the insurer is
obligated to do these three things: - ✔✔give notice, explain, an allow opting out
✔✔Steve has a group disability income policy where the premiums are paid by his
employer. He elected to pay for additional residual disability coverage. Which of the
following statements is true? - ✔✔Steve will pay taxes on the disability benefit received
from his employer, but will receive any residual disability benefits tax-free
✔✔What does a 401(k) plan generally provide its participants? - ✔✔a defined retirement
benefit
✔✔This is NOT a true statement of the war exclusion: - ✔✔Civil insurrections apply
✔✔An annuity which starts paying monthly benefits within a month after issuance is
called a(n) - ✔✔immediate annuity
, ✔✔An agent gives a conditional receipt to a client for an insurance policy after collecting
the initial premium. When will the policy become effective? - ✔✔When the conditions of
the receipt are met
✔✔Prepaid dental plans differ from most other types of dental plans in what way? -
✔✔Closed panel of dentists can only be used
✔✔Christopher is issued an insurance policy that contains an attached agreement
which alters the terms of the policy. This attached agreement is called a(n) -
✔✔endorsement (rider)
✔✔A lapsed long-term care policy may be reinstated within 5 months of the lapse date if
proof is provided to the insurer that the policyowner was cognitively impaired. This
option to reinstate is made available provide that the insurer failed to - ✔✔give first
notice to the insured and a second notice to any designated person at least 30 days
before the date of the lapse
✔✔A life insurance policy provision that has the ability to reduce the death benefit is
called the - ✔✔accelerated (living) benefit
✔✔An insurer may NOT refuse the renewal of a small employer health insurance plan
because of - ✔✔overuse of medical services
✔✔An insured MUST wait ____ days to bring legal action against an insurer after
written proof of loss has been received by the insurers - ✔✔60
✔✔What is NOT considered the responsibility of a producer during the underwriting
process? - ✔✔selecting the final approval date
✔✔What statement reflects and accurate portrayal of Medicare SELECT? - ✔✔Insured
uses preferred providers in exchange for paying lower premiums
✔✔Dan owns a disability income insurance policy which provides ONLY
nonoccupational coverage. Which of the following circumstances would likely NOT be
covered under his plan? - ✔✔He falls and breaks his hip at work
✔✔Major medical plans typically exclude coverage for what benefit - ✔✔custodial care
✔✔After the initial enrollment period for Medicare Part B has expired, when may an
individual purchase again? - ✔✔January through March of each year
QUESTIONS AND ANSWERS SET A+
✔✔In regards to health insurance, what is meant by the term "primary policy"? - ✔✔It is
the policy that will pay up to its limit before any other policy pays.
✔✔Which of these is true regarding the exchange of consideration among parties
involved in an insurance contract? - ✔✔can be equal
✔✔Terry suffers an injury at his workplace which is covered by workers compensation.
Terry also has a medical expense insurance policy. Under medical expense insurance
policies, losses that are covered by workers compensation are typically - ✔✔excluded
from coverage
✔✔______ value is payable to the policyowner if a whole life policy is surrendered prior
to prior to its maturity date - ✔✔cash value
✔✔When the disclosure of an insured's nonpublic information is involved, the insurer is
obligated to do these three things: - ✔✔give notice, explain, an allow opting out
✔✔Steve has a group disability income policy where the premiums are paid by his
employer. He elected to pay for additional residual disability coverage. Which of the
following statements is true? - ✔✔Steve will pay taxes on the disability benefit received
from his employer, but will receive any residual disability benefits tax-free
✔✔What does a 401(k) plan generally provide its participants? - ✔✔a defined retirement
benefit
✔✔This is NOT a true statement of the war exclusion: - ✔✔Civil insurrections apply
✔✔An annuity which starts paying monthly benefits within a month after issuance is
called a(n) - ✔✔immediate annuity
, ✔✔An agent gives a conditional receipt to a client for an insurance policy after collecting
the initial premium. When will the policy become effective? - ✔✔When the conditions of
the receipt are met
✔✔Prepaid dental plans differ from most other types of dental plans in what way? -
✔✔Closed panel of dentists can only be used
✔✔Christopher is issued an insurance policy that contains an attached agreement
which alters the terms of the policy. This attached agreement is called a(n) -
✔✔endorsement (rider)
✔✔A lapsed long-term care policy may be reinstated within 5 months of the lapse date if
proof is provided to the insurer that the policyowner was cognitively impaired. This
option to reinstate is made available provide that the insurer failed to - ✔✔give first
notice to the insured and a second notice to any designated person at least 30 days
before the date of the lapse
✔✔A life insurance policy provision that has the ability to reduce the death benefit is
called the - ✔✔accelerated (living) benefit
✔✔An insurer may NOT refuse the renewal of a small employer health insurance plan
because of - ✔✔overuse of medical services
✔✔An insured MUST wait ____ days to bring legal action against an insurer after
written proof of loss has been received by the insurers - ✔✔60
✔✔What is NOT considered the responsibility of a producer during the underwriting
process? - ✔✔selecting the final approval date
✔✔What statement reflects and accurate portrayal of Medicare SELECT? - ✔✔Insured
uses preferred providers in exchange for paying lower premiums
✔✔Dan owns a disability income insurance policy which provides ONLY
nonoccupational coverage. Which of the following circumstances would likely NOT be
covered under his plan? - ✔✔He falls and breaks his hip at work
✔✔Major medical plans typically exclude coverage for what benefit - ✔✔custodial care
✔✔After the initial enrollment period for Medicare Part B has expired, when may an
individual purchase again? - ✔✔January through March of each year
