VA State Life, Health and Annuities Exam - Study Guide & Practice Questions
In a long-term care policy issued in Virginia, any provision 6 months
limiting preexisting conditions may not exceed _____
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 The unpaid premium may be subtracted from the reimbursement
an insurer if it occurs during the policy's grace period?
What must an agent do when replacing a long-term care Notify the applicant that an annual premium must be paid for the new policy
policy with a new policy?
The free look period provided in a life insurance policy is 10 days
usually
Which of the following is NOT subject to the promise to How the premium is calculated
pay in an insuring clause?
A) How the premium is calculated
B) Policy provisions
C) Policy conditions
D) Policy exclusions
In Virginia, an insurance agent's appointment is in effect until termination
Tim is confined to a nursing home but doesn't have a Long-term car benefit rider
terminal illness. Which life insurance rider is designed to
help pay for this type of expense?
An insurance company can be liable for a producer's when the agency contract is unclear concerning the authority given
unauthorized acts
The automatic premium loan provision can be accurately provision that provides a policy loan to pay any premiums by the end of the grace
described as a period
Which of these statements ins NOT true regarding a cash Interest payments made by policyowner are deductible
value loan against a life insurance policy?
A) Interest normally accrues on unpaid balances
B) Loan cannot exceed the policy's cash value
C) Policy contract terms dictate the interest rate
D) Interest payments made by policyowner are deductable
Home health care benefits typically do NOT include prescription medication
coverage for
A) nursing care
B) wheelchairs
C) physical therapy
D) prescription medication
What health insurance provision requires that the entire contract clause
application becomes part of the policy
Stuvia 2026-2027
, VA State Life, Health and Annuities Exam - Study Guide & Practice Questions
The conversion option for group term insurance may be 31 days of terminated employment
exercised by an employee within ____ days of terminated
employment
An insurance policy that can also be classified as a variable life
securities product is called
In Virginia, false advertising is an example of misrepresentation
An insured, age 67, is coved under a disability income The insured must be actively at work for a specified number of hours per week
policy. What will the insurer normally require in order for
the insured to continue coverage
An agent may be personally liable if he or she engages in are not part of the agency or agent contract
acts that
In regards to technology and the ACA, which of the States which operate with an Exchange MUST offer an internet-based portal
following statements is correct?
Licensed agents in Virginia are authorized to solicit, receive, an forward applications to the insurer
Group life insurance is typically issued as _______ level term insurance
insurance
If the State Corporation Commission believes that an incarcerate the agent
agent is incompetent or untrustworthy, it has the authority
to perform all of the following functions EXCEPT
Group life plans sold in Virginia typically contain a does NOT require evidence of insurability
conversion option. If the insured elects this option. The
new policy does
A Guaranteed Renewable provision allows premiums which can only be increased per rate class
John has a criminal record in which he was convicted of a Given written consent by the state insurance regulatory agency
felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions?
Mary is an employee who is covered with a disability residual benefits will be received income tax-free
income policy through her employer. SHE PAYS for the
portion of the premium attributable to the cost of residual
disability benefits, while her employer pays for the
remainder. What are the tax implications of this policy?
In an extended term insurance nonforfeiture option in a life comes from the policy's cash value
policy, the premium to purchase the coverage ________
Rick the agent handles insurance premiums in an not acting as a fiduciary
untrustworthy manner. His actions could find him guilty of
Stuvia 2026-2027
In a long-term care policy issued in Virginia, any provision 6 months
limiting preexisting conditions may not exceed _____
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 The unpaid premium may be subtracted from the reimbursement
an insurer if it occurs during the policy's grace period?
What must an agent do when replacing a long-term care Notify the applicant that an annual premium must be paid for the new policy
policy with a new policy?
The free look period provided in a life insurance policy is 10 days
usually
Which of the following is NOT subject to the promise to How the premium is calculated
pay in an insuring clause?
A) How the premium is calculated
B) Policy provisions
C) Policy conditions
D) Policy exclusions
In Virginia, an insurance agent's appointment is in effect until termination
Tim is confined to a nursing home but doesn't have a Long-term car benefit rider
terminal illness. Which life insurance rider is designed to
help pay for this type of expense?
An insurance company can be liable for a producer's when the agency contract is unclear concerning the authority given
unauthorized acts
The automatic premium loan provision can be accurately provision that provides a policy loan to pay any premiums by the end of the grace
described as a period
Which of these statements ins NOT true regarding a cash Interest payments made by policyowner are deductible
value loan against a life insurance policy?
A) Interest normally accrues on unpaid balances
B) Loan cannot exceed the policy's cash value
C) Policy contract terms dictate the interest rate
D) Interest payments made by policyowner are deductable
Home health care benefits typically do NOT include prescription medication
coverage for
A) nursing care
B) wheelchairs
C) physical therapy
D) prescription medication
What health insurance provision requires that the entire contract clause
application becomes part of the policy
Stuvia 2026-2027
, VA State Life, Health and Annuities Exam - Study Guide & Practice Questions
The conversion option for group term insurance may be 31 days of terminated employment
exercised by an employee within ____ days of terminated
employment
An insurance policy that can also be classified as a variable life
securities product is called
In Virginia, false advertising is an example of misrepresentation
An insured, age 67, is coved under a disability income The insured must be actively at work for a specified number of hours per week
policy. What will the insurer normally require in order for
the insured to continue coverage
An agent may be personally liable if he or she engages in are not part of the agency or agent contract
acts that
In regards to technology and the ACA, which of the States which operate with an Exchange MUST offer an internet-based portal
following statements is correct?
Licensed agents in Virginia are authorized to solicit, receive, an forward applications to the insurer
Group life insurance is typically issued as _______ level term insurance
insurance
If the State Corporation Commission believes that an incarcerate the agent
agent is incompetent or untrustworthy, it has the authority
to perform all of the following functions EXCEPT
Group life plans sold in Virginia typically contain a does NOT require evidence of insurability
conversion option. If the insured elects this option. The
new policy does
A Guaranteed Renewable provision allows premiums which can only be increased per rate class
John has a criminal record in which he was convicted of a Given written consent by the state insurance regulatory agency
felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions?
Mary is an employee who is covered with a disability residual benefits will be received income tax-free
income policy through her employer. SHE PAYS for the
portion of the premium attributable to the cost of residual
disability benefits, while her employer pays for the
remainder. What are the tax implications of this policy?
In an extended term insurance nonforfeiture option in a life comes from the policy's cash value
policy, the premium to purchase the coverage ________
Rick the agent handles insurance premiums in an not acting as a fiduciary
untrustworthy manner. His actions could find him guilty of
Stuvia 2026-2027
