Final exam-Virginia life and Health
questions fully solved & updated
2025
Insurable inter in one's own life is legally
considered as - answer Generally unlimited
Where dose the primary funding for medical part A
come from? - answer Federal payroll and self
employment taxes
What would be a valid reason for naming a trust as
the beneficiary of a life insurance policy as
opposed to naming an individual? - answer
Management of proceeds would be provided
Virginia requires that an agent must complete___
hours of continuing education on the subject of
ethics every reporting. - answer 3 hours
According to the needs approach, an emergency
reserve fund's primary purpose is to - answer
cover the cost of unexpected expenses
,Which of the following provisions allows an insured
or the insurer to terminate the policy - answer
Cancelable provision
How much is normally paid to a policyowner in a
life (viatical) settlement? - answer Less than the
death benefit
For purposes of disability income insurance,
earned income would include all of the following
EXCEPT - answer Dividends
(Salary, commissions, bonus)
Which type of group plan is excluded from HIPAA
rules? - answer Disability Income
How does a continuous premium whole life policy
differ from a limited payment while life policy? -
answer The time period in which premiums will be
paid
COBRA extends coverage for a surviving spouse
but at a rate not more than _____ of the group
premium. - answer 102%
,Which of the following approves continuing
education courses for credit in Virginia? - answer
State Continuing Education Board
Which statement regarding the waiver of premium
rider is accurate? - answer Cash payment is not
directly provided to the policyowner
Under a long-term care inflation rider, the benefit
levels - answer periodically increase without
proof of insurability
Which typically changes at the re-entry option date
found in some term life policies? - answer
Premium
Employees generally receive Worker's
Compensation benefits for - answer Lost wages
and medical expenses due to a occupational
accident
Which is an accurate description of the premium in
a graded premium life insurance policy? - answer
Annual increases in premium for a stated number
of years then levels off for the remainder of the
contract
, A 55 year old recently received a $30,000
distribution from a previous employer's 401k plan,
minus $6,000 withholding. Which federal taxes
apply if none of the funds were rolled over? -
answer Income taxes plus a 10% penalty tax on
$30,000
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments
are permitted and the income stream begins in 15
years. This contract is a(n) - answer Single
Premium Deferred Annuity
Medicare will cover a maximum of how many days
per benefit period in a skilled nursing facility? -
answer 100 days
A domestic insurance company in Virginia MUST -
answer Be formed under Virginia insurance laws
What are premium for group credit life insurance
based on? - answer Flat rate unrelated to the
borrower's age
What minimum percentage of all eligible
employees must participate in a group life
insurance plan if the premiums are completely paid
for by the employer?
questions fully solved & updated
2025
Insurable inter in one's own life is legally
considered as - answer Generally unlimited
Where dose the primary funding for medical part A
come from? - answer Federal payroll and self
employment taxes
What would be a valid reason for naming a trust as
the beneficiary of a life insurance policy as
opposed to naming an individual? - answer
Management of proceeds would be provided
Virginia requires that an agent must complete___
hours of continuing education on the subject of
ethics every reporting. - answer 3 hours
According to the needs approach, an emergency
reserve fund's primary purpose is to - answer
cover the cost of unexpected expenses
,Which of the following provisions allows an insured
or the insurer to terminate the policy - answer
Cancelable provision
How much is normally paid to a policyowner in a
life (viatical) settlement? - answer Less than the
death benefit
For purposes of disability income insurance,
earned income would include all of the following
EXCEPT - answer Dividends
(Salary, commissions, bonus)
Which type of group plan is excluded from HIPAA
rules? - answer Disability Income
How does a continuous premium whole life policy
differ from a limited payment while life policy? -
answer The time period in which premiums will be
paid
COBRA extends coverage for a surviving spouse
but at a rate not more than _____ of the group
premium. - answer 102%
,Which of the following approves continuing
education courses for credit in Virginia? - answer
State Continuing Education Board
Which statement regarding the waiver of premium
rider is accurate? - answer Cash payment is not
directly provided to the policyowner
Under a long-term care inflation rider, the benefit
levels - answer periodically increase without
proof of insurability
Which typically changes at the re-entry option date
found in some term life policies? - answer
Premium
Employees generally receive Worker's
Compensation benefits for - answer Lost wages
and medical expenses due to a occupational
accident
Which is an accurate description of the premium in
a graded premium life insurance policy? - answer
Annual increases in premium for a stated number
of years then levels off for the remainder of the
contract
, A 55 year old recently received a $30,000
distribution from a previous employer's 401k plan,
minus $6,000 withholding. Which federal taxes
apply if none of the funds were rolled over? -
answer Income taxes plus a 10% penalty tax on
$30,000
Sylvia purchased an annuity for $100,000 from the
proceeds of an inheritance. No further payments
are permitted and the income stream begins in 15
years. This contract is a(n) - answer Single
Premium Deferred Annuity
Medicare will cover a maximum of how many days
per benefit period in a skilled nursing facility? -
answer 100 days
A domestic insurance company in Virginia MUST -
answer Be formed under Virginia insurance laws
What are premium for group credit life insurance
based on? - answer Flat rate unrelated to the
borrower's age
What minimum percentage of all eligible
employees must participate in a group life
insurance plan if the premiums are completely paid
for by the employer?
