Life and Health Insurance License prep
Which of the following statements is true regarding accident and health insurance claims that
reimburse on an indemnity basis? - ANS Claims can be sent directly to the insured.
Tom the agent negotiates an agreement that unreasonably restrains the business of insurance.
He has likely committed a violation of insurance law that falls under - ANS Boycott, coercion,
and intimidation
Viatical settlement proceeds may be subject to the claims of - ANS creditors
Once an insured notifies an insurer of a claim, what must the insurer do? - ANS Send out a
claim form
What action may the Bureau of Insurance take when it finds that a license applicant is not
competent or untrustworthy? - ANS decline to issue the license
In a long-term care policy issued in Virginia, any provision limiting pre existing conditions may
not exceed - ANS 6 months
administrative actions taken against an agent must be reported to the State Corporation
Commission within how many days of the final disposition - ANS 30
In Virginia, once a life insurance policy has been in force for how many years, it becomes
incontestable - ANS 2
Mentally or physically handicapped dependent children MUST be covered under an individual
health insurance policy - ANS until they become self supportive
Carlos' agent license has been suspended due to non-renewal. He may apply for the
reinstatement within the ---month period following the date when the license should have been
renewed - ANS 12
If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed
values, the illustration used in the sales presentation MUST - ANS disclose that premium
payments may need to be resumed depending on actual results
Which of these is NOT an Unfair Claims Settlement Practice? - ANS Refusing to pay persons
bringing false or fraudulent claims
A prosepective client was intimidated by an agent to purchase an insurance contract. The agent
could be found guilty of - ANS coercion
, The maxiumum prison sentense given under federal law for unfair and deceptive insurance
practices is - ANS 15 years
When replacing an individual Accident and Health policy in Virginia, the required replacement
notice to the applicant must include - ANS Notice that the prior conditions may not be covered
In Virgina, a small employer is comprised of - ANS 2-50
Paul is an agent who is licensed in Virginia but a resident of Maryland. P is consedered to be an
what agent? - ANS nonresident
In VA what records are not required to be maintained by the agent? - ANS Premium quotes for
policies not accepted
An insurance company is marketing a health insurance policy in Virginia which contains a
provision that is in conflict with Virginia insurance law. What remedy must be taken by the
insurer? - ANS The provision must be amended to conform to the minimum statutory
requirements.
A long-term care policy in Virginia must be issued on which of the following basis? - ANS
Guaranteed renewable
Before an individual is permitted to act as an insurance agent, he/she must hold a valid
insurance license and be -----by an authoried insurer - ANS Appointed
In Virginia, an insurer must file a written notice of appointment with the State Corporation
Commission within - ANS 30 days
If a Medicare Supplement policy is cancelled by the insurer, which of these circumstances does
NOT require prior approval by the State Corporation Commission? - ANS non payment of
premium
Once a child is born and covered under an accident and health insurance plan, any reduction in
benefits on the newborn is - ANS strictly prohibited
A insurance company operates outside the state it is domiciled - ANS foreign
Group health insurance issued in Virginia must identify any exclusions, limitations, or reductions
in coverage on which of the following? - ANS The certificate of coverage
In a speech to a local association, an agent incorrectly stated that XY Insurance Company is in
financial difficulty and not paying claims. The agent may be guilty of - ANS defamation
Which of the following statements is true regarding accident and health insurance claims that
reimburse on an indemnity basis? - ANS Claims can be sent directly to the insured.
Tom the agent negotiates an agreement that unreasonably restrains the business of insurance.
He has likely committed a violation of insurance law that falls under - ANS Boycott, coercion,
and intimidation
Viatical settlement proceeds may be subject to the claims of - ANS creditors
Once an insured notifies an insurer of a claim, what must the insurer do? - ANS Send out a
claim form
What action may the Bureau of Insurance take when it finds that a license applicant is not
competent or untrustworthy? - ANS decline to issue the license
In a long-term care policy issued in Virginia, any provision limiting pre existing conditions may
not exceed - ANS 6 months
administrative actions taken against an agent must be reported to the State Corporation
Commission within how many days of the final disposition - ANS 30
In Virginia, once a life insurance policy has been in force for how many years, it becomes
incontestable - ANS 2
Mentally or physically handicapped dependent children MUST be covered under an individual
health insurance policy - ANS until they become self supportive
Carlos' agent license has been suspended due to non-renewal. He may apply for the
reinstatement within the ---month period following the date when the license should have been
renewed - ANS 12
If a life insurance applicant is shown future premiums are to be paid out of non-guaranteed
values, the illustration used in the sales presentation MUST - ANS disclose that premium
payments may need to be resumed depending on actual results
Which of these is NOT an Unfair Claims Settlement Practice? - ANS Refusing to pay persons
bringing false or fraudulent claims
A prosepective client was intimidated by an agent to purchase an insurance contract. The agent
could be found guilty of - ANS coercion
, The maxiumum prison sentense given under federal law for unfair and deceptive insurance
practices is - ANS 15 years
When replacing an individual Accident and Health policy in Virginia, the required replacement
notice to the applicant must include - ANS Notice that the prior conditions may not be covered
In Virgina, a small employer is comprised of - ANS 2-50
Paul is an agent who is licensed in Virginia but a resident of Maryland. P is consedered to be an
what agent? - ANS nonresident
In VA what records are not required to be maintained by the agent? - ANS Premium quotes for
policies not accepted
An insurance company is marketing a health insurance policy in Virginia which contains a
provision that is in conflict with Virginia insurance law. What remedy must be taken by the
insurer? - ANS The provision must be amended to conform to the minimum statutory
requirements.
A long-term care policy in Virginia must be issued on which of the following basis? - ANS
Guaranteed renewable
Before an individual is permitted to act as an insurance agent, he/she must hold a valid
insurance license and be -----by an authoried insurer - ANS Appointed
In Virginia, an insurer must file a written notice of appointment with the State Corporation
Commission within - ANS 30 days
If a Medicare Supplement policy is cancelled by the insurer, which of these circumstances does
NOT require prior approval by the State Corporation Commission? - ANS non payment of
premium
Once a child is born and covered under an accident and health insurance plan, any reduction in
benefits on the newborn is - ANS strictly prohibited
A insurance company operates outside the state it is domiciled - ANS foreign
Group health insurance issued in Virginia must identify any exclusions, limitations, or reductions
in coverage on which of the following? - ANS The certificate of coverage
In a speech to a local association, an agent incorrectly stated that XY Insurance Company is in
financial difficulty and not paying claims. The agent may be guilty of - ANS defamation
