Final exam- h
Virginia life and Health questions fully solved & up
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dated 2025 h
Insurable inter in one's own life is legally considered as -
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hanswer Generally unlimited
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Where dose the primary funding for medical part A come from? -
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answer Federal payroll and self employment taxes
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What would be a valid reason for naming a trust as the beneficiary of
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a life insurance policy as opposed to naming an individual? -
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answer Management of proceeds would be provided
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Virginia requires that an agent must complete___ hours of continuing
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education on the subject of ethics every reporting. - answer 3 hours
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According to the needs approach, an emergency reserve fund's primar
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y purpose is to - answer cover the cost of unexpected expenses
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Which of the following provisions allows an insured or the insurer to
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terminate the policy - answer Cancelable provision
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How much is normally paid to a policyowner in a life (viatical) settle
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ment? - answer Less than the death benefit
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,For purposes of disability income insurance, earned income would in
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clude all of the following EXCEPT - answer Dividends
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(Salary, commissions, bonus) h h
Which type of group plan is excluded from HIPAA rules? -
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answer Disability Income
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How does a continuous premium whole life policy differ from a limite
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d payment while life policy? -
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answer The time period in which premiums will be paid
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COBRA extends coverage for a surviving spouse but at a rate not mor
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e than _____ of the group premium. - answer 102%
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Which of the following approves continuing education courses for cr
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edit in Virginia? - answer State Continuing Education Board
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Which statement regarding the waiver of premium rider is accurate?
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- answer Cash payment is not directly provided to the policyowner
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Under a long-term care inflation rider, the benefit levels -
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answer periodically increase without proof of insurability
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,Which typically changes at the re-
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entry option date found in some term life policies? -
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answer Premium
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Employees generally receive Worker's Compensation benefits for -
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answer Lost wages and medical expenses due to a occupational acci
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dent
Which is an accurate description of the premium in a graded premiu
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m life insurance policy? -
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answer Annual increases in premium for a stated number of years th
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en levels off for the remainder of the contract
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A 55 year old recently received a $30,000 distribution from a previous
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employer's 401k plan, minus $6,000 withholding. Which federal taxe
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s apply if none of the funds were rolled over? -
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answer Income taxes plus a 10% penalty tax on $30,000
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Sylvia purchased an annuity for $100,000 from the proceeds of an inh
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eritance. No further payments are permitted and the income stream b
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egins in 15 years. This contract is a(n) -
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answer Single Premium Deferred Annuity
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Medicare will cover a maximum of how many days per benefit period
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in a skilled nursing facility? - answer 100 days
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, A domestic insurance company in Virginia MUST -
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answer Be formed under Virginia insurance laws
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What are premium for group credit life insurance based on? -
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answer Flat rate unrelated to the borrower's age
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What minimum percentage of all eligible employees must participate
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in a group life insurance plan if the premiums are completely paid for
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by the employer?
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h 0%
h 50%
h 75%
h 100% - answer 100%
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Where will a life insurance policy's proceeds be directed to if all the b
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eneficiaries die before the insured? - answer The insured's estate
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Under what circumstances does an accident and health insurer have t
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he right to request an autopsy? -
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answer When not prohibited by state law
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Which of these is NOT an unfair claims settlement practice? -
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answer Offering to settle a claim by arbitration
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Virginia life and Health questions fully solved & up
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dated 2025 h
Insurable inter in one's own life is legally considered as -
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hanswer Generally unlimited
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Where dose the primary funding for medical part A come from? -
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answer Federal payroll and self employment taxes
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What would be a valid reason for naming a trust as the beneficiary of
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a life insurance policy as opposed to naming an individual? -
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answer Management of proceeds would be provided
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Virginia requires that an agent must complete___ hours of continuing
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education on the subject of ethics every reporting. - answer 3 hours
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According to the needs approach, an emergency reserve fund's primar
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y purpose is to - answer cover the cost of unexpected expenses
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Which of the following provisions allows an insured or the insurer to
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terminate the policy - answer Cancelable provision
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How much is normally paid to a policyowner in a life (viatical) settle
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ment? - answer Less than the death benefit
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,For purposes of disability income insurance, earned income would in
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clude all of the following EXCEPT - answer Dividends
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(Salary, commissions, bonus) h h
Which type of group plan is excluded from HIPAA rules? -
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answer Disability Income
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How does a continuous premium whole life policy differ from a limite
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d payment while life policy? -
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answer The time period in which premiums will be paid
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COBRA extends coverage for a surviving spouse but at a rate not mor
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e than _____ of the group premium. - answer 102%
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Which of the following approves continuing education courses for cr
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edit in Virginia? - answer State Continuing Education Board
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Which statement regarding the waiver of premium rider is accurate?
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- answer Cash payment is not directly provided to the policyowner
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Under a long-term care inflation rider, the benefit levels -
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answer periodically increase without proof of insurability
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,Which typically changes at the re-
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entry option date found in some term life policies? -
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answer Premium
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Employees generally receive Worker's Compensation benefits for -
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answer Lost wages and medical expenses due to a occupational acci
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dent
Which is an accurate description of the premium in a graded premiu
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m life insurance policy? -
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answer Annual increases in premium for a stated number of years th
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en levels off for the remainder of the contract
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A 55 year old recently received a $30,000 distribution from a previous
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employer's 401k plan, minus $6,000 withholding. Which federal taxe
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s apply if none of the funds were rolled over? -
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answer Income taxes plus a 10% penalty tax on $30,000
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Sylvia purchased an annuity for $100,000 from the proceeds of an inh
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eritance. No further payments are permitted and the income stream b
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egins in 15 years. This contract is a(n) -
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answer Single Premium Deferred Annuity
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Medicare will cover a maximum of how many days per benefit period
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in a skilled nursing facility? - answer 100 days
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, A domestic insurance company in Virginia MUST -
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answer Be formed under Virginia insurance laws
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What are premium for group credit life insurance based on? -
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answer Flat rate unrelated to the borrower's age
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What minimum percentage of all eligible employees must participate
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in a group life insurance plan if the premiums are completely paid for
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by the employer?
h h
h 0%
h 50%
h 75%
h 100% - answer 100%
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Where will a life insurance policy's proceeds be directed to if all the b
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eneficiaries die before the insured? - answer The insured's estate
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Under what circumstances does an accident and health insurer have t
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he right to request an autopsy? -
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answer When not prohibited by state law
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Which of these is NOT an unfair claims settlement practice? -
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answer Offering to settle a claim by arbitration
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