1 Exampromax - Stuvia US
Chapter Exam - Virginia Laws and Rules
Questions and Answers 100% Correct Answers
Already Graded A+
Q: Question 1Select the appropriate response
Under the Health Insurance Portability and Accountability Act (HIPAA),
all of the following qualify as creditable coverage EXCEPT
Exampromax - Stuvia US
accident only
individual major medical
Medicare
group major medical
Ans: accident only
Q: Select the appropriate response
An agency has moved the office to a commercial office complex less than 5
miles from the current office location. The agency must notify the Bureau of
Insurance within how many calendar days of such change in office location?
10 days
20 days
30 days
No requirement since the new office is less than 5 miles from the prior
office location
Ans: 30 days
, 2 Exampromax - Stuvia US
Q: Insurance agents MUST maintain premiums in a fiduciary capacity and
remit them
at any time the agent deems appropriate
in the ordinary course of business
within 1 year
within 6 months of receipt
Ans: in the ordinary course of business
Q: Select the appropriate response
An insurer may pay commissions directly to any person for services as an
agent provided the agent
Exampromax - Stuvia US
is licensed
is licensed and appointed
works for a licensed agency even if the agent is unlicensed
has applied to take the licensing examination
Ans: is licensed and appointed
Q: An Accident & Health policy must provide Essential Benefits without
annual and lifetime limits when purchased
individually from commercial providers
through Medicare
in a group plan from commercial providers
individually or with group coverage through the Federal Marketplace
Ans: individually or with group coverage through the Federal Marketplace
Q: In Virginia, an insurance agent is BEST defined as
a person appointed by more than one insurance company to issue policies
a person who sells, solicits, or negotiates contracts of insurance or annuity
, 3 Exampromax - Stuvia US
a person who places insurance with nonadmitted companies
an employee of an insurance company who has the authority to underwrite
insurance
Ans: a person who sells, solicits, or negotiates contracts of insurance or annuity
Q: If a licensed resident insurance agent moves out of state, which of the
following will occur?
The agent will lose commissions
The agent's license shall terminate immediately
The agent will automatically receive a license in the new home state
The Bureau of Insurance will contact all the agent's policyholders
Ans: The agent's license shall terminate immediately
Exampromax - Stuvia US
Q: An agent must maintain records of insurance transactions for a
MINIMUM of how many previous calendar years?
1
2
3
5
Ans: 3
Q: The Virginia Commissioner of Insurance has the authority to examine
the business records of all of the following entities EXCEPT
insurance agents
insurance companies
insurance consultants
life insurance master policyholders
Ans: life insurance master policyholders
Q: A Long Term Care insurance contract shall provide coverage for a
minimum of how many months?
Chapter Exam - Virginia Laws and Rules
Questions and Answers 100% Correct Answers
Already Graded A+
Q: Question 1Select the appropriate response
Under the Health Insurance Portability and Accountability Act (HIPAA),
all of the following qualify as creditable coverage EXCEPT
Exampromax - Stuvia US
accident only
individual major medical
Medicare
group major medical
Ans: accident only
Q: Select the appropriate response
An agency has moved the office to a commercial office complex less than 5
miles from the current office location. The agency must notify the Bureau of
Insurance within how many calendar days of such change in office location?
10 days
20 days
30 days
No requirement since the new office is less than 5 miles from the prior
office location
Ans: 30 days
, 2 Exampromax - Stuvia US
Q: Insurance agents MUST maintain premiums in a fiduciary capacity and
remit them
at any time the agent deems appropriate
in the ordinary course of business
within 1 year
within 6 months of receipt
Ans: in the ordinary course of business
Q: Select the appropriate response
An insurer may pay commissions directly to any person for services as an
agent provided the agent
Exampromax - Stuvia US
is licensed
is licensed and appointed
works for a licensed agency even if the agent is unlicensed
has applied to take the licensing examination
Ans: is licensed and appointed
Q: An Accident & Health policy must provide Essential Benefits without
annual and lifetime limits when purchased
individually from commercial providers
through Medicare
in a group plan from commercial providers
individually or with group coverage through the Federal Marketplace
Ans: individually or with group coverage through the Federal Marketplace
Q: In Virginia, an insurance agent is BEST defined as
a person appointed by more than one insurance company to issue policies
a person who sells, solicits, or negotiates contracts of insurance or annuity
, 3 Exampromax - Stuvia US
a person who places insurance with nonadmitted companies
an employee of an insurance company who has the authority to underwrite
insurance
Ans: a person who sells, solicits, or negotiates contracts of insurance or annuity
Q: If a licensed resident insurance agent moves out of state, which of the
following will occur?
The agent will lose commissions
The agent's license shall terminate immediately
The agent will automatically receive a license in the new home state
The Bureau of Insurance will contact all the agent's policyholders
Ans: The agent's license shall terminate immediately
Exampromax - Stuvia US
Q: An agent must maintain records of insurance transactions for a
MINIMUM of how many previous calendar years?
1
2
3
5
Ans: 3
Q: The Virginia Commissioner of Insurance has the authority to examine
the business records of all of the following entities EXCEPT
insurance agents
insurance companies
insurance consultants
life insurance master policyholders
Ans: life insurance master policyholders
Q: A Long Term Care insurance contract shall provide coverage for a
minimum of how many months?
