Virginia Life and Health Exam Review
(Question & Answers 2025)
What contract term means only one party to a contract's promises are
legally enforceable? - CORRECT ANSWERS ✔✔Unilateral
Mr. Jones, the insured, committed suicide after the expiration of the
suicide clause in his life insurance policy. The insurer is obligated to: -
CORRECT ANSWERS ✔✔Pay the death benefit.
The benefit that encourages the disabled policy owner to try to return
to work is: - CORRECT ANSWERS ✔✔Recurrent disability
Jeff has limited financial resources, but finds himself in a position where
he needs a good deal of protection. A __________would probably best
suit his needs at this time. - CORRECT ANSWERS ✔✔Term policy
Tyler owns a major medical policy with 70/30 coinsurance and a $3,000
deductible. If he submits a claim for $20,000, how much will he pay? -
CORRECT ANSWERS ✔✔$8,100
Life insurance applications require a signature from: - CORRECT
ANSWERS ✔✔The agent, insured, and policyowner.
The cheapest premium payment mode would be on a policy that is
paid: - CORRECT ANSWERS ✔✔Annually
,Virginia Life and Health Exam Review
(Question & Answers 2025)
If an applicant misstates their age on an insurance application, what
does the insurer do when it is discovered at claim time? - CORRECT
ANSWERS ✔✔Adjust the claim benefits to reflect what he would
have been entitled to if his real age had been given.
Phil and Sarah bought a life policy in which both are insured. Sarah dies
before Phil. If the policy pays the death benefit after Phil dies, it is a: -
CORRECT ANSWERS ✔✔Survivorship life
A decreasing term life policy would be the most appropriate for: -
CORRECT ANSWERS ✔✔A 41 year old lawyer who wants a policy to
pay his mortgage if he dies
When an insured completed his health policy application, his producer
did not take a premium when he submitted it to the insurer. When the
producer delivers the policy to the applicant, he needs to do all of the
following EXCEPT: - CORRECT ANSWERS ✔✔Issue the applicant a
conditional receipt.
What type group plan requires 75% participation? - CORRECT
ANSWERS ✔✔Contributory
How much time does a licensee have to notify the Commissioner of
Insurance of any change of residential, mailing, or business address? -
CORRECT ANSWERS ✔✔30 days
, Virginia Life and Health Exam Review
(Question & Answers 2025)
The services are provided on a prepaid per person basis called
capitation in: - CORRECT ANSWERS ✔✔HMOs
In life insurance, insurable interest must be present at the time of: -
CORRECT ANSWERS ✔✔Application
Mr. Johnson is looking at Medicare Supplement policies. These policies
are designed primarily to: - CORRECT ANSWERS ✔✔Provide
benefits not covered by Medicare.
If the cash values of an annuity are invested in securities, it is a: -
CORRECT ANSWERS ✔✔Variable annuity
What is a marketing communication that is oral, printed, or written and
designed to create public interest in life insurance or annuities? -
CORRECT ANSWERS ✔✔Advertisement
What is the minimum time required for the basis of a long-term policy?
- CORRECT ANSWERS ✔✔12 consecutive months
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? - CORRECT ANSWERS ✔✔Cash
surrender
(Question & Answers 2025)
What contract term means only one party to a contract's promises are
legally enforceable? - CORRECT ANSWERS ✔✔Unilateral
Mr. Jones, the insured, committed suicide after the expiration of the
suicide clause in his life insurance policy. The insurer is obligated to: -
CORRECT ANSWERS ✔✔Pay the death benefit.
The benefit that encourages the disabled policy owner to try to return
to work is: - CORRECT ANSWERS ✔✔Recurrent disability
Jeff has limited financial resources, but finds himself in a position where
he needs a good deal of protection. A __________would probably best
suit his needs at this time. - CORRECT ANSWERS ✔✔Term policy
Tyler owns a major medical policy with 70/30 coinsurance and a $3,000
deductible. If he submits a claim for $20,000, how much will he pay? -
CORRECT ANSWERS ✔✔$8,100
Life insurance applications require a signature from: - CORRECT
ANSWERS ✔✔The agent, insured, and policyowner.
The cheapest premium payment mode would be on a policy that is
paid: - CORRECT ANSWERS ✔✔Annually
,Virginia Life and Health Exam Review
(Question & Answers 2025)
If an applicant misstates their age on an insurance application, what
does the insurer do when it is discovered at claim time? - CORRECT
ANSWERS ✔✔Adjust the claim benefits to reflect what he would
have been entitled to if his real age had been given.
Phil and Sarah bought a life policy in which both are insured. Sarah dies
before Phil. If the policy pays the death benefit after Phil dies, it is a: -
CORRECT ANSWERS ✔✔Survivorship life
A decreasing term life policy would be the most appropriate for: -
CORRECT ANSWERS ✔✔A 41 year old lawyer who wants a policy to
pay his mortgage if he dies
When an insured completed his health policy application, his producer
did not take a premium when he submitted it to the insurer. When the
producer delivers the policy to the applicant, he needs to do all of the
following EXCEPT: - CORRECT ANSWERS ✔✔Issue the applicant a
conditional receipt.
What type group plan requires 75% participation? - CORRECT
ANSWERS ✔✔Contributory
How much time does a licensee have to notify the Commissioner of
Insurance of any change of residential, mailing, or business address? -
CORRECT ANSWERS ✔✔30 days
, Virginia Life and Health Exam Review
(Question & Answers 2025)
The services are provided on a prepaid per person basis called
capitation in: - CORRECT ANSWERS ✔✔HMOs
In life insurance, insurable interest must be present at the time of: -
CORRECT ANSWERS ✔✔Application
Mr. Johnson is looking at Medicare Supplement policies. These policies
are designed primarily to: - CORRECT ANSWERS ✔✔Provide
benefits not covered by Medicare.
If the cash values of an annuity are invested in securities, it is a: -
CORRECT ANSWERS ✔✔Variable annuity
What is a marketing communication that is oral, printed, or written and
designed to create public interest in life insurance or annuities? -
CORRECT ANSWERS ✔✔Advertisement
What is the minimum time required for the basis of a long-term policy?
- CORRECT ANSWERS ✔✔12 consecutive months
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? - CORRECT ANSWERS ✔✔Cash
surrender
