Chapter Exam-Virginia Laws and
Rules Questions and Answers
The free look period provided in a life insurance policy is usually - <CORRECT ANSWER >>10 or
more days
A prospective client was intimidated by an agent to purchase an insurance contract. The agent
could be found guilty of - <CORRECT ANSWER >>Coercion
Medicare supplement policies in Virginia may contain - <CORRECT ANSWER >>Neither waiting
periods nor preexisting conditions exclusions
Mentally or physically handicapped children MUST be covered under an individual health
insurance policy - <CORRECT ANSWER >>Until they become self-supportive
Which of these is not an unfair claims settlement practice? - <CORRECT ANSWER >>Offering to
settle a claim by arbitration
An agent Does NOT need to notify the Bureau of insurance of a - <CORRECT ANSWER >>Change
in financial stats
The Affordable care act's premium rating process includes each of the following EXCEPT -
<CORRECT ANSWER >>Employment status
When testing for the human immunodeficiency virus (HIV), Virginia law requires a consent form
- <CORRECT ANSWER >>That discloses who may receive a copy of the results
What action may the bureau of insurance take when it finds that a license applicant is not
competent untrustworthy? - <CORRECT ANSWER >>Declining to issue the license
, The per-existing conditions exclusion under a small employer Medicare plan - <CORRECT
ANSWER >>May be particularly or fully sacrificed by having creditable coverage with a previous
employer
The Virginia life,Accident, and sickness insurance guaranty fund protects an insured in the event
of - <CORRECT ANSWER >>The insurer's insolvency
A long-term care policy in Virginia must be issued on which of the following basis - <CORRECT
ANSWER >>Guaranteed renewable
A(n)_insurance company conducts business in state outside the one in which it is domiciled -
<CORRECT ANSWER >>Foreign
An agent who willfully violates the insurance code may, after a hearing, pay UP TO _________
per violation as a penalty - <CORRECT ANSWER >>$5,000
What is the primary reason for the state corporation commission's examination of an agent's
insurance record? - <CORRECT ANSWER >>To determine compliance with state insurance laws
and regulations
Virginia offers in extended OCBRA insurance plan for companies with - <CORRECT ANSWER >>2-
19 employees
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 - <CORRECT ANSWER >>disclose
that premium payments may need to be resumed depending on actual results
An example of misrepresentation is - <CORRECT ANSWER >>Falsifying the terms, benefits,
advantages, or conditions of an insurance policy
Rules Questions and Answers
The free look period provided in a life insurance policy is usually - <CORRECT ANSWER >>10 or
more days
A prospective client was intimidated by an agent to purchase an insurance contract. The agent
could be found guilty of - <CORRECT ANSWER >>Coercion
Medicare supplement policies in Virginia may contain - <CORRECT ANSWER >>Neither waiting
periods nor preexisting conditions exclusions
Mentally or physically handicapped children MUST be covered under an individual health
insurance policy - <CORRECT ANSWER >>Until they become self-supportive
Which of these is not an unfair claims settlement practice? - <CORRECT ANSWER >>Offering to
settle a claim by arbitration
An agent Does NOT need to notify the Bureau of insurance of a - <CORRECT ANSWER >>Change
in financial stats
The Affordable care act's premium rating process includes each of the following EXCEPT -
<CORRECT ANSWER >>Employment status
When testing for the human immunodeficiency virus (HIV), Virginia law requires a consent form
- <CORRECT ANSWER >>That discloses who may receive a copy of the results
What action may the bureau of insurance take when it finds that a license applicant is not
competent untrustworthy? - <CORRECT ANSWER >>Declining to issue the license
, The per-existing conditions exclusion under a small employer Medicare plan - <CORRECT
ANSWER >>May be particularly or fully sacrificed by having creditable coverage with a previous
employer
The Virginia life,Accident, and sickness insurance guaranty fund protects an insured in the event
of - <CORRECT ANSWER >>The insurer's insolvency
A long-term care policy in Virginia must be issued on which of the following basis - <CORRECT
ANSWER >>Guaranteed renewable
A(n)_insurance company conducts business in state outside the one in which it is domiciled -
<CORRECT ANSWER >>Foreign
An agent who willfully violates the insurance code may, after a hearing, pay UP TO _________
per violation as a penalty - <CORRECT ANSWER >>$5,000
What is the primary reason for the state corporation commission's examination of an agent's
insurance record? - <CORRECT ANSWER >>To determine compliance with state insurance laws
and regulations
Virginia offers in extended OCBRA insurance plan for companies with - <CORRECT ANSWER >>2-
19 employees
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 - <CORRECT ANSWER >>disclose
that premium payments may need to be resumed depending on actual results
An example of misrepresentation is - <CORRECT ANSWER >>Falsifying the terms, benefits,
advantages, or conditions of an insurance policy
