VA Life Insurance Practice Exam (90
Xcel)
P is a producer who notices 5 questions on a life application were not answered. What
actions should P take? - correct answer✔ ✔ Set up a meeting with the applicant to
answer the remaining questions
K buys a policy where the premium stays fixed for the first 5 years. The premium then
increases in year 6 and stays level thereafter, all the while the death benefit remains the
same. What kind of policy is this? - correct answer✔ ✔ Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance
agent's license? - correct answer✔ ✔ Participating in the act of twisting
Post-tax dollar contributions are found in: - correct answer✔ ✔ Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? -
correct answer✔ ✔ Group must be formed for a purpose other than obtaining
insurance
, K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was used? - correct
answer✔ ✔ Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits
by December 31 in even number years. - correct answer✔ ✔ 24
J the agent makes false statements to a prospective client about the projected
dividends for a policy. J may be found guilty of - correct answer✔ ✔
misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - correct answer✔
✔ upon death of the last insured
Which provision is NOT a requirement in a group life policy? - correct answer✔ ✔
Accidental
An agent has made false comparisons of policies to induce the sale of an insurance
policy. This illegal act is called - correct answer✔ ✔ twisting
All of these are unfair trade practice EXCEPT - correct answer✔ ✔ Reinsurance
Xcel)
P is a producer who notices 5 questions on a life application were not answered. What
actions should P take? - correct answer✔ ✔ Set up a meeting with the applicant to
answer the remaining questions
K buys a policy where the premium stays fixed for the first 5 years. The premium then
increases in year 6 and stays level thereafter, all the while the death benefit remains the
same. What kind of policy is this? - correct answer✔ ✔ Modified Whole Life
Which of the following would be a valid reason for suspending or revoking an insurance
agent's license? - correct answer✔ ✔ Participating in the act of twisting
Post-tax dollar contributions are found in: - correct answer✔ ✔ Roth IRA investments
Which of the following is a requirement to be eligible for a group life policy in Virginia? -
correct answer✔ ✔ Group must be formed for a purpose other than obtaining
insurance
, K applies for a life insurance policy on herself and submits the initial premium with the
application. She is given a receipt by the agent stating that coverage begins
immediately if the application is approved. What kind of receipt was used? - correct
answer✔ ✔ Conditional
If an agent holds 2 license types, the continuing education requirement is _____ credits
by December 31 in even number years. - correct answer✔ ✔ 24
J the agent makes false statements to a prospective client about the projected
dividends for a policy. J may be found guilty of - correct answer✔ ✔
misrepresentation
When is he face amount paid under a Joint Life and Survivor policy? - correct answer✔
✔ upon death of the last insured
Which provision is NOT a requirement in a group life policy? - correct answer✔ ✔
Accidental
An agent has made false comparisons of policies to induce the sale of an insurance
policy. This illegal act is called - correct answer✔ ✔ twisting
All of these are unfair trade practice EXCEPT - correct answer✔ ✔ Reinsurance
