Final exam-Virginia life and Health
Question and answers rated A+
2025/2026
Insurable inter in one's own life is legally considered as - correct answer ✔Generally unlimited
Where dose the primary funding for medical part A come from? - correct answer ✔Federal payroll and
self employment taxes
What would be a valid reason for naming a trust as the beneficiary of a life insurance policy as opposed
to naming an individual? - correct answer ✔Management of proceeds would be provided
Virginia requires that an agent must complete___ hours of continuing education on the subject of ethics
every reporting. - correct answer ✔3 hours
According to the needs approach, an emergency reserve fund's primary purpose is to - correct answer
✔cover the cost of unexpected expenses
Which of the following provisions allows an insured or the insurer to terminate the policy - correct
answer ✔Cancelable provision
How much is normally paid to a policyowner in a life (viatical) settlement? - correct answer ✔Less than
the death benefit
For purposes of disability income insurance, earned income would include all of the following EXCEPT -
correct answer ✔Dividends
(Salary, commissions, bonus)
,Which type of group plan is excluded from HIPAA rules? - correct answer ✔Disability Income
How does a continuous premium whole life policy differ from a limited payment while life policy? -
correct answer ✔The time period in which premiums will be paid
COBRA extends coverage for a surviving spouse but at a rate not more than _____ of the group
premium. - correct answer ✔102%
Which of the following approves continuing education courses for credit in Virginia? - correct answer
✔State Continuing Education Board
Which statement regarding the waiver of premium rider is accurate? - correct answer ✔Cash payment
is not directly provided to the policyowner
Under a long-term care inflation rider, the benefit levels - correct answer ✔periodically increase
without proof of insurability
Which typically changes at the re-entry option date found in some term life policies? - correct answer
✔Premium
Employees generally receive Worker's Compensation benefits for - correct answer ✔Lost wages and
medical expenses due to a occupational accident
Which is an accurate description of the premium in a graded premium life insurance policy? - correct
answer ✔Annual increases in premium for a stated number of years then levels off for the remainder of
the contract
, A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus
$6,000 withholding. Which federal taxes apply if none of the funds were rolled over? - correct answer
✔Income taxes plus a 10% penalty tax on $30,000
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - correct answer ✔Single
Premium Deferred Annuity
Medicare will cover a maximum of how many days per benefit period in a skilled nursing facility? -
correct answer ✔100 days
A domestic insurance company in Virginia MUST - correct answer ✔Be formed under Virginia insurance
laws
What are premium for group credit life insurance based on? - correct answer ✔Flat rate unrelated to
the borrower's age
What minimum percentage of all eligible employees must participate in a group life insurance plan if the
premiums are completely paid for by the employer?
0%
50%
75%
100% - correct answer ✔100%
Where will a life insurance policy's proceeds be directed to if all the beneficiaries die before the insured?
- correct answer ✔The insured's estate
Question and answers rated A+
2025/2026
Insurable inter in one's own life is legally considered as - correct answer ✔Generally unlimited
Where dose the primary funding for medical part A come from? - correct answer ✔Federal payroll and
self employment taxes
What would be a valid reason for naming a trust as the beneficiary of a life insurance policy as opposed
to naming an individual? - correct answer ✔Management of proceeds would be provided
Virginia requires that an agent must complete___ hours of continuing education on the subject of ethics
every reporting. - correct answer ✔3 hours
According to the needs approach, an emergency reserve fund's primary purpose is to - correct answer
✔cover the cost of unexpected expenses
Which of the following provisions allows an insured or the insurer to terminate the policy - correct
answer ✔Cancelable provision
How much is normally paid to a policyowner in a life (viatical) settlement? - correct answer ✔Less than
the death benefit
For purposes of disability income insurance, earned income would include all of the following EXCEPT -
correct answer ✔Dividends
(Salary, commissions, bonus)
,Which type of group plan is excluded from HIPAA rules? - correct answer ✔Disability Income
How does a continuous premium whole life policy differ from a limited payment while life policy? -
correct answer ✔The time period in which premiums will be paid
COBRA extends coverage for a surviving spouse but at a rate not more than _____ of the group
premium. - correct answer ✔102%
Which of the following approves continuing education courses for credit in Virginia? - correct answer
✔State Continuing Education Board
Which statement regarding the waiver of premium rider is accurate? - correct answer ✔Cash payment
is not directly provided to the policyowner
Under a long-term care inflation rider, the benefit levels - correct answer ✔periodically increase
without proof of insurability
Which typically changes at the re-entry option date found in some term life policies? - correct answer
✔Premium
Employees generally receive Worker's Compensation benefits for - correct answer ✔Lost wages and
medical expenses due to a occupational accident
Which is an accurate description of the premium in a graded premium life insurance policy? - correct
answer ✔Annual increases in premium for a stated number of years then levels off for the remainder of
the contract
, A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus
$6,000 withholding. Which federal taxes apply if none of the funds were rolled over? - correct answer
✔Income taxes plus a 10% penalty tax on $30,000
Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are
permitted and the income stream begins in 15 years. This contract is a(n) - correct answer ✔Single
Premium Deferred Annuity
Medicare will cover a maximum of how many days per benefit period in a skilled nursing facility? -
correct answer ✔100 days
A domestic insurance company in Virginia MUST - correct answer ✔Be formed under Virginia insurance
laws
What are premium for group credit life insurance based on? - correct answer ✔Flat rate unrelated to
the borrower's age
What minimum percentage of all eligible employees must participate in a group life insurance plan if the
premiums are completely paid for by the employer?
0%
50%
75%
100% - correct answer ✔100%
Where will a life insurance policy's proceeds be directed to if all the beneficiaries die before the insured?
- correct answer ✔The insured's estate
