Virginia Life and Health Practice Final Exam with Complete Solutions

Virginia Life and Health Practice Final Exam with Complete Solutions Under which circumstance may an insurer discontinue a small employer group medical plan? Employer fails to pay the premium prior to the end of the grace period An insured is covered with a health insurance policy. If the insured would like to cancel the policy, he/she must notify the insurance company in writing Who is protected with the "other insurance with this insurer" provision? Insurance company When a producer submits an application that discloses personal information regarding the applicant, who supplies the privacy notice? Producer Which of the following is NOT a dividend option for a life insurance policy? Receiving the entire policy cash value Chuck and Shaquille are both licensed agents in the same line of insurance. Chuck provides Shaquille with a referral that results in a sale. Commissions on this sale will likely be shared by both agents In Virginia, once a life insurance policy has been in force for ___ year(s), it becomes incontestable. 2 A licensee who must complete continuing education as a requirement for license renewal must do so every ___ year(s). 2 The ________ is required to notify the Bureau of Insurance of a licensee's change of name or address licensee An agent must maintain customer records for ___ year(s) following the completion date of the insurance transaction. 5 When an insurer discovers (during the claim process) that the insured's age was accidentally misstated on the life insurance application, the insurer will likely pay an amount the premiums would have purchased at the insured's actual age Which of the following does NOT fall under "hospital care" in a typical health maintenance organization (HMO) plan? Private duty nursing An agent MUST notify the Bureau of Insurance for conducting business under an assumed name A Guaranteed Renewable provision allows premiums which can only be increased per rate class Carlos the agent has sold an insurance policy and will be sharing the commission with another individual. Which of the following individuals may Carlos share the commission with? Another licensed but unappointed agent Mike applied for life insurance and was issued a conditional receipt. He is later found to be insurable and is issued a policy. When does his coverage become effective? Date of issuance of the conditional receipt What is the guaranteed cash value of a whole life insurance policy when the insured turns 65 years old? Less than the policy's face amount Which of these is NOT a factor during the health insurance underwriting process? Former residence Which of the following does NOT meet the requirements of "skilled nursing care"? Must be provided exclusively in a hospital Insurance crimes which affect interstate commerce are prosecuted by the US Attorney General An employee welfare plan exempt from ERISA regulations would be church plans After an annuity has been in force for ___ year(s), it becomes incontestable. 2 Which life insurance settlement option