Virginia Life and Health Exam Review/ Questions
with Certified Solutions
Life insurance applications require a signature from: - ANSWER -The
agent, insured, and policyowner.
The cheapest premium payment mode would be on a policy that is paid:
- ANSWER -Annually
If an applicant misstates their age on an insurance application, what
does the insurer do when it is discovered at claim time? - ANSWER -
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: -
ANSWER -Survivorship life
A decreasing term life policy would be the most appropriate for: -
ANSWER -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: - ANSWER -Issue the applicant a conditional
receipt.
What type group plan requires 75% participation? - ANSWER -
Contributory
, How much time does a licensee have to notify the Commissioner of
Insurance of any change of residential, mailing, or business address? -
ANSWER -30 days
The services are provided on a prepaid per person basis called
capitation in: - ANSWER -HMOs
In life insurance, insurable interest must be present at the time of: -
ANSWER -Application
Mr. Johnson is looking at Medicare Supplement policies. These policies
are designed primarily to: - ANSWER -Provide benefits not covered by
Medicare.
If the cash values of an annuity are invested in securities, it is a: -
ANSWER -Variable annuity
What is a marketing communication that is oral, printed, or written and
designed to create public interest in life insurance or annuities? -
ANSWER -Advertisement
What is the minimum time required for the basis of a long-term policy?
- ANSWER -12 consecutive months
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? - ANSWER -Cash surrender
On January 3, an application is submitted without the initial premium.
The insurer requires a medical exam, and it is completed on January 15.
, On January 20, the insurer issued the policy standard, and the producer
delivers it on January 22. When is coverage effective? - ANSWER -
January 22, after the statement of good health is signed, and the initial
premium is paid.
What part of the policy directs the insurer on the recipients of benefits?
- ANSWER -Payment of Claims provision
What is the advantage of a payor benefit rider? - ANSWER -It provides
a temporary waiver of premium if the person paying the premium dies.
Dylan tells the insurer to keep the dividend and apply it to his next
premium. He is using which dividend option? - ANSWER -Reduction
of premium
The Commissioner is responsible for all of the following in Virginia,
EXCEPT: - ANSWER -Enactment of insurance laws
How many hours of continuing education for 1 line of authority must
insurance agents complete every 2 years? - ANSWER -16 hours
If James has an increasing term policy, which of the following must
increase? - ANSWER -The death benefit
The manner in which the proceeds of a life policy are handled are
specified in what provision? - ANSWER -Settlement options
The manner in which the proceeds of a life policy are handled are
specified in what provision? - ANSWER -Settlement options
with Certified Solutions
Life insurance applications require a signature from: - ANSWER -The
agent, insured, and policyowner.
The cheapest premium payment mode would be on a policy that is paid:
- ANSWER -Annually
If an applicant misstates their age on an insurance application, what
does the insurer do when it is discovered at claim time? - ANSWER -
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: -
ANSWER -Survivorship life
A decreasing term life policy would be the most appropriate for: -
ANSWER -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: - ANSWER -Issue the applicant a conditional
receipt.
What type group plan requires 75% participation? - ANSWER -
Contributory
, How much time does a licensee have to notify the Commissioner of
Insurance of any change of residential, mailing, or business address? -
ANSWER -30 days
The services are provided on a prepaid per person basis called
capitation in: - ANSWER -HMOs
In life insurance, insurable interest must be present at the time of: -
ANSWER -Application
Mr. Johnson is looking at Medicare Supplement policies. These policies
are designed primarily to: - ANSWER -Provide benefits not covered by
Medicare.
If the cash values of an annuity are invested in securities, it is a: -
ANSWER -Variable annuity
What is a marketing communication that is oral, printed, or written and
designed to create public interest in life insurance or annuities? -
ANSWER -Advertisement
What is the minimum time required for the basis of a long-term policy?
- ANSWER -12 consecutive months
Alex's life policy lapsed, which Nonforfeiture option would the insurer
send him the value of the policy? - ANSWER -Cash surrender
On January 3, an application is submitted without the initial premium.
The insurer requires a medical exam, and it is completed on January 15.
, On January 20, the insurer issued the policy standard, and the producer
delivers it on January 22. When is coverage effective? - ANSWER -
January 22, after the statement of good health is signed, and the initial
premium is paid.
What part of the policy directs the insurer on the recipients of benefits?
- ANSWER -Payment of Claims provision
What is the advantage of a payor benefit rider? - ANSWER -It provides
a temporary waiver of premium if the person paying the premium dies.
Dylan tells the insurer to keep the dividend and apply it to his next
premium. He is using which dividend option? - ANSWER -Reduction
of premium
The Commissioner is responsible for all of the following in Virginia,
EXCEPT: - ANSWER -Enactment of insurance laws
How many hours of continuing education for 1 line of authority must
insurance agents complete every 2 years? - ANSWER -16 hours
If James has an increasing term policy, which of the following must
increase? - ANSWER -The death benefit
The manner in which the proceeds of a life policy are handled are
specified in what provision? - ANSWER -Settlement options
The manner in which the proceeds of a life policy are handled are
specified in what provision? - ANSWER -Settlement options
