Page | 1
Virginia Laws and Rules Questions and
Answers (Expert Solutions)
Q: A policy loan provision is not required in which of the following types of policies?
ANS 🗹🗹: Term Life
Q:
An insurance licensee is required to provide records of insurance transactions to the State
Corporation Commission:
ANS 🗹🗹: Promptly upon request for examination of the licensee
Q:
Testimonials used in Accident & Health insurance must meet all of the following
requirements, EXCEPT:
ANS 🗹🗹: They must be approved by the Virginia Commissioner of Insurance
Q:
The Virginia Commissioner of Insurance has the authority to examine the business
records of all of the following entities, EXCEPT:
ANS 🗹🗹: life insurance master policyholders
Q:
The purpose of the Rules Governing Life Insurance and Annuity Replacements is to:
ANS 🗹🗹: reduce the opportunity for misrepresentation and incomplete disclosure
Q:
Health coverage provided under the Affordable Care Act (ACA) shall be made available
for dependents until the child attains the age of:
ANS 🗹🗹: 26
Q:
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An insurance agent is in violation of the Rules Governing Advertisement of Life
Insurance and Annuities if the agent takes which of the following actions during a sales
presentation?
ANS 🗹🗹: Refers to guaranteed policy dividends
Q:
The Commission may suspend or revoke the license of an agent who takes any of the
following actions EXCEPT
ANS 🗹🗹: represents more than one insurance company
Q:
When soliciting a Medicare Supplement policy, an insurance agent should advise an
applicant that the:
ANS 🗹🗹: agent is there to determine what, if any, policy is appropriate for the
purchaser, considering existing coverage
Q:
The act of offering an applicant something of value as an inducement to purchase a policy
of insurance is:
ANS 🗹🗹: rebating
Q:
Medicare supplement insurance is issued by
ANS 🗹🗹: insurance companies
Q:
An advertisement stating that an agent is licensed for a line of authority, when that agent
is not licensed for that line of authority, is:
ANS 🗹🗹: false advertising
Q:
An agent must maintain records of insurance transactions for a MINIMUM of how many
previous calendar years?
ANS 🗹🗹: 3
Q:
Virginia Laws and Rules Questions and
Answers (Expert Solutions)
Q: A policy loan provision is not required in which of the following types of policies?
ANS 🗹🗹: Term Life
Q:
An insurance licensee is required to provide records of insurance transactions to the State
Corporation Commission:
ANS 🗹🗹: Promptly upon request for examination of the licensee
Q:
Testimonials used in Accident & Health insurance must meet all of the following
requirements, EXCEPT:
ANS 🗹🗹: They must be approved by the Virginia Commissioner of Insurance
Q:
The Virginia Commissioner of Insurance has the authority to examine the business
records of all of the following entities, EXCEPT:
ANS 🗹🗹: life insurance master policyholders
Q:
The purpose of the Rules Governing Life Insurance and Annuity Replacements is to:
ANS 🗹🗹: reduce the opportunity for misrepresentation and incomplete disclosure
Q:
Health coverage provided under the Affordable Care Act (ACA) shall be made available
for dependents until the child attains the age of:
ANS 🗹🗹: 26
Q:
, Page | 2
An insurance agent is in violation of the Rules Governing Advertisement of Life
Insurance and Annuities if the agent takes which of the following actions during a sales
presentation?
ANS 🗹🗹: Refers to guaranteed policy dividends
Q:
The Commission may suspend or revoke the license of an agent who takes any of the
following actions EXCEPT
ANS 🗹🗹: represents more than one insurance company
Q:
When soliciting a Medicare Supplement policy, an insurance agent should advise an
applicant that the:
ANS 🗹🗹: agent is there to determine what, if any, policy is appropriate for the
purchaser, considering existing coverage
Q:
The act of offering an applicant something of value as an inducement to purchase a policy
of insurance is:
ANS 🗹🗹: rebating
Q:
Medicare supplement insurance is issued by
ANS 🗹🗹: insurance companies
Q:
An advertisement stating that an agent is licensed for a line of authority, when that agent
is not licensed for that line of authority, is:
ANS 🗹🗹: false advertising
Q:
An agent must maintain records of insurance transactions for a MINIMUM of how many
previous calendar years?
ANS 🗹🗹: 3
Q:
