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Virginia Laws and Rules Pertinent to
Insurance Questions and Answers (Expert
Solutions)
Q: All of the following are examples of insurance advertisement EXCEPT
A) A direct mail brochure announcing specific Accident and Health insurance plans
B) A newspaper notice announcing free insurance advice
C) A television spot announcing an insurance company's new product
D) An employer newsletter announcing the availability of coverage for employees
ANS 🗹🗹: D) An employee newsletter announcing the availability of coverage for
employees
Q:
Under the ACA, health coverage is provided for dependents up to the age of
ANS 🗹🗹: 26
Q:
Who issues Medicare Supplement policies
ANS 🗹🗹: Insurance companies
Q:
Which of the following is a requirement to be eligible for a group life policy in Virginia
A) Group must be formed for a purpose other than obtaining insurance
B) Group must designate one of its members to be the name insured
C) Group must have been formed for obtaining insurance
D) Group must include at least 5 employers
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ANS 🗹🗹: A) Group must be formed for a purpose other than obtaining insurance
Q:
An agent who willfully violates the insurance code may, after a hearing, pay UP TO
_________ per violation as a penalty
ANS 🗹🗹: $5,000
Q:
Which of the following coverages does NOT need to be provided under the ACA?
A)Preventative services as set by the CMS
B) Elective cosmetic surgery
C) Emergency services
D) Pre-existing Conditions
ANS 🗹🗹: B) Elective cosmetic surgery
Q:
Which of the following does NOT qualify as a creditable coverage under HIPAA
A) Accident plans
B) Individual major medical plans
C) Medicare plans
D)Group major medical plans
ANS 🗹🗹: A) Accident Plans
Q:
An agent charged an insurance applicant an administration fee. At what point must the
agent give a written disclosure for this fee?
ANS 🗹🗹: Prior to any services being rendered
Q:
Which of the following actions does the Commission in Virginia have the power to
perform
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ANS 🗹🗹: Examine insurer solvency
Q:
An Accident and Health policy is required to provide Essential Benefits without annual
and lifetime limits when purchased individually or with group coverage through
ANS 🗹🗹: the Federal Marketplace
Q:
An insurance agent that solicits a Medicare Supplement policy must disclose to the
applicant that the agent
ANS 🗹🗹: is there to determine what is appropriate for the purchaser, while taking
into consideration any existing coverage
Q:
Which of the following is a requirement for an applicant to receive an agent license in
Virginia
ANS 🗹🗹: Be of good character
Q:
Each Long Term Care policy sold in Virginia must include a Free Look provision that
refunds all premiums within _____ days of policy delivery
ANS 🗹🗹: 30
Q:
What is the qualification for being considered a small group in Virginia
ANS 🗹🗹: 2 to 50 members
Q:
Individual life insurance policies can charge no more than _____ interest per year on cash
value loans
ANS 🗹🗹: 8%
Q:
A Long Term Care policy issues in Virginia must provide coverage for at LEAST
Virginia Laws and Rules Pertinent to
Insurance Questions and Answers (Expert
Solutions)
Q: All of the following are examples of insurance advertisement EXCEPT
A) A direct mail brochure announcing specific Accident and Health insurance plans
B) A newspaper notice announcing free insurance advice
C) A television spot announcing an insurance company's new product
D) An employer newsletter announcing the availability of coverage for employees
ANS 🗹🗹: D) An employee newsletter announcing the availability of coverage for
employees
Q:
Under the ACA, health coverage is provided for dependents up to the age of
ANS 🗹🗹: 26
Q:
Who issues Medicare Supplement policies
ANS 🗹🗹: Insurance companies
Q:
Which of the following is a requirement to be eligible for a group life policy in Virginia
A) Group must be formed for a purpose other than obtaining insurance
B) Group must designate one of its members to be the name insured
C) Group must have been formed for obtaining insurance
D) Group must include at least 5 employers
, Page | 2
ANS 🗹🗹: A) Group must be formed for a purpose other than obtaining insurance
Q:
An agent who willfully violates the insurance code may, after a hearing, pay UP TO
_________ per violation as a penalty
ANS 🗹🗹: $5,000
Q:
Which of the following coverages does NOT need to be provided under the ACA?
A)Preventative services as set by the CMS
B) Elective cosmetic surgery
C) Emergency services
D) Pre-existing Conditions
ANS 🗹🗹: B) Elective cosmetic surgery
Q:
Which of the following does NOT qualify as a creditable coverage under HIPAA
A) Accident plans
B) Individual major medical plans
C) Medicare plans
D)Group major medical plans
ANS 🗹🗹: A) Accident Plans
Q:
An agent charged an insurance applicant an administration fee. At what point must the
agent give a written disclosure for this fee?
ANS 🗹🗹: Prior to any services being rendered
Q:
Which of the following actions does the Commission in Virginia have the power to
perform
, Page | 3
ANS 🗹🗹: Examine insurer solvency
Q:
An Accident and Health policy is required to provide Essential Benefits without annual
and lifetime limits when purchased individually or with group coverage through
ANS 🗹🗹: the Federal Marketplace
Q:
An insurance agent that solicits a Medicare Supplement policy must disclose to the
applicant that the agent
ANS 🗹🗹: is there to determine what is appropriate for the purchaser, while taking
into consideration any existing coverage
Q:
Which of the following is a requirement for an applicant to receive an agent license in
Virginia
ANS 🗹🗹: Be of good character
Q:
Each Long Term Care policy sold in Virginia must include a Free Look provision that
refunds all premiums within _____ days of policy delivery
ANS 🗹🗹: 30
Q:
What is the qualification for being considered a small group in Virginia
ANS 🗹🗹: 2 to 50 members
Q:
Individual life insurance policies can charge no more than _____ interest per year on cash
value loans
ANS 🗹🗹: 8%
Q:
A Long Term Care policy issues in Virginia must provide coverage for at LEAST
