License Exam final test [ACTUAL EXAM] LATEST VERSION
[QUESTIONS AND ANSWERS] WITH PRACTICE EXAM
DETAILED AND VERIFIED FOR GUARANTEED PASS- LATEST
UPDATE 2025 GRADED A (BRAND NEW!!)
Which of the following statements about a business entity acting as an insurance agent
is CORRECT - ✔✔✔✔✔ `It must designate at least 1 licensed producer to be
responsible for the entity's compliance with the insurance laws and rules
Which of the following statements is CORRECT about non-partnership Long-Term Care
insurance? - ✔✔✔✔✔ Inflation protection must be offered to applicants for a Long-
Term Care policy
One of the stated purposes of the Life, Accident, and Sickness Insurance Guaranty
Association is to - ✔✔✔✔✔ assist in the prevention of insurer insolvencies
The life insurance and annuity replacement regulation defines replacement as -
✔✔✔✔✔ exchanging an existing policy for a new policy
Each agent shall complete all continuing education requirements by no later than
November 30, and shall be given a final opportunity to complete such requirements by -
✔✔✔✔✔ December 31st, every even year
Making incomplete comparisons of policies in order to induce the purchase of a policy is
referred to as - ✔✔✔✔✔ Twisting
Health coverage provided under the Affordable Care Act (ACA) shall be made available
for dependents until the child attains the age of: - ✔✔✔✔✔ 26
An agent selling Medicare Supplement policies must provide every applicant with a(n) -
✔✔✔✔✔ suitability form
,Insurance agents MUST maintain premiums in a fiduciary capacity and remit them: -
✔✔✔✔✔ In the ordinary course of business
To be eligible for a group life policy, a group MUST meet which of the following
requirements? - ✔✔✔✔✔ be formed for a purpose other than obtaining life insurance
If a licensed resident insurance agent moves out of state, which of the following will
occur - ✔✔✔✔✔ The agents license shall terminate immediately
Which of the following is NOT an example of an agent's breach of fiduciary duty? -
✔✔✔✔✔ allowing premiums to be submitted electronically
A person who issues false written or oral statements that are maliciously critical of the
financial condition of an insurance company may be found guilty of: - ✔✔✔✔✔
Defamination
An insurance agent acts in a fiduciary capacity when conducting routine business with
all of the following principals EXCEPT - ✔✔✔✔✔ The commission
What are adjustable rates for life policy loans in Virginia based on - ✔✔✔✔✔ Moodys
corporate bond index
A policy loan provision is not required in which of the following types of policies? -
✔✔✔✔✔ Term Life
Which of the following individuals is required to hold an appointment with an insurance
company which they represent? - ✔✔✔✔✔ An agent
An insurance agent's license may be suspended or revoked under which of the
following circumstances? - ✔✔✔✔✔ The agent has been convicted of a misdemeanor
within the past five years
Select the appropriate response
Insurance agents who must maintain premiums in a fiduciary account may withdraw
funds from the account to pay all of the following expenses, EXCEPT - ✔✔✔✔✔
Personal medical expenses
An agent MUST complete which of the following forms when an applicant has existing
insurance or annuity coverage - ✔✔✔✔✔ Notice Regarding Replacement of Life
Insurance or Annuity
, An agent must provide a suitability statement to the annuity company under all of the
following circumstances, EXCEPT - ✔✔✔✔✔ when an agent discusses annuities in
general with a client, but no specific recommendation is made
The Commission in Virginia has the power to - ✔✔✔✔✔ examine insurers solvency
Before holding a hearing regarding an agent's unfair or deceptive practice, the
Commission MUST give how many days notice - ✔✔✔✔✔ 10
Making false statements about the financial condition of another insurance company is
called - ✔✔✔✔✔ Defamination
Each agent who initiates an application for life insurance or annuity for replacement of
an existing policy shall submit which of the following as a part of the application -
✔✔✔✔✔ A signed statement by the applicant regarding the replacement
Select the appropriate response
The Rules Governing Life Insurance and Annuity Replacements define replacement as -
✔✔✔✔✔ exchanging and existing policy for a new policy
Any administration service fees charged by an insurance agent require the written
signature by a consume - ✔✔✔✔✔ In all instances
Insurance agents MUST maintain premiums in a fiduciary capacity and remit them -
✔✔✔✔✔ In the ordinary course of business
The funds used by the Life, Accident, and Sickness Insurance Guaranty Association to
carry out its purpose are obtained from the - ✔✔✔✔✔ member companies
Which of the following is NOT a defined group for purchasing group insurance? -
✔✔✔✔✔ non-profit organization
An example of rebating would be - ✔✔✔✔✔ offering a client something of value not
stated in the contract in exchange for their business
The PRIMARY purpose of the life insurance replacement regulation is to protect the -
✔✔✔✔✔ interests of policyowners
Select the appropriate response
Each applicant for an agent's license in Virginia MUST - ✔✔✔✔✔ be a good character
and have a good reputation for honesty
[QUESTIONS AND ANSWERS] WITH PRACTICE EXAM
DETAILED AND VERIFIED FOR GUARANTEED PASS- LATEST
UPDATE 2025 GRADED A (BRAND NEW!!)
Which of the following statements about a business entity acting as an insurance agent
is CORRECT - ✔✔✔✔✔ `It must designate at least 1 licensed producer to be
responsible for the entity's compliance with the insurance laws and rules
Which of the following statements is CORRECT about non-partnership Long-Term Care
insurance? - ✔✔✔✔✔ Inflation protection must be offered to applicants for a Long-
Term Care policy
One of the stated purposes of the Life, Accident, and Sickness Insurance Guaranty
Association is to - ✔✔✔✔✔ assist in the prevention of insurer insolvencies
The life insurance and annuity replacement regulation defines replacement as -
✔✔✔✔✔ exchanging an existing policy for a new policy
Each agent shall complete all continuing education requirements by no later than
November 30, and shall be given a final opportunity to complete such requirements by -
✔✔✔✔✔ December 31st, every even year
Making incomplete comparisons of policies in order to induce the purchase of a policy is
referred to as - ✔✔✔✔✔ Twisting
Health coverage provided under the Affordable Care Act (ACA) shall be made available
for dependents until the child attains the age of: - ✔✔✔✔✔ 26
An agent selling Medicare Supplement policies must provide every applicant with a(n) -
✔✔✔✔✔ suitability form
,Insurance agents MUST maintain premiums in a fiduciary capacity and remit them: -
✔✔✔✔✔ In the ordinary course of business
To be eligible for a group life policy, a group MUST meet which of the following
requirements? - ✔✔✔✔✔ be formed for a purpose other than obtaining life insurance
If a licensed resident insurance agent moves out of state, which of the following will
occur - ✔✔✔✔✔ The agents license shall terminate immediately
Which of the following is NOT an example of an agent's breach of fiduciary duty? -
✔✔✔✔✔ allowing premiums to be submitted electronically
A person who issues false written or oral statements that are maliciously critical of the
financial condition of an insurance company may be found guilty of: - ✔✔✔✔✔
Defamination
An insurance agent acts in a fiduciary capacity when conducting routine business with
all of the following principals EXCEPT - ✔✔✔✔✔ The commission
What are adjustable rates for life policy loans in Virginia based on - ✔✔✔✔✔ Moodys
corporate bond index
A policy loan provision is not required in which of the following types of policies? -
✔✔✔✔✔ Term Life
Which of the following individuals is required to hold an appointment with an insurance
company which they represent? - ✔✔✔✔✔ An agent
An insurance agent's license may be suspended or revoked under which of the
following circumstances? - ✔✔✔✔✔ The agent has been convicted of a misdemeanor
within the past five years
Select the appropriate response
Insurance agents who must maintain premiums in a fiduciary account may withdraw
funds from the account to pay all of the following expenses, EXCEPT - ✔✔✔✔✔
Personal medical expenses
An agent MUST complete which of the following forms when an applicant has existing
insurance or annuity coverage - ✔✔✔✔✔ Notice Regarding Replacement of Life
Insurance or Annuity
, An agent must provide a suitability statement to the annuity company under all of the
following circumstances, EXCEPT - ✔✔✔✔✔ when an agent discusses annuities in
general with a client, but no specific recommendation is made
The Commission in Virginia has the power to - ✔✔✔✔✔ examine insurers solvency
Before holding a hearing regarding an agent's unfair or deceptive practice, the
Commission MUST give how many days notice - ✔✔✔✔✔ 10
Making false statements about the financial condition of another insurance company is
called - ✔✔✔✔✔ Defamination
Each agent who initiates an application for life insurance or annuity for replacement of
an existing policy shall submit which of the following as a part of the application -
✔✔✔✔✔ A signed statement by the applicant regarding the replacement
Select the appropriate response
The Rules Governing Life Insurance and Annuity Replacements define replacement as -
✔✔✔✔✔ exchanging and existing policy for a new policy
Any administration service fees charged by an insurance agent require the written
signature by a consume - ✔✔✔✔✔ In all instances
Insurance agents MUST maintain premiums in a fiduciary capacity and remit them -
✔✔✔✔✔ In the ordinary course of business
The funds used by the Life, Accident, and Sickness Insurance Guaranty Association to
carry out its purpose are obtained from the - ✔✔✔✔✔ member companies
Which of the following is NOT a defined group for purchasing group insurance? -
✔✔✔✔✔ non-profit organization
An example of rebating would be - ✔✔✔✔✔ offering a client something of value not
stated in the contract in exchange for their business
The PRIMARY purpose of the life insurance replacement regulation is to protect the -
✔✔✔✔✔ interests of policyowners
Select the appropriate response
Each applicant for an agent's license in Virginia MUST - ✔✔✔✔✔ be a good character
and have a good reputation for honesty
