Virginia life and Health Final Exam Questions and Answers 100% Pass

Virginia life and Health Final Exam Questions and Answers 100% Pass Insurable inter in one's own life is legally considered as Generally unlimited Where dose the primary funding for medical part A come from? Federal payroll and self employment taxes What would be a valid reason for naming a trust as the beneficiary of a life insurance policy as opposed to naming an individual? Management of proceeds would be provided Virginia requires that an agent must complete___ hours of continuing education on the subject of ethics every reporting. 3 hours According to the needs approach, an emergency reserve fund's primary purpose is to cover the cost of unexpected expenses Which of the following provisions allows an insured or the insurer to terminate the policy Cancelable provision How much is normally paid to a policyowner in a life (viatical) settlement? Less than the death benefit For purposes of disability income insurance, earned income would include all of the following EXCEPT Dividends (Salary, commissions, bonus) Which type of group plan is excluded from HIPAA rules? Disability Income How does a continuous premium whole life policy differ from a limited payment while life policy? The time period in which premiums will be paid COBRA extends coverage for a surviving spouse but at a rate not more than _____ of the group premium. 102% Which of the following approves continuing education courses for credit in Virginia? State Continuing Education Board Which statement regarding the waiver of premium rider is accurate? Cash payment is not directly provided to the policyowner Under a long-term care inflation rider, the benefit levels periodically increase without proof of insurability Which typically changes at the re-entry option date found in some term life policies? Premium Employees generally receive Worker's Compensation benefits for Lost wages and medical expenses due to a occupational accident Which is an accurate description of the premium in a graded premium life insurance policy? Annual increases in premium for a stated number of years then levels off for the remainder of the contract A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over? Income taxes plus a 10% penalty tax on $30,000 Sylvia purchased an annuity for $100,000 from the proceeds of an inheritance. No further payments are permitted and the income stream begins in 15 years. This contract is a(n) Single Premium Deferred Annuity Medicare will cover a maximum of how many days per benefit period in a skilled nursing facility? 100 days A domestic insurance company in Virginia MUST Be formed under Virginia insurance laws What are premium for group credit life insurance based on? Flat rate unrelated to the borrower's age What minimum percentage of all eligible employees must participate in a group life insurance plan if the premiums are completely paid for by the employer? 0% 50% 75% 100% 100%