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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 - Virginia-Life-Annuities-and-Health-Insurance Exam Practice Test

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Total 418 questions

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Question 1

(At the death of one annuitant, the benefit payments to the surviving annuitant under a joint and survivor annuity normally will:)

A. Depend on the refund option selected B. Depend on the length of the period certain C. Cease entirely D. Continue at the same or a reduced level

Correct Answer: D

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Question 2

Generally, an indemnity plan which covers dental expenses:

A. Covers preventive care for adults and children once every six months B. Only allows insureds to be treated by certain preselected providers C. Covers all dependent family members living in the insured's household, including dependent parents D. Rarely requires an insured to pay a deductible or coinsurance portion for major services such as crowns

Correct Answer: A

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Question 3

A contractual arrangement that transfers exposure from one insurer to another insurer is a:

A. Reciprocal contract B. Reinsurance contract C. Coinsurance contract D. Captive contract

Correct Answer: B

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Question 4

Which one of the following determines the amount of loss that the insured must pay before a major medical expense policy begins to pay for a covered loss?

A. Unallocated benefit amount B. Coinsurance percentage C. Deductible amount D. Nonparticipation insurance amount

Correct Answer: C

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Question 5

(The value that each party gives to the other in a contract is called:)

A. Valuation B. Consideration C. Subrogation D. Contribution

Correct Answer: B

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Question 6

A licensee is NOT required by Virginia law to keep which of the following records?

A. Premium quotations of unissued policies B. Accounting records of premium payments C. Policy renewal notices D. Files of insurance applications on current policies issued

Correct Answer: A

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Question 7

If two group health insurance plans have coordination of benefits provisions, the plan that pays first is called the:

A. Primary plan B. Comprehensive major medical plan C. Qualified plan D. Master contract

Correct Answer: A

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Question 8

(All of the following statements about universal life insurance are true EXCEPT:)

A. Policy loans affect the amount of interest credited to the policy cash value. B. Death benefits are taxed as ordinary income. C. The policy stipulates the amount that will be used for company expenses. D. A mortality charge is subtracted from the cash value accumulations each month.

Correct Answer: B

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Question 9

When there is a misstatement of age by an applicant for a disability income policy:

A. The policy will be void from its inception because of the insured's misrepresentation B. The insurer is not liable for any claims made during the period before correction of the insured's age C. Any amount payable will be the amount of coverage the premium would have purchased at the insured's correct age D. The company will cancel the policy immediately upon discovery of the misstatement of age

Correct Answer: C

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Question 10

An insurance agent who fails to handle premiums received in a trustworthy manner may be guilty of:

A. Failure to act as a fiduciary B. Failure to supervise representatives C. Violation of the financial responsibility law D. Restraint of business

Correct Answer: A

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Question 11

(In accordance with IRS regulations, which of the following is the MAXIMUM percentage of an employee's pay that is allowed through a simplified employee pension (SEP) plan?)

A. 15% B. 30% C. 25% D. 5%

Correct Answer: C

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Question 12

The purchaser of a deferred annuity normally intends that the income benefits will begin:

A. Upon the death of the annuitant B. On a specified date often years after issuance C. Within several weeks after the annuity is purchased D. Upon request of the designated beneficiary

Correct Answer: B

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Question 13

A "functional assessment" for long-term care insurance benefits determines:

A. The family members' ability to provide the required level of care B. The insured's ability to perform the activities of daily living C. The nursing home's ability to perform the required level of care D. The condition of the insured's home and its operating systems

Correct Answer: B

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Question 14

If an agent misleads or fails to adequately disclose the title and true nature of a policy offered to a potential insured, it may be considered:

A. Unfair discrimination B. Coercion C. Misrepresentation D. Defamation

Correct Answer: C

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Total 418 questions

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