Virginia-Life-Annuities-and-Health-Insurance Dumps 2026 - New Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Questions
Free Virginia-Life-Annuities-and-Health-Insurance Braindumps Download Updated on Mar 11, 2026 with 418 Questions
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NEW QUESTION # 80
Which one of the following would entitle the beneficiary to receive benefits under accidental death and dismemberment insurance coverage?
- A. Death caused by a commercial airline crash
- B. Death caused by suicide
- C. Death caused by a heart attack
- D. Death caused by a stroke
Answer: A
Explanation:
Accidental death and dismemberment (AD&D) insurance provides benefits if the insured's death is caused by an accident, such as a commercial airline crash. This coverage is specifically designed for accidental injuries or death, and it does not typically cover natural causes such as heart attacks, strokes, or suicide.
NEW QUESTION # 81
The period of time during which a new employee is ineligible for group health insurance coverage is called a:
- A. Probationary period
- B. Participation period
- C. Contributory period
- D. Grace period
Answer: A
Explanation:
In Virginia law and standard insurance terminology, the period during which a new employee must wait before becoming eligible for group health insurance is called a probationary period.
The Code of Virginia defines a "waiting period" as the length of time that must pass before an individual becomes eligible for coverage under a group plan. By law, this waiting period cannot exceed 90 days.
Virginia regulations further distinguish between two types of waiting times:
The eligibility waiting period imposed by an employer before coverage begins (commonly referred to in industry study materials as the probationary period).
A policy's internal waiting period during which no benefits are provided after coverage becomes effective.
Additionally, Virginia's insurance replacement regulations explicitly reference "probationary periods" when describing limitations or exclusions related to preexisting conditions. This confirms that the industry-standard term used in exam and licensing study guides for this eligibility wait is probationary period.
Reference (Virginia official documents and study materials):
Code of Virginia § 38.2-3431 (Definitions - "Waiting period")
Code of Virginia § 38.2-3452 (Limitation - 90-day maximum waiting period for group health plans)
14VAC5-141-20 (Definitions - distinguishes employer eligibility waiting period from policy waiting period)
14VAC5-200-110 (Replacement notice - references to "probationary periods")
NEW QUESTION # 82
All of the following statements about life annuities are true EXCEPT:
- A. They provide for the systematic liquidation of a principal sum
- B. Benefit payments start after the annuitant's death
- C. They are a form of insurance since risk sharing is involved
- D. They can protect against outliving one's financial resources
Answer: B
Explanation:
Life annuities provide a stream of income during the annuitant's lifetime. Payments begin after the accumulation period (annuitization) and continue while the annuitant lives. They liquidate a principal sum systematically and protect against longevity risk by pooling risks across many annuitants.
The incorrect statement is B, since benefits start while the annuitant is living, not after death.
Exact Extract (Virginia Annuities Study Guide): "Life annuities are designed to provide income during the lifetime of the annuitant, liquidating principal systematically and protecting against outliving financial resources." Reference (Virginia Documents / Study Guide):
- Virginia Life & Annuities Examination Outline, Section 4.1 Annuity Principles
NEW QUESTION # 83
An application for individual health insurance must be:
- A. In writing, and normally becomes part of the contract
- B. Verbal
- C. In writing, but does not become part of the contract
- D. In writing, and can be altered by the agent
Answer: A
Explanation:
An application for individual health insurance must be in writing and becomes part of the insurance contract. The information provided in the application, along with any attachments, helps form the basis of the policy. If any statements or answers in the application are found to be false or misrepresented, the insurer may have grounds for denying a claim.
NEW QUESTION # 84
Upon receipt of written notice of claim, an insurer is required to supply the claimant with:
- A. Release forms
- B. Indemnity forms
- C. Subrogation forms
- D. Claim forms
Answer: D
Explanation:
Under required uniform provisions, once an insurer receives notice of claim, it must provide claim forms to the insured within a specified period (usually 15 days). If forms are not provided, the claimant may submit proof of loss in any reasonable written form.
Exact Extract (Virginia Uniform Policy Provisions): "Upon receipt of notice of claim, the insurer shall furnish the claimant forms for filing proof of loss." Reference (Virginia Documents / Study Guide):
- Code of Virginia §38.2-3514 (Uniform accident and sickness provisions - Notice and claim forms)
NEW QUESTION # 85
(Which type of life insurance policy is also considered a securities product?)
- A. An adjustable life policy
- B. An enhanced ordinary life policy
- C. An interest sensitive whole life policy
- D. A variable life policy
Answer: D
Explanation:
A variable life insurance policy is considered a securities product because its cash value is invested in separate accounts that fluctuate based on market performance. Policyowners assume investment risk, and cash values are not guaranteed beyond any stated minimum death benefit. Because of this market exposure, variable life insurance is regulated under both insurance and securities laws. Agents selling variable life policies must hold appropriate insurance licenses and securities registrations. The other policy types listed are traditional insurance products and do not involve direct investment in securities. Variable life is the only option that combines life insurance protection with securities-based investment components.
NEW QUESTION # 86
Which of the following is NOT considered an "advertisement" for Accident and Sickness Insurance?
- A. Insurance illustrations
- B. A general announcement from an employer to its employees regarding group coverage
- C. Literature presented on the insurer's website
- D. Newspaper advertisement with the insurer's name
Answer: B
Explanation:
Virginia adopts the Accident and Sickness advertising standards that define "advertisement" broadly (print, online, audiovisual, etc.), but specifically carve out employer announcements about available group coverage. Exact extract: "Advertisement means any printed, published, audio/visual, or descriptive literature used to solicit the public... including material on an insurer's website." "The term does not include general announcements by an employer to its employees that a plan of coverage is available." Reference:
NEW QUESTION # 87
(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. 25%
- C. 30%
- D. 5%
Answer: B
Explanation:
A simplified employee pension (SEP) plan is a retirement plan that allows employers to make tax-deductible contributions to individual retirement accounts established for employees. Under IRS regulations, employer contributions to a SEP plan are limited to a maximum of 25% of an employee's compensation, subject to an overall annual dollar limit. SEP plans are popular among small businesses because they are easy to establish and administer and have minimal reporting requirements. Contributions are made solely by the employer, not the employee, and must be allocated using the same percentage of compensation for all eligible employees. The exam tests the maximum allowable percentage of pay, which is 25%.
NEW QUESTION # 88
Which term refers to the period of time from the beginning of confinement to the beginning of benefits under a long-term care insurance policy?
- A. The elimination period
- B. The exclusion period
- C. The trial period
- D. The qualifying period
Answer: A
Explanation:
In long-term care (LTC) insurance, the elimination period, per Virginia Code § 38.2-5202, is the waiting period between the onset of a qualifying condition (e.g., confinement due to inability to perform ADLs) and the start of benefit payments. It's akin to a deductible in days (e.g., 30, 60, or 90 days), during which the insured must cover costs. Option D correctly names this period. Option A (trial period) isn't a standard LTC term. Option B (exclusion period) might confuse with pre-existing condition exclusions, but it's not the waiting period for benefits. Option C (qualifying period) could imply eligibility determination, but
"elimination period" is the precise industry term. The study guide likely defines this as a cost-sharing feature, with examples illustrating how longer periods reduce premiums, solidifying D as the answer.
NEW QUESTION # 89
In Virginia, when existing health insurance is being replaced:
- A. Underwriting approval is automatic
- B. The premium rate for the new coverage is permanently guaranteed
- C. The existing coverage must first be cancelled
- D. A replacement disclosure must appear in the application for new coverage
Answer: D
Explanation:
When replacing existing health insurance in Virginia, it is required by law that a replacement disclosure must appear in the application for new coverage. The purpose of this requirement is to inform the policyholder about the implications of replacing existing health insurance with a new policy. This ensures transparency and helps prevent consumers from losing necessary coverage or facing gaps in their benefits.
NEW QUESTION # 90
Which client could deposit the available funds into a rollover individual retirement account (IRA)?
- A. An employee who resigns and receives $15,000 from a qualified plan
- B. A student who receives $20,000 as a life insurance death benefit
- C. An individual who receives $10,000 from a lottery
- D. A self-employed person who has $5,000 to invest for retirement
Answer: A
Explanation:
Only distributions from qualified employer-sponsored retirement plans (like 401(k)s or pensions) are eligible for rollover into an IRA. Personal savings, lottery winnings, or insurance death benefits do not qualify. Exact extract: "Eligible rollover distributions from qualified plans may be directly transferred or rolled over into an IRA within 60 days to preserve tax-deferred status." This ensures retirement funds remain tax-deferred until later withdrawal.
Reference:
NEW QUESTION # 91
A licensee must report an administrative action taken by another state or governmental agency to the Bureau of Insurance within how many calendar days after final disposition?
- A. 10 days
- B. 30 days
- C. 20 days
- D. 45 days
Answer: B
Explanation:
Virginia Code § 38.2-1826(C) mandates that licensees (agents, brokers, etc.) report administrative actions-such as license revocation or fines by another state or agency-to the Bureau of Insurance within 30 calendar days of the final disposition. "Final disposition" means the conclusion of the action (e.g., final order or settlement). This requirement ensures Virginia regulators can assess the licensee's fitness to hold a license and protect consumers. Option C (30 days) matches this statutory timeline precisely. Option A (10 days) is too short and not supported by Virginia law. Option B (20 days) lacks a basis in the Code or study materials. Option D (45 days) exceeds the mandated period, risking delayed oversight. The study guide likely emphasizes this 30-day rule as a critical compliance deadline, reinforced by Virginia's alignment with NAIC standards for licensee reporting, making C the definitive answer.
NEW QUESTION # 92
Which of the following terms may NOT be used in the advertisement of Accident and Sickness Insurance?
- A. Reductions
- B. Unlimited Benefits
- C. Exclusions
- D. Pre-existing conditions
Answer: B
Explanation:
Virginia Code § 38.2-503 prohibits unfair or deceptive advertising in insurance, including Accident and Sickness policies. Terms like "reductions" (option A), "exclusions" (option B), and "pre-existing conditions" (option C) are factual policy features that must be disclosed clearly under Virginia Administrative Code 14VAC5-41-10 et seq., ensuring transparency. However, "unlimited benefits" (option D) is misleading if untrue, as all policies have limits (e.g., maximum benefits or coverage caps). Advertising "unlimited benefits" without substantiation violates Virginia's rules against exaggerated or false claims, risking consumer deception. The study guide likely warns against such terms, citing examples where insurers faced penalties for overstating coverage, making D the prohibited choice.
NEW QUESTION # 93
To cancel a health insurance policy, which one of the following must the insured do?
- A. Challenge at least two uniform mandatory provisions
- B. Notify the insurer in writing
- C. Replace the current policy with another
Answer: B
Explanation:
Virginia Code § 38.2-3508 governs cancellation of individual health insurance policies. For the insured to cancel, they must notify the insurer in writing (option A), specifying intent to terminate, typically effective upon receipt or a stated date, per policy terms. This formal notice ensures clarity and protects both parties, aligning with contract law principles. Option B (replace with another policy) is a practical choice but not a legal requirement; cancellation can occur without replacement. Option C (challenge mandatory provisions) is nonsensical; uniform provisions (e.g., grace period, per § 38.2-3503) are standard and unrelated to cancellation. The study guide likely outlines this process in a policyholder rights section, with examples-e.
g., a letter stating "Cancel effective 5/1/2025"-emphasizing written notice as the sole requirement, making A the correct action.
NEW QUESTION # 94
(Each licensee shall adjust, as appropriate, the information security program consistent with the following EXCEPT:)
- A. Internal or external threats to information
- B. Any relevant changes in technology
- C. The sensitivity of its nonpublic information
- D. When a new Insurance Commissioner is appointed
Answer: D
Explanation:
Virginia's insurance data security requirements mandate that licensees maintain and update an information security program based on risk assessment. Adjustments are required when there are changes in technology, evolving internal or external threats, or changes in the sensitivity of nonpublic personal information.
The appointment of a new Insurance Commissioner has no direct impact on a licensee's cybersecurity risk profile and does not require modification of the information security program. Therefore, option D is the correct answer.
Virginia exam materials emphasize that cybersecurity obligations are risk-based and operational, not political or administrative in nature.
NEW QUESTION # 95
In addition to the applicant, who signs an application for health insurance?
- A. The applicant's dependents
- B. The agent
- C. The applicant's spouse
- D. The inspection company representative
Answer: B
Explanation:
Detailed Answer in Step-by-Step Solution:
* The health insurance application is signed by the applicant (who provides personal info) and the agent (D), who certifies the information's accuracy and their role in the process.
* The spouse (A) or dependents (B) don't sign unless they're co-applicants. An inspection representative (C) is not involved in the application process.
The Virginia study guide specifies that the agent signs the application alongside the applicant to verify the submission and their involvement, per standard industry practice. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Application Process."
NEW QUESTION # 96
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