Exam (elaborations)
VIRGINIA LAWS AND RULES INSURANCE EXAM NEWEST 180 QUESTIONS AND DETAILED CORRECT ANSWERS |
- Course
- Institution
VIRGINIA LAWS AND RULES INSURANCE EXAM NEWEST 180 QUESTIONS AND DETAILED CORRECT ANSWERS |
[Show more]
Content preview
VIRGINIA LAWS AND RULES-INSURANCE EXAM NEWEST 180
QUESTIONS AND DETAILED
CORRECT ANSWERS | 2024-2025
Which of the following items are governed by the Rules
Governing Advertisement of Life Insurance and Annuities?
A) Intra-company communications relating to insurance
product development
B) Employer announcements notifying employees about
the availability of group insurance
C) Prepared sales presentations used by insurance
agents
D) Insurance company announcements to policyholders
about premium adjustments Correct Answer C) Prepared
sales presentations used by insurance agents
A client would like to purchase an annuity from an agent.
The agent does NOT need to make reasonable efforts to
obtain information from the client on which of the
following?
A) Client's financial status
B) Client's tax status
,C) Client's marital status
D) Client's investment objectives Correct Answer C)
Client's marital status
J is an insurance agent who maintains premiums in a
fiduciary account. Which of the following expenses may
NOT be paid using funds withdrawn from this account
A) Return on premiums due to insureds
B) Personal medical expenses
C) Commissions due to other licensees
D) Premiums due to insurers Correct Answer B) Personal
medical expenses
Life insurance and annuity replacement can be BEST
described as Correct Answer exchanging an existing
policy for a new policy
The Rules Governing Life Insurance and Annuity
Replacements do NOT apply to
A) Whole life
B) Universal life
C) Increasing Term Life
,D) Credit Life Correct Answer D) Credit Life
An example of an Adverse Underwriting Decision is
Correct Answer Terminating insurance coverage
All of these are unfair trade practices EXCEPT
A) Rebating
B) Coercion
C) Reinsurance
D) Twisting Correct Answer C) Reinsurance
An agent has returned part of his commission to the
insured as an inducement to purchase the insurance. This
illegal action is called Correct Answer Rebating
Which of these statements accurately reflects Virginia law
regarding life insurance advertisements
A) An insurance agency is responsible for advertisements
placed by its insurance agents
B) The commission must approve advertisements before
they are used
C) Testimonials may not be used
, D) Guaranteed dividends may be advertised Correct
Answer A) An insurance agency is responsible for
advertisements placed by its insurance agents
A Medicare Supplement policy can be cancelled by the
insurer for Correct Answer nonpayment
An example of rebating would be Correct Answer offering
a client something of value not stated in the contract in
exchange for their business
T circulated false statements the were maliciously critical
of an insurer's financial condition. T may be found guilty of
Correct Answer defamation
According to Virginia law, a Group Life insurance policy
requires a minimum of how many insureds Correct Answer
2
After passing the State exam, an applicant is required to
obtain the appropriate license within ___ calendar days
Correct Answer 183
Under Virginia law, which of the following provisions is
NOT required in a Medicare Supplement policy
A) Suitability form
B) Guaranteed issue
C) Free-look period of 30 days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TUTORWAC. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now