VA Life & Health Part 2 Exam Questions and Answers.
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Course
VA Life & Health
Institution
VA Life & Health
VALife&HealthPart2ExamQuestionsand
Answers.
premium that a policyowner pays for a periodic premium life insurance policy - Correct
Answer gross level premium
Under a life insurance policy's incontestability clause, after a certain period the insurer
cannot contest a claim for any reason, EXCEP...
VA Life & Health Part 2 Exam Questions and
Answers.
premium that a policyowner pays for a periodic premium life insurance policy - Correct
Answer gross level premium
Under a life insurance policy's incontestability clause, after a certain period the insurer
cannot contest a claim for any reason, EXCEPT - Correct Answer non-payment of
premiums
When it comes to choosing a financial instrument to fund a qualified retirement account,
which of the following features makes an annuity the most suitable product - Correct
Answer retirement income that is guaranteed for life
Insurable interest is the relationship between the person applying for life insurance and
the person whose life is to be insured. It is a necessary element in the issuing of a life
insurance contract - Correct Answer insurable interest
Which of the following statements about cash value withdrawals from a universal life
insurance (UL) policy is correct - Correct Answer Withdrawals reduce the death benefit
dollar-for-dollar
All life insurance premiums are based generally on - Correct Answer mortality charge,
interest credit, and expense charge
does not require mandatory distributions. The funds can stay in the account for as long as
the owner desires and can even be passed on to beneficiaries and heirs. - Correct Answer
Roth IRA
An individual may continue group health insurance coverage after termination from a
group plan for at least how many days - Correct Answer 90 days
two years from the date of issue - Correct Answer standard incontestability period
Most modern policies include a waiver of premium provision in the policy itself - Correct
Answer disability income insurance policy's waiver
, A terminally ill person can cover medical expenses through the use of a viatical
settlement. - Correct Answer viatical settlement
Which of the following transfers is taxable upon the insured's death - Correct Answer
transfers to a sibling (who is not the beneficiary)
The insurer cannot cancel the policy or increase the premium. - Correct Answer
noncancelable health insurance
If a child converts coverage to a permanent policy, the new policy's face amount can be
greater than the term rider coverage - Correct Answer children's term riders
A payor benefit rider ensures that a juvenile life insurance policy stays in force by waiving
the premium payment if the premium payor dies or becomes disabled. - Correct Answer
payor benefit rider
His coverage under his former employer's group disability plan ends and cannot be
converted to an individual policy. - Correct Answer Andy is covered by a group disability
plan. What will happen if he leaves his company to work for a competitor
the period during which funds are paid out of an annuity contract in the form of periodic
income payments - Correct Answer the annuity payout period
Benefits are taxable income to the business. - Correct Answer business overhead
expense policies
Premiums must be paid entirely from union funds or from a combination of union funds
and member fund - Correct Answer labor union sponsors a group life insurance plan for its
members
a death benefit equal to the sum of the policy's specified amount plus the greater of total
premiums paid or actual cash value - Correct Answer third death benefit option
BOE benefits are taxable as income to Sandra, and premiums are tax deductible. -
Correct Answer Sandra, a shop owner, owns a business overhead expense (BOE)
insurance policy. Which of the following statements correctly describes the tax treatment
of this policy?
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