VA State Life, Health and Annuities Exam
$240 - ANS-Dan has a major medical expense policy with a $200 deductible and an 80/20
coinsurance provision. He incurs covered medical expenses of $100 in November and $400 in
January. Under the carryover provision, what will the insurer pay?
$5,000 - ANS-An agent who willfully violates the insurance code may, after a hearing, pay UP
TO _________ per violation as a penalty
10 days - ANS-The free look period provided in a life insurance policy is usually
100% of the insured's primary insurance amount (PIA) - ANS-What is the maximum social
security disability benefit amount an insured can receive?
15 days of receipt of the notice of loss - ANS-A health insurer MUST provided a proof of loss
form within ______
20 - ANS-An insured must notify an insurer of a medical claim within how many days after an
accident?
20% - ANS-Mary has a Health Savings Account (HSA). Distributions that have been made for
anything other than qualified medical expenses are considered taxable and subject to a penalty
of _____ %
3 - ANS-Virginia requires that an insurance agent must complete __ hour(s) of continuing
education on the subject of ethics every reporting period.
30 - ANS-Administrative actions taken against an agent must be reported to the State
Corporation Commission within ___ days of the final disposition.
31 days of terminated employment - ANS-The conversion option for group term insurance may
be exercised by an employee within ____ days of terminated employment
6 months - ANS-How long in months can an insurer exclude coverage for a preexisting
condition on a Medicare supplement policy?
6 months - ANS-In a long-term care policy issued in Virginia, any provision limiting preexisting
conditions may not exceed _____ months
60 - ANS-An insured MUST wait ____ days to bring legal action against an insurer after written
proof of loss has been received by the insurers
,800 - ANS-Larry has a Major Medical Expense policy for his family with a $1,000 per family/per
year deductible and an 80/20 coinsurance provision. If Larry's family files four claims of $400,
$800, $100, and $700 in one year, how much will the insurance company pay?
90 days - ANS-An insured must furnish written proof of loss to the health insurer within ____
days of the occurrence of the loss
A cash benefit will be provided if the insured is alive at the end of the policy period - ANS-Which
of these is NOT an advantage of term life insurance?
A) the greatest amount of coverage can be provided for the initial premium paid
B) It can be provided as a rider to another policy
C) A cash benefit will be provided if the insured is alive at the end of the policy period
D) Temporary insurance needs can be met
a defined retirement benefit - ANS-What does a 401(k) plan generally provide its participants?
A flexible premium deposit fund and a monthly renewable term insurance policy - ANS-What is a
universal life insurance policy?
a Medicare Supplement additional benefit - ANS-Emergency health care coverage for Medicare
enrollees traveling abroad is
A Medicare Supplement core benefit - ANS-Describe coverage for the Medicare Part B
insurance.
a parent for a minor child - ANS-Which situation would not require the insured's consent when a
life insurance policy is issued? When a policy is purchased by _______
a percentage of weekly earnings up to a stated maximum - ANS-Short-term group disability
income benefits are
accelerated (living) benefit - ANS-A life insurance policy provision that has the ability to reduce
the death benefit is called the
accelerated (living) benefit - ANS-Which benefit is normally payable to a life insurance
policyowner when the insured's life expectancy has been severely limited?
A) Reduced paid-up option
B) Accelerated (living) benefit
C) Return of Premium benefit
D) Extended term option
, agent - ANS-A statement MUST be signed by the _____ for any illustrations used in the sale of
a life insurance policy
Annuitant
Single-life annuities are characterized by having only one annuitant. - ANS-A single-life annuity
only has ONE
Applicant is a substandard risk - ANS-In what situation could an insurance policy's coverage be
modified?
application date - ANS-If replacement was involved in the sale of a life insurance policy, an
agent must provide a replacement notice no later than the
are not part of the agency or agent contract - ANS-An agent may be personally liable if he or
she engages in acts that
at the moment of birth - ANS-When does a family accident and health policy's coverage for a
newborn child begin?
average charges within a geographic region - ANS-What are reasonable an customary charges
for health insurance primarily based on?
benefits paid under workers compensation - ANS-Pat is covered by a disability income
insurance policy that covers disabilities arising from a work-related illness or injury. The amount
of his disability income payments for an on-the-job injury may be reduced by
both pay on a fee-for-service basis - ANS-A preferred provider plan and an indemnity plan are
similar in what way?
boycott, coercion, and intimidation - ANS-Tom the agent negotiates an agreement that
unreasonably restrains the business of insurance. He has likely committed a violation of
insurance law that falls under
bringing legal action against the insurer - ANS-An accident and health insurer has just received
written proof of loss from one of its insureds. The insured must now wait 60 days before
can be equal - ANS-Which of these is true regarding the exchange of consideration among
parties involved in an insurance contract?
Cancelable provision - ANS-Which of the following provisions allows an insured or the insurer to
terminate the policy?
cancellation - ANS-Voluntarily terminating an insurance policy is also known as
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