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Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Overview:

Certification Vendor:Virginia Bureau of Insurance
Exam Name:VA Life, Annuities & Health Insurance
Exam Number:11-01
Passing Score:70%
Exam Format:Multiple Choice
Exam Price:$35 USD
Real Exam Qty:150
Available Languages:English
Related Certifications:Virginia Life and Health Insurance License
Exam Duration:150 minutes
Sample Questions:Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Sample Questions
Exam Way:Computer-based testing at Prometric test centers. Two sections: General Knowledge (100 scoreable + 5 pretest questions) and Virginia-Specific (40 scoreable + 5 pretest questions). Must achieve 70% on both sections to pass. Section 1 must be completed before Section 2 begins.
Pre Condition:None specified. No requirement to be hired or sponsored by an insurance company before taking the exam.
Official Syllabus URL:https://www.prometric.com/virginia/insurance

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Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Syllabus Topics:

TopicDetails
Topic 1
  • Medical Plans: This domain examines medical insurance delivery systems including major medical, HMOs, PPOs, and POS plans, along with cost containment strategies, Virginia eligibility requirements, HIPAA provisions, and HSAs.
Topic 2
  • Insurance Regulation: This domain covers Virginia's regulatory framework for insurance agents and companies, including licensing, appointments, continuing education, disciplinary actions, and the State Corporation Commission's authority. It also addresses federal regulations like the Fair Credit Reporting Act and ACA market reforms.
Topic 3
  • Qualified Plans: This domain addresses employer-sponsored retirement plans including qualification requirements, tax advantages, and various plan types such as SEPs, 401(k)s, and 403(b) plans.
Topic 4
  • Life Insurance Basics: This domain covers insurable interest, personal and business uses of life insurance, methods for determining coverage amounts, policy classifications, premium determination factors, agent sales responsibilities, and the underwriting process.
Topic 5
  • Health Insurance Basics: This domain introduces health insurance fundamentals including covered perils, types of benefits, policy classifications, limited policies, common exclusions, agent responsibilities, underwriting processes, and replacement considerations.
Topic 6
  • Life Insurance Policy Provisions, Options and Riders: This domain addresses standard contract provisions, beneficiary designations, settlement options, nonforfeiture provisions, policy loans, dividend options, and riders including disability benefits and accelerated death benefits.
Topic 7
  • Dental Insurance: This domain addresses dental insurance including types of treatment, indemnity plan structures, benefit categories, deductibles and coinsurance, and employer group dental plans.
Topic 8
  • Annuities: This domain covers annuity principles, immediate versus deferred annuities, payment options, product types including fixed and variable annuities, and uses for retirement income and tax-deferred growth.
Topic 9
  • Life Insurance Policies: This domain examines various life insurance products including term, whole life, universal life, specialized policies, and group life insurance, covering their characteristics, features, and appropriate applications.
Topic 10
  • Federal Tax Considerations for Health Insurance: This domain examines federal tax treatment of personally-owned and employer-provided health insurance, business disability insurance, and tax-advantaged accounts including HSAs, HRAs, and FSAs.
Topic 11
  • Individual Health Insurance Policy General Provisions: This domain covers uniform required and optional provisions in individual health policies including contract terms, claims procedures, grace periods, renewability classifications, and the free look period.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q339-Q344):

NEW QUESTION # 339
The consideration clause in health insurance usually lists the insured's consideration given for the policy as:

Answer: B

Explanation:
Consideration in health insurance is the combination of the initial premium payment and the application submitted by the insured. Exact extract: "The consideration clause states that the policy is issued in exchange for the application and payment of the first premium." This reflects the legal exchange of value between the insured and the insurer.
Reference:


NEW QUESTION # 340
Medical expense insurance typically EXCLUDES payment for treatment of injury or sickness resulting from:

Answer: D

Explanation:
Most medical expense policies contain a war exclusion, denying benefits for losses resulting from war or military action. Auto accidents, sporting accidents, and tropical diseases are generally covered if not otherwise excluded.
Exact Extract (Virginia Health Insurance Study Guide): "Common exclusions include war, military service, self-inflicted injury, and experimental procedures." Reference (Virginia Documents / Study Guide):
- Virginia Health Insurance Examination Outline, Common Exclusions


NEW QUESTION # 341
All of the following factors may be considered in individual disability income insurance underwriting EXCEPT:

Answer: C

Explanation:
Insurers may consider objective risk-related factors such as age, gender, health, and occupation when underwriting disability insurance. Religion, however, is not an allowable underwriting factor. Exact extract: "Underwriting criteria may not unfairly discriminate based on race, color, creed, or religion." This prohibition ensures fair treatment of all applicants while still allowing actuarial factors like age and occupation to determine risk.
Reference:


NEW QUESTION # 342
A spendthrift clause in a life insurance policy would have NO effect if the beneficiary receives the proceeds as:

Answer: C

Explanation:
A spendthrift clause, permitted under Virginia Code § 38.2-3122, protects life insurance proceeds from creditors or the beneficiary's mismanagement by restricting access to the funds. It's effective when proceeds are paid in controlled installments (e.g., options A, B, C), as the insurer retains and distributes the money over time, preventing lump-sum dissipation. Option A (fixed amount installments) pays a set dollar amount periodically, option B (fixed period installments) pays over a set time, and option C (interest-only payments) holds the principal while paying interest-all compatible with spendthrift protection. Option D (one lump sum payment) delivers the full proceeds at once, bypassing the clause's control mechanism, rendering it ineffective since the beneficiary gains unrestricted access. The study guide likely explains this clause as a safeguard for structured payouts, noting that lump-sum elections nullify its purpose, as seen in Virginia case law and NAIC guidelines, making D the correct choice.


NEW QUESTION # 343
Giving policyholders some part of the agent's commission as an inducement to purchase insurance is an unfair trade practice known as:

Answer: C

Explanation:
Detailed Answer in Step-by-Step Solution:
* Rebating (B) is the illegal practice of offering a portion of an agent's commission or other financial incentives to induce a sale, prohibited in most states, including Virginia, to ensure fair competition.
* Twisting (A) involves misrepresenting policies to replace existing coverage. Replacement (C) is switching policies, not necessarily with a rebate. Retention (D) is not a recognized term here.
The Virginia study guide defines rebating as an unfair trade practice under Virginia insurance law, aimed at preventing agents from undercutting prices with commission kickbacks. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Unfair Trade Practices."


NEW QUESTION # 344
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