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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
Related Certifications:	Virginia Life and Health Insurance License
Exam Duration:	150 minutes
Passing Score:	70%
Exam Format:	Multiple Choice
Available Languages:	English
Exam Price:	$35 USD
Real Exam Qty:	150
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:

Topic	Details
Topic 1	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.
Topic 2	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 3	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 4	Federal Tax Considerations for Life Insurance and Annuities: This domain examines federal tax treatment of life insurance and annuities including death benefits, policy loans, modified endowment contracts, non-qualified annuities, IRAs, and Section 1035 exchanges.
Topic 5	General Insurance: This domain introduces fundamental insurance concepts including risk management methods, types of insurers, agent authority, and the essential elements and characteristics of insurance contracts including legal doctrines governing agreements.
Topic 6	Group Health Insurance: This domain covers group health insurance characteristics, eligible groups, underwriting criteria, employee and dependent eligibility, continuation of coverage under COBRA, and small employer plan requirements.
Topic 7	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 8	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 9	Disability Income and Related Insurance: This domain addresses disability income insurance including benefit qualifications, individual and group policy features, riders, underwriting considerations, business applications, and Social Security and workers compensation benefits.
Topic 10	Insurance for Senior Citizens and Special Needs Individuals: This domain covers Medicare Parts A-D, Medicare supplement insurance with standardized plans and Virginia regulations, other coverage options for Medicare-eligible individuals, and comprehensive long-term care insurance requirements.
Topic 11	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 12	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 13	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.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q332-Q337):

NEW QUESTION # 332
A typical disability income insurance policy EXCLUDES benefits for which one of the following causes of loss?

A. Permanent injuries
B. Falls
C. Intentional self-inflicted injuries
D. Sporting accidents

Answer: C

Explanation:
Detailed Answer in Step-by-Step Solution:
* Disability income policies exclude benefits for intentional self-inflicted injuries (B) to prevent abuse or fraud.
* Permanent injuries (A), sporting accidents (C), and falls (D) are typically covered unless specifically excluded by the policy.
The Virginia study guide states that disability income insurance excludes self-inflicted injuries as a standard provision to ensure coverage applies to unforeseen events. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Disability Income Insurance."

NEW QUESTION # 333
Who has the right to change the beneficiary of a health policy with a revocable beneficiary designation?

A. The insurer
B. The policyowner
C. The beneficiary
D. The agent

Answer: B

Explanation:
A revocable beneficiary designation allows the policyowner to change beneficiaries at any time without the consent of the existing beneficiary. This right remains solely with the policyowner.
Exact Extract (Virginia Health Insurance Study Guide): "Revocable beneficiaries-policyowner retains the right to change the beneficiary designation at will." Reference (Virginia Documents / Study Guide):
- Virginia Life & Health Insurance Examination Outline, Beneficiary Designations

NEW QUESTION # 334
All of the following statements about tax-sheltered annuities (TSAs) are true EXCEPT:

A. The annuitant may have an individual account or contract.
B. They are also known as 403(b) plans.
C. Accumulation payments often come from voluntary salary reductions.
D. The investment gain each year is included in the participant's gross income.

Answer: D

Explanation:
The investment gain in a tax-sheltered annuity (TSA), which is also known as a 403(b) plan, is not included in the participant's gross income until it is withdrawn. This allows the participant to defer taxes on the investment growth until retirement, when distributions are taken. The other statements about TSAs are accurate: they are funded through voluntary salary reductions, and the annuitant can have an individual account or contract.

NEW QUESTION # 335
(Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called:)

A. Viatical settlements
B. Repurchase agreements
C. Nonforfeitures
D. Living wills

Answer: A

Explanation:
Virginia law uses the term viatical settlement contract for an agreement in which compensation (or anything of value) that is less than the expected death benefit is paid in exchange for the policyowner/"viator" transferring ownership or benefits of a life insurance policy. This matches the question's description: a terminally ill person sells a life policy at a discount to obtain cash-often to cover medical or living expenses-while the purchaser assumes premium payments and receives the death benefit later. Virginia's administrative definitions also clarify that viatical settlements are distinct from accelerated death benefit riders contained within the life insurance policy itself (those are governed under different rules).
The other answer choices do not fit. "Nonforfeiture" refers to benefits/options available when a policy with cash value lapses, such as cash surrender, reduced paid-up insurance, or extended term-these do not involve selling the policy to a third party. "Living wills" are advance medical directives, not insurance transactions. "Repurchase agreements" are unrelated financial arrangements. Because the described transaction is a sale/transfer of a life policy for less than the expected death benefit, the correct term in Virginia is viatical settlement.

NEW QUESTION # 336
A life and health insurance agent licensed in the Commonwealth of Virginia is authorized to:

A. Approve the payment of a claim
B. Replace a policy without notifying the insurer
C. Reinstate an insurance contract after the expiration date
D. Solicit, receive and forward applications to the insurer

Answer: D

Explanation:
Agents act as representatives of insurers to solicit, receive, and forward applications. They cannot approve claims or unilaterally reinstate or replace contracts. Exact extract: "An agent is authorized to solicit, receive, and forward applications to the insurer but has no power to approve claims or reinstate policies." Reference:

NEW QUESTION # 337
......

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