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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
Available Languages:	English
Real Exam Qty:	150
Related Certifications:	Virginia Life and Health Insurance License
Exam Format:	Multiple Choice
Passing Score:	70%
Exam Duration:	150 minutes
Exam Price:	$35 USD
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	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 2	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 3	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 4	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 5	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 6	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 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	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.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q167-Q172):

NEW QUESTION # 167
An IRA owner names the spouse as beneficiary. Which is true if the owner dies before any distributions are made?

A. All future distributions are forfeited
B. The surviving spouse can roll the account into another IRA
C. Distributions must begin within six months of the decedent's death
D. Distributions must begin in the year after the deceased would have reached age 70½

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* If an IRA owner dies before distributions, the surviving spouse beneficiary can roll the IRA into their own IRA (B), treating it as their own and delaying distributions until their required beginning date.
* Option A (forfeited) is false; assets pass to the beneficiary. Options C and D apply to non-spouse beneficiaries under older rules, not spousal rollovers.
The Virginia study guide, per IRS rules, allows a surviving spouse to roll an inherited IRA into their own, avoiding immediate taxation or forced distributions. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Retirement Plans."

NEW QUESTION # 168
In long-term care insurance, the guarantee of insurability option provides the insured with the ability to:

A. Extend coverage under the policy for the insured's lifetime
B. Replace the policy at any time with one from a different insurer
C. Purchase additional insurance at a later date
D. Keep the same premium for the entire contract period

Answer: C

Explanation:
Virginia Code § 38.2-5202 allows a guaranteed insurability option in LTC insurance, letting the insured buy additional coverage later (option A) without proving insurability, typically at set intervals or life events (e.g., inflation adjustment). Option B (replace with another insurer) isn't a policy feature; it's a market action.
Option C (lifetime extension) confuses with benefit periods, not insurability. Option D (fixed premium) relates to non-cancelable policies, not this rider. The study guide likely describes this with examples-e.g., adding $1,000 monthly benefit at age 70-emphasizing future flexibility, making A the correct ability.

NEW QUESTION # 169
(Who receives dividends in a mutual insurance company?)

A. Producers
B. Beneficiaries
C. Shareholders
D. Policyholders

Answer: D

Explanation:
A mutual insurance company is owned by its policyholders rather than shareholders. When the company's operating results are favorable, dividends may be declared and paid to policyholders as a return of excess premium.
These dividends are not guaranteed and are not considered taxable income in most cases, as they are treated as a refund of premium. Shareholders receive dividends only in stock insurance companies. Beneficiaries receive death benefits, and producers receive commissions, not dividends.
Virginia exam content highlights ownership structure as the key distinction between mutual and stock insurers, making option A correct.

NEW QUESTION # 170
A self-employed individual could use an annuity to fund any of the following retirement plans EXCEPT:

A. A tax-sheltered annuity (TSA)
B. A simplified employee pension (SEP)
C. A Keogh plan
D. An individual retirement account (IRA)

Answer: A

Explanation:
A self-employed individual can use an annuity to fund an IRA, SEP, or Keogh plan, but not a tax-sheltered annuity (TSA). A TSA is a type of retirement plan typically offered to employees of public schools, colleges, and certain nonprofit organizations (i.e., 403(b) plans), not for self-employed individuals.

NEW QUESTION # 171
Which client could deposit the available funds into a rollover individual retirement account (IRA)?

A. An individual who receives $10,000 from a lottery
B. A student who receives $20,000 as a life insurance death benefit
C. A self-employed person who has $5,000 to invest for retirement
D. An employee who resigns and receives $15,000 from a qualified plan

Answer: D

Explanation:
Only distributions from qualified employer-sponsored retirement plans (like 401(k)s or pensions) are eligible for rollover into an IRA. Personal savings, lottery winnings, or insurance death benefits do not qualify. Exact extract: "Eligible rollover distributions from qualified plans may be directly transferred or rolled over into an IRA within 60 days to preserve tax-deferred status." This ensures retirement funds remain tax-deferred until later withdrawal.
Reference:

NEW QUESTION # 172
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