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

SectionObjectives
Topic 1: Annuities- Annuity concepts
  • 1. Accumulation and payout options
    • 2. Fixed and variable annuities
      Topic 2: Insurance Regulatory Environment- State insurance regulation and oversight
      • 1. Virginia insurance laws and regulations
        • 2. Producer licensing requirements
          Topic 3: Accident and Health Insurance- Health insurance principles
          • 1. Disability and medical expense coverage
            • 2. Individual and group health plans
              Topic 4: Life Insurance- Life insurance fundamentals
              • 1. Beneficiaries and policy ownership
                • 2. Policy types and features

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                  2026 Valid Virginia-Life-Annuities-and-Health-Insurance Test Cram | Pass-Sure Virginia-Life-Annuities-and-Health-Insurance: Virginia Life, Annuities, and Health Insurance Examination Series 11-01 100% Pass

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                  Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q190-Q195):

                  NEW QUESTION # 190
                  (Agreements made by terminally ill persons to sell their life insurance policies at a discount in order to pay medical expenses are called:)

                  Answer: D

                  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 # 191
                  Which life insurance rider has the potential to reduce the death benefit?

                  Answer: D

                  Explanation:
                  The accelerated death benefit rider allows the policyholder to access a portion of the death benefit while they are still alive, typically due to a terminal illness or other qualifying event. Since the insurer pays part of the death benefit early, it reduces the remaining amount that will be paid to the beneficiary upon the policyholder's death.


                  NEW QUESTION # 192
                  (All of the following statements about an offer for an insurance contract are correct EXCEPT:)

                  Answer: B

                  Explanation:
                  In insurance contract law, an offer must be a clear and definite proposal that, if accepted, results in a binding contract. In life and health insurance, the applicant typically makes the offer by submitting an application. When a premium is paid with the application, it may strengthen the intent to offer, although coverage does not begin unless the insurer accepts the risk or issues a conditional receipt. An offer can also be terminated through a counteroffer. For example, if an insurer issues a policy with different terms than those requested, the insurer has made a counteroffer, which must be accepted by the applicant before a contract is formed. Advertising, however, is generally considered an invitation to apply rather than an offer or a temporary contract of insurance. A binder represents temporary insurance coverage and requires intent by the insurer or authorized agent to provide immediate coverage. Advertising lacks this intent and does not establish coverage. Therefore, advertising may not be considered a binder, making that statement incorrect under insurance contract principles.


                  NEW QUESTION # 193
                  Under Virginia standards for marketing long-term care coverage, all of these are prohibited sales practices EXCEPT:

                  Answer: C

                  Explanation:
                  Virginia Code § 38.2-5207 and 14VAC5-200-185 outline marketing standards for long-term care (LTC) insurance to protect consumers. Option A (twisting)-misrepresenting a policy to induce replacement-is prohibited as an unfair practice (Virginia Code § 38.2-502). Option C (high pressure tactics)-aggressive sales forcing quick decisions-violates ethical standards and is banned (14VAC5-200-40). Option B (replacing existing coverage) is incorrect as stated; replacement itself isn't prohibited but requires disclosure via a replacement notice (14VAC5-200-75), making it regulated, not banned outright-however, the question implies unauthorized or deceptive replacement, which is prohibited. Option D (cold lead advertising)- soliciting via broad, unsolicited leads (e.g., mailers)-is permitted if it complies with disclosure rules and isn' t deceptive (14VAC5-200-50). The study guide likely lists twisting and high pressure as unethical, with examples like misstating benefits, while allowing cold lead ads with proper labeling (e.g., "advertisement"), making D the exception.


                  NEW QUESTION # 194
                  A licensee must report an administrative action taken by another state or governmental agency tothe Bureau of Insurance within how many calendar days after final disposition?

                  Answer: D

                  Explanation:
                  Virginia Code § 38.2-1826(C) mandates that licensees (agents, brokers, etc.) report administrative actions- such as license revocation or fines by another state or agency-to the Bureau of Insurance within 30 calendar days of the final disposition. "Final disposition" means the conclusion of the action (e.g., final order or settlement). This requirement ensures Virginia regulators can assess the licensee's fitness to hold a license and protect consumers. Option C (30 days) matches this statutory timeline precisely. Option A (10 days) is too short and not supported by Virginia law. Option B (20 days) lacks a basis in the Code or study materials.
                  Option D (45 days) exceeds the mandated period, risking delayed oversight. The study guide likely emphasizes this 30-day rule as a critical compliance deadline, reinforced by Virginia's alignment with NAIC standards for licensee reporting, making C the definitive answer.


                  NEW QUESTION # 195
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