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

SectionObjectives
General Insurance Knowledge (National)- Annuities
  • 1. Immediate versus deferred annuities
  • 2. Uses for retirement income and tax-deferred growth
  • 3. Payment options
  • 4. Annuity principles
  • 5. Fixed and variable annuities
- Types of Health Policies
  • 1. Accidental death and dismemberment
  • 2. Medical expense insurance
  • 3. Disability income
- Group Health Insurance
  • 1. Continuation of coverage under COBRA
  • 2. Employee and dependent eligibility
  • 3. Underwriting criteria
  • 4. Small employer plan requirements
  • 5. Group health insurance characteristics
  • 6. Eligible groups
- Federal Tax Considerations for Health Insurance
  • 1. Personally-owned health insurance tax treatment
  • 2. Employer-provided health insurance tax treatment
  • 3. Business disability insurance
  • 4. HSAs, HRAs, and FSAs
- Individual Health Insurance Policy General Provisions
  • 1. Free look period
  • 2. Grace periods
  • 3. Renewability classifications
  • 4. Contract terms
  • 5. Uniform required and optional provisions
  • 6. Claims procedures
- Subrogation
- Disability Income and Related Insurance
- Life Insurance Basics
  • 1. Underwriting process
  • 2. Personal and business uses of life insurance
  • 3. Insurable interest
  • 4. Agent sales responsibilities
  • 5. Policy classifications
  • 6. Methods for determining coverage amounts
  • 7. Premium determination factors
- Completing the Application, Underwriting, and Delivering the Life Policy
  • 1. Underwriting
  • 2. Delivering the policy
  • 3. Completing the application
- Insurance for Senior Citizens and Special Needs Individuals
- Workers Compensation
- Health Insurance Basics
  • 1. Agent responsibilities
  • 2. Replacement considerations
  • 3. Policy classifications
  • 4. Types of benefits
  • 5. Underwriting processes
  • 6. Common exclusions
  • 7. Limited policies
  • 8. Covered perils
- Types of Life Policies
  • 1. Annuities
  • 2. Interest/market-sensitive life products
  • 3. Term life
  • 4. Traditional whole life products
  • 5. Combination plans and variations
- Life Insurance Policy Provisions, Options and Riders
  • 1. Policy loans
  • 2. Disability benefits and accelerated death benefits
  • 3. Dividend options
  • 4. Policy riders
  • 5. Settlement options
  • 6. Standard contract provisions
  • 7. Nonforfeiture provisions
  • 8. Beneficiary designations
- Taxes, Retirement, and Other Life Insurance Concepts
  • 1. Group life insurance
  • 2. Third-party ownership
  • 3. Tax treatment of insurance premiums, proceeds, and dividends
  • 4. Life insurance needs analysis/suitability
  • 5. Retirement plans
  • 6. Social Security benefits and taxes
- Medical Plans
  • 1. Managed care
- Federal Tax Considerations for Life Insurance and Annuities
  • 1. Policy loans
  • 2. Modified endowment contracts
  • 3. Non-qualified annuities
  • 4. Federal tax treatment of death benefits
  • 5. Section 1035 exchanges
  • 6. IRAs
- Qualified Plans
  • 1. SEPs, 401(k)s, and 403(b) plans
  • 2. Tax advantages
  • 3. Qualification requirements
  • 4. Employer-sponsored retirement plans
- Dental Insurance
  • 1. Types of treatment
  • 2. Deductibles and coinsurance
  • 3. Employer group dental plans
  • 4. Indemnity plan structures
  • 5. Benefit categories
- Field Underwriting Procedures
  • 1. Explaining sources of insurability information
  • 2. Explaining policy provisions, riders, exclusions, and ratings
  • 3. Initial premium payment and receipt
  • 4. Submitting application to company for underwriting
  • 5. Replacement
  • 6. Contract law
  • 7. Completing application and obtaining necessary signatures
  • 8. Ensuring delivery of policy and related documents to client
Virginia-Specific Content- Virginia Statutes and Regulations Common to Life, Accident and Health Insurance
  • 1. ACA market reforms
  • 2. State Corporation Commission's authority
  • 3. Continuing education
  • 4. Virginia licensing requirements
  • 5. Disciplinary actions
  • 6. Appointments
  • 7. Fair Credit Reporting Act
  • 8. Insurance Regulation

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q352-Q357):

NEW QUESTION # 352
(An agent who makes an incomplete comparison of policies to encourage an insured to cancel a contract of another insurer and purchase a new one is guilty of:)

Answer: C

Explanation:
Twisting occurs when an agent uses misleading or incomplete comparisons to persuade a policyowner to lapse, surrender, or replace an existing insurance policy with a new one. This practice is unethical and prohibited because it may result in the consumer losing valuable benefits such as cash values, favorable policy provisions, or lower premiums. Rebating involves offering something of value not stated in the policy. Coercion involves force or threats. Defamation concerns false statements damaging another's reputation. Since the agent is encouraging replacement through misleading comparisons, the act is twisting.


NEW QUESTION # 353
Which contract provides an income benefit until the first of two annuitants dies?

Answer: D

Explanation:
Virginia Code § 38.2-3100 et seq. governs annuities. A joint life annuity (option C) pays income until the first of two annuitants dies, then ceases-ideal for temporary dual coverage. Option A (joint and survivor annuity) continues payments until the last survivor dies, not stopping at the first death. Option B (temporary annuity) pays for a fixed term (e.g., 10 years), regardless of death, and isn't tied to two lives. Option D (single life annuity) covers one person until their death, not two. The study guide likely defines these with examples-e.g., a couple receiving $1,000 monthly until one dies (joint life) versus until both die (joint and survivor)-highlighting C's "first death" cutoff, making it the correct answer.


NEW QUESTION # 354
Which statement about an adjustable life insurance policy is true?

Answer: A

Explanation:
Adjustable life allows policyholders to adjust face amount, premium, or coverage period. Increases in coverage may require proof of insurability. Exact extract: "Adjustable life permits increases in coverage, subject to evidence of insurability." Reference:


NEW QUESTION # 355
(In general, before what minimum age requirement would a withdrawal taken from an employer-sponsored qualified retirement plan be considered premature and thus, subject to a tax penalty?)

Answer: A

Explanation:
Under federal tax rules emphasized in Virginia licensing materials, distributions taken from employer-sponsored qualified retirement plans before the participant reaches age 59½ are generally considered premature and are subject to an additional 10% federal tax penalty, unless a specific exception applies. This penalty is imposed in addition to ordinary income tax on the taxable portion of the withdrawal.
The purpose of the penalty is to discourage early use of retirement funds and preserve assets for retirement income. While certain exceptions exist-such as disability, death, substantially equal periodic payments, or qualified medical expenses-the standard minimum age used for exam purposes is 59½.
Ages 60, 64½, and 65 do not represent the statutory threshold for avoiding the premature distribution penalty. Therefore, option A is correct.


NEW QUESTION # 356
The voluntary act of terminating an insurance contract is called:

Answer: C

Explanation:
Cancellation, per Virginia Code § 38.2-3106 (life) and § 38.2-3508 (health), is the voluntary termination of a policy by the insured or insurer. Options A, B, and C aren't standard terms for this action in Virginia insurance law. The study guide defines cancellation as a deliberate act, distinct from lapse (nonpayment) or nonrenewal, making D the correct term.


NEW QUESTION # 357
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