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

Certification Vendor:	Virginia State Corporation Commission - Bureau of Insurance
Exam Name:	Virginia Life, Annuities, and Health Insurance Examination Series 11-01
Exam Number:	11-01
Exam Duration:	150 minutes
Real Exam Qty:	150
Related Certifications:	Virginia Property & Casualty Insurance (Series 11-03) Virginia Personal Lines Insurance (Series 11-04)
Certificate Validity Period:	2 years (renewable)
Passing Score:	70%
Exam Price:	$35 USD
Available Languages:	English
Exam Format:	Multiple Choice
Recommended Training:	Virginia Bureau of Insurance Study Materials
Exam Registration:	Virginia SCC Licensing Portal Prometric Registration
Sample Questions:	Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Sample Questions
Exam Way:	Computer-based, delivered at Prometric test centers; online proctoring available
Pre Condition:	No formal education or experience prerequisites; must be at least 18 years old, resident or non-resident applying for Virginia license; no prior exam required
Official Syllabus URL:	https://www.scc.virginia.gov/pages/Bureau-of-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	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 3	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 4	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 5	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 6	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 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	Dental Insurance: This domain addresses dental insurance including types of treatment, indemnity plan structures, benefit categories, deductibles and coinsurance, and employer group dental plans.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q378-Q383):

NEW QUESTION # 378
Claims settlement practices of insurers are regulated by:

A. The Internal Revenue Service
B. The National Association of Insurance Commissioners
C. Claims adjusters
D. State insurance departments

Answer: D

Explanation:
Virginia Code § 38.2-510 regulates unfair claim settlement practices, enforced by the State Corporation Commission's Bureau of Insurance-a state insurance department (option D). This includes timely claim processing and fair payment, with penalties for violations. Option A (IRS) oversees tax compliance, not insurance claims. Option B (NAIC) develops model laws and guidelines (e.g., Unfair Claims Settlement Practices Act), but lacks enforcement power; states adopt and regulate these standards. Option C (claims adjusters) are practitioners, not regulators. The study guide likely emphasizes Virginia's Bureau as the authority, citing examples like investigating delayed claims, aligning with state-level oversight under § 38.2-200 et seq., making D the correct regulator.

NEW QUESTION # 379
A group life insurance plan must insure all eligible employees if the:

A. Group was formed for the express purpose of obtaining insurance
B. Employer pays the entire premium
C. Employer pays for a group health insurance plan
D. Employees are covered under a retirement plan

Answer: B

Explanation:
Under Virginia law, a group life insurance plan must insure all eligible employees if the employer pays the entire premium. This is a requirement to ensure fairness and equal coverage for all employees, as employer-paid premiums typically result in mandatory participation. If the employee contributes to the premium, participation may be optional. The other options do not trigger the requirement to insure all eligible employees.

NEW QUESTION # 380
(What is the maximum percentage of total employee payroll that an employer may contribute to a profit-sharing plan?)

A. 33%
B. 25%
C. 30%
D. 28%

Answer: B

Explanation:
Under qualified retirement plan rules covered in Virginia licensing materials, an employer's contribution to a profit-sharing plan is limited to a maximum of 25% of total eligible employee payroll. This limit ensures favorable tax treatment while preventing excessive employer contributions that could otherwise be used to shelter income improperly.
Profit-sharing plans are flexible in that the employer is not required to contribute every year, and the amount can vary depending on business performance. However, when contributions are made, they must remain within the statutory maximum. The other percentages listed exceed the allowable limit and therefore are incorrect. Virginia exam standards consistently emphasize the 25% payroll cap as a key characteristic of profit-sharing plans.

NEW QUESTION # 381
(Which type of life insurance policy is also considered a securities product?)

A. An adjustable life policy
B. An enhanced ordinary life policy
C. An interest sensitive whole life policy
D. A variable life policy

Answer: D

Explanation:
A variable life insurance policy is considered a securities product because its cash value is invested in separate accounts that fluctuate based on market performance. Policyowners assume investment risk, and cash values are not guaranteed beyond any stated minimum death benefit. Because of this market exposure, variable life insurance is regulated under both insurance and securities laws. Agents selling variable life policies must hold appropriate insurance licenses and securities registrations. The other policy types listed are traditional insurance products and do not involve direct investment in securities. Variable life is the only option that combines life insurance protection with securities-based investment components.

NEW QUESTION # 382
When the business of insurance is no longer conducted under an assumed name, an agent must notify:

A. The Bureau of Insurance
B. The National Association of Insurance Commissioners
C. The Surety Organization of Virginia
D. The Chamber of Commerce

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Agents must notify the Virginia Bureau of Insurance (A) of changes like discontinuing an assumed name, as it regulates licensing and business conduct.
* The NAIC (B), Chamber (C), and Surety Organization (D) have no direct authority over this requirement.
The Virginia study guide mandates that agents report significant business changes, including assumed name cessation, to the Bureau of Insurance per state law. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Agent Responsibilities."

NEW QUESTION # 383
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