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

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

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q20-Q25):

NEW QUESTION # 20
What is the agent's primary role in underwriting life insurance?

Answer: B

Explanation:
In the underwriting process for life insurance, as governed by Virginia Code § 38.2-1800 et seq., the agent's primary role is to act as a field underwriter, ensuring the application provides accurate and complete information to the insurer (option A). This includes collecting personal data (e.g., age, health history) and verifying its correctness-e.g., asking about smoking habits or past surgeries-to enable the home office underwriter to assess risk properly. Option B (binding coverage immediately) is incorrect; agents typically lack authority to bind life insurance without insurer approval, unlike some property/casualty lines, unless a conditional receipt with premium is issued (Virginia Code § 38.2-3106), which isn't "immediate" or primary.
Option C (issuing the policy) is false; only the insurer's home office issues policies after underwriting approval, not the agent. Option D (securing MIB information) is an underwriter's task; agents don't directly access the Medical Information Bureau-though they may note MIB codes if disclosed, their role is data collection, not retrieval. The study guide likely emphasizes the agent's frontline duty with examples-e.g., ensuring a 45-year-old applicant discloses diabetes-making A the primary role, aligning with Virginia's agency framework where agents facilitate, not finalize, underwriting.


NEW QUESTION # 21
(All employer-sponsored qualified retirement plans are generally required to open participation to any employee age 21 or over with a minimum of how many years of service?)

Answer: C

Explanation:
Qualified retirement plans are subject to federal participation standards to ensure broad employee access. Generally, employees age 21 or older must be allowed to participate after completing one year of service. One year of service typically means working at least 1,000 hours during a 12-month period. While some plans may impose longer vesting schedules for employer contributions, participation requirements are designed to prevent unreasonable exclusion of employees. The other options exceed the standard participation limit and are not consistent with general qualified plan rules. Therefore, one year of service is the correct minimum requirement.


NEW QUESTION # 22
Anything of value given to produce a contract is the definition of:

Answer: A

Explanation:
In insurance contract law, per Virginia Code § 38.2-102, a contract requires consideration-something of value exchanged to make it legally binding. Option C (consideration) fits this definition: the insured's premium payment and the insurer's promise of coverage form the mutual value. Option A (grant) implies a unilateral transfer, not a contract element. Option B (codicil) is a will amendment, irrelevant to insurance contracts. Option D (covenant) is a promise within a contract, not the value exchanged. The study guide likely explains consideration as a foundational principle, using examples like a $500 premium for a $100,000 policy, distinguishing it from other legal terms. Virginia follows common law requiring consideration for enforceability, making C theprecise answer.


NEW QUESTION # 23
The insurance with other insurers provision in an individual health insurance policy allows an insurer to pay benefits to the insureds on a pro-rata basis when the:

Answer: A

Explanation:
The "insurance with other insurers" provision, addressed in Virginia Code § 38.2-3514, is a coordination of benefits (COB) mechanism in individual health insurance policies designed to prevent over-insurance and duplicate payments when an insured has multiple policies covering the same loss. This provision allows the insurer to prorate benefits-paying a share based on the total coverage-when certain conditions are met.
Option C states that the insurer wasn't notified prior to the claim of other coverage, which triggers proration.
This aligns with standard COB rules: if the insurer isn't informed of other policies, it may assume primary liability initially but adjust to a pro-rata share upon discovery, ensuring equitable payment across insurers.
Option A (within 31 days of renewal) is irrelevant; renewal proximity doesn't affect benefit coordination.
Option B (grace period) relates to premium payment timing, not other insurance, and doesn't trigger proration.
Option D ($2,000 claim threshold) is arbitrary and not a standard condition in Virginia law or study materials for this provision. The study guide likely emphasizes notification as key to COB, as Virginia follows NAIC model regulations requiring disclosure of other coverage (e.g., via application or claim forms). Without prior notice, the insurer applies proration retroactively, making C the correct choice.


NEW QUESTION # 24
(An example of a beneficiary designation by class is:)

Answer: C

Explanation:
A beneficiary designation by class identifies beneficiaries as a group rather than by individual names. Common class designations include children, grandchildren, or surviving spouse. "All children of the insured" is a classic example because it includes all individuals who meet that description at the time of the insured's death, even if the number of children changes over time. A specified parent, a named shareholder, or the insured's estate are not class designations. The estate is a legal entity, not a class of individuals, and naming a specific person does not constitute a class designation.


NEW QUESTION # 25
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