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| Certification Vendor: | Virginia State Corporation Commission (Bureau of Insurance) |
|---|---|
| Exam Name: | Virginia Life, Annuities, and Health Insurance Examination (Series 11-01) |
| Exam Number: | Series 11-01 |
| Exam Format: | Multiple-choice, Computer-based testing |
| Certificate Validity Period: | Varies (typically requires renewal every 2 years with continuing education requirements) |
| Available Languages: | English |
| Related Certifications: | Virginia Health Insurance License Virginia Life Insurance License Virginia Annuities License |
| Recommended Training: | ExamFX Insurance Exam Prep Kaplan Financial Education (Insurance Licensing Prep) |
| Exam Registration: | Pearson VUE Virginia Insurance Exams Virginia Bureau of Insurance Licensing Information |
| Sample Questions: | Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Sample Questions |
| Exam Way: | Computer-based testing at approved testing centers (Pearson VUE) |
| Pre Condition: | Varies; candidates should check Virginia Bureau of Insurance requirements for pre-licensing education and eligibility rules |
| Official Syllabus URL: | https://www.scc.virginia.gov/boi/licensing |
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NEW QUESTION # 14
(Who receives dividends in a mutual insurance company?)
Answer: B
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 # 15
All of the following are underwriting criteria for individual life insurance EXCEPT:
Answer: D
Explanation:
Virginia Code § 38.2-3107 governs life insurance underwriting, where insurers assess risk using factors like gender (option A, affecting mortality rates), occupation (option C, e.g., hazardous jobs increase risk), and ability to pay premiums (option D, ensuring policy sustainability). Option B (religion) is not a permissible criterion; Virginia Code § 38.2-211 prohibits unfair discrimination in insurance based on religion, race, or other protected traits, reflecting federal and state anti-discrimination laws. The study guide likely explains underwriting with examples-e.g., higher premiums for a male firefighter-but flags religion as an illegal factor, with case studies of compliance, making B the exception.
NEW QUESTION # 16
All of the following factors may be considered in individual health insurance underwriting EXCEPT:
Answer: D
Explanation:
In individual health insurance underwriting, factors such as age, sex, and occupation can influence the decision to offer coverage, the premium rates, and any exclusions or limitations. However, religion is not a factor that can be considered, as it is prohibited by law to discriminate based on religious beliefs in the underwriting process. The inclusion of religion as a factor would be considered discriminatory.
NEW QUESTION # 17
All of the following are common life insurance nonforfeiture options EXCEPT:
Answer: D
Explanation:
Common life insurance nonforfeiture options include extended term insurance, reduced paid-up insurance, and cash surrender value. These options allow policyholders to access some of the policy's value if they decide to stop paying premiums or surrender the policy. A life income annuity is not a nonforfeiture option; rather, it is a type of annuity that provides periodic payments for the annuitant's lifetime.
NEW QUESTION # 18
Which one of the following statements about a decreasing term life insurance policy is true?
Answer: C
Explanation:
A decreasing term policy provides a declining death benefit over the policy term, while premiums remain level. These policies are often used for mortgage protection, as the insurance amount reduces in line with the declining loan balance.
Exact Extract (Virginia Life Insurance Study Guide): "Decreasing term insurance-provides a level premium and a decreasing face amount throughout the term of coverage, often used for debt protection." Reference (Virginia Documents / Study Guide):
- Virginia Life & Annuities Examination Outline, Term Insurance
NEW QUESTION # 19
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