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

Section	Weight	Objectives
Life Insurance and Annuities	33%	- Annuities 1. Fixed and variable annuity contracts 2. Taxation and distribution rules - Life Insurance Basics 1. Types of life policies 2. Policy provisions, options and riders
Life Taxation and Qualified Plans	4%	- Tax treatment 1. Federal income tax rules for life and annuities 2. Qualified retirement plans basics
Insurance Regulation	10%	- Virginia Insurance Regulatory Authority 1. Licensing requirements and procedures 2. State Corporation Commission jurisdiction 3. Unfair trade practices and compliance rules
Senior and Special-Needs Markets	11%	- Medicare and Supplements 1. Medicare supplement policies (Medigap) 2. Medicare parts and eligibility - Long-Term Care 1. State and federal standards 2. Long-term care insurance requirements
Group and Dental Coverage	6%	- Group Insurance 1. Federal and state group regulations 2. Group health eligibility and underwriting - Dental Insurance 1. Plan types and benefit structures
Health Insurance Taxation	2%	- Tax rules 1. Federal tax treatment of health benefits
Health and Medical Insurance Core	28%	- Health Insurance Basics 1. Policy structures and provisions 2. Individual health insurance regulations - Disability Income and Medical Plans 1. Major medical and managed care plans 2. Disability income policies
General Insurance Concepts	6%	- Fundamental principles 1. Risk management and insurance purpose 2. Contract law and policy structure 3. Agency relationships and duties

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q72-Q77):

NEW QUESTION # 72
Which statement about a decreasing term life insurance policy is true?

A. The premium reduces annually, but the amount of coverage remains level.
B. The premium reduces annually and the amount of coverage decreases annually.
C. The premium remains level, but the amount of coverage decreases annually.
D. The premium increases annually, but the amount of coverage decreases.

Answer: C

Explanation:
With a decreasing term life insurance policy, the premium remains level, but the amount of coverage decreases annually. This type of policy is often used to cover debts that decrease over time, such as a mortgage. Since the coverage amount drops each year, premiums are not reduced - they remain the same throughout the policy term.

NEW QUESTION # 73
When the owner of a life insurance policy reserves the right to change the beneficiary, the arrangement is called:

A. A revocable designation
B. A contestable designation
C. An irrevocable designation
D. A contingent designation

Answer: A

Explanation:
When the owner of a life insurance policy reserves the right to change the beneficiary, it is referred to as a revocable designation. A revocable beneficiary designation allows the policyholder to change the beneficiary at any time without the consent of the current beneficiary. This flexibility is in contrast to an irrevocable designation, where the beneficiary cannot be changed without their consent.

NEW QUESTION # 74
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:

A. Insured has submitted claims in excess of $2,000 during the policy year
B. Policy is within 31 days of the renewal date
C. Policy has entered into the grace period for premium payment
D. Insurer was not notified prior to the claim that the insured has other health coverage

Answer: D

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 # 75
Which doctor-ordered services can be performed by individuals without medical training?

A. Rehabilitative care
B. Custodial care
C. Therapeutic care
D. Intermediate care

Answer: B

Explanation:
Custodial care is non-medical assistance with daily living activities, requiring no professional medical training. Rehabilitative, therapeutic, and intermediate care require licensed or trained personnel. Exact extract: "Custodial care provides assistance with daily living activities and does not require medical skills." Reference:

NEW QUESTION # 76
(All of the following are characteristics of term life insurance EXCEPT:)

A. Temporary protection
B. Decreasing or level face amounts
C. Increasing cash values
D. Low initial cost of protection

Answer: C

Explanation:
Term life insurance provides coverage for a specified period of time and is designed to offer pure death benefit protection without a savings or investment component. One of its defining characteristics is that it does not accumulate cash value. Term policies offer temporary protection and may have level or decreasing face amounts, depending on the policy design. They are also known for having a low initial cost compared to permanent life insurance, making them attractive for short-term needs such as income replacement or debt coverage. Because term life insurance does not build cash value, there is no opportunity for increasing cash values over time. Therefore, increasing cash values is not a characteristic of term life insurance and is the correct exception.

NEW QUESTION # 77
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