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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: | 11-01 |
| Exam Duration: | 150 minutes |
| Certificate Validity Period: | 2 years (renewable) |
| Available Languages: | English |
| Exam Price: | $35 USD |
| Exam Format: | Multiple Choice |
| Real Exam Qty: | 150 |
| Passing Score: | 70% |
| Related Certifications: | Virginia Property & Casualty Insurance (Series 11-03) Virginia Personal Lines Insurance (Series 11-04) |
| 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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NEW QUESTION # 138
(The State Corporation Commission may suspend an agent's license when the agent:)
Answer: D
Explanation:
Rebating-the act of returning a portion of commission or offering inducements not specified in the policy-is prohibited under Virginia insurance law. Engaging in rebating is considered an unfair trade practice and is grounds for disciplinary action, including license suspension.
Sharing commissions with properly licensed agents is allowed. There is no requirement to report annual commission earnings, and administrative changes such as account location updates may require notice but are not suspension-level violations. Therefore, option B is correct.
NEW QUESTION # 139
Which policy provision allows an employee to change from group coverage to an individual life insurance policy?
Answer: A
Explanation:
Virginia Code § 38.2-3330 requires group life insurance policies to include a conversion provision,allowing an employee to convert group coverage to an individual policy without evidence of insurability, typically within 31 days after termination of employment or group eligibility. Option B (conversion) directly describes this right, ensuring continued protection. Option A (nonforfeiture) applies to cash value options (e.g., reduced paid-up insurance) in individual policies, not group-to-individual transitions. Option C (assignment) transfers policy ownership, unrelated to conversion. Option D (incontestability) limits the insurer's ability to deny claims after a period (e.g., 2 years), not a conversion mechanism. The study guide likely highlights conversion as a key group life feature, with scenarios like an employee leaving a job and converting to a whole life policy, making B the precise answer.
NEW QUESTION # 140
An insurance company may include provisions in a non-ACA health insurance policy which deny coverage when:
Answer: B
Explanation:
Virginia permits exclusion for losses caused by intoxication or non-prescribed drugs but prohibits arbitrary exclusions like failure to get checkups or automobile accidents. Exact extract: "Policies may exclude losses resulting from the insured's intoxication or use of narcotics unless prescribed by a physician."
NEW QUESTION # 141
Which type of annuity could be used for contributions to an Individual Retirement Account?
Answer: C
Explanation:
A deferred annuity is commonly used for contributions to an Individual Retirement Account (IRA). Deferred annuities allow the policyholder to contribute funds, which grow tax-deferred until retirement. These types of annuities are well-suited for retirement savings plans such as IRAs, where the income is not taxed until it is withdrawn. Other types of annuities, such as joint life, temporary, and survivorship, are not typically used for IRAs.
NEW QUESTION # 142
An individual may receive a penalty-free premature distribution from a traditional IRA for all of the following reasons EXCEPT:
Answer: A
Explanation:
Penalty-free withdrawals from a traditional IRA before age 59½ are permitted for disability, qualified first-time home purchase (up to $10,000), or certain unreimbursed medical expenses. Bankruptcy is not a qualifying exception.
Exact Extract (Virginia Retirement Study Guide): "Exceptions to early withdrawal penalty include disability, first-time home purchase, qualified education, or medical expenses. Bankruptcy is not included." Reference (Virginia Documents / Study Guide):
- Virginia Life & Annuities Examination Outline, Retirement Plans - Taxation Rules
NEW QUESTION # 143
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