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| Certification Vendor: | Virginia Bureau of Insurance |
|---|---|
| Exam Name: | VA Life, Annuities & Health Insurance |
| Exam Number: | 11-01 |
| Real Exam Qty: | 150 |
| Exam Duration: | 150 minutes |
| Exam Price: | $35 USD |
| Exam Format: | Multiple Choice |
| Available Languages: | English |
| Passing Score: | 70% |
| Related Certifications: | Virginia Life and Health Insurance License |
| Sample Questions: | Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Sample Questions |
| Exam Way: | Computer-based testing at Prometric test centers. Two sections: General Knowledge (100 scoreable + 5 pretest questions) and Virginia-Specific (40 scoreable + 5 pretest questions). Must achieve 70% on both sections to pass. Section 1 must be completed before Section 2 begins. |
| Pre Condition: | None specified. No requirement to be hired or sponsored by an insurance company before taking the exam. |
| Official Syllabus URL: | https://www.prometric.com/virginia/insurance |
>> Virginia-Life-Annuities-and-Health-Insurance Study Reference <<
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NEW QUESTION # 326
A qualified plan participant elected a trustee-to-trustee transfer of rollover funds instead of personally receiving the funds and then rolling them over. This election permits the participant to:
Answer: B
Explanation:
Detailed Answer in Step-by-Step Solution:
* A trustee-to-trustee transfer (A) avoids the 20% mandatory tax withholding required when funds are distributed to the participant and rolled over within 60 days.
* Options B (lost funds) and C (time) are incidental, not primary benefits. Option D (penalty tax) is irrelevant; rollovers aren't penalized if timely.
The Virginia study guide, per IRS rules, notes that direct trustee-to-trustee transfers bypass withholding, preserving the full amount for reinvestment. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Retirement Plans."
NEW QUESTION # 327
(Which one of the following statements about the automatic premium loan provision in a life insurance policy is true?)
Answer: D
Explanation:
The automatic premium loan provision is an optional feature found in many cash value life insurance policies. Its purpose is to prevent a policy from lapsing when the policyowner fails to pay a premium by the end of the grace period. If the policy has sufficient cash value, the insurer will automatically issue a policy loan in the amount needed to cover the overdue premium. This loan is secured by the policy's cash value and accrues interest according to the policy's loan terms. Over time, unpaid loan balances and interest may reduce the policy's cash value and death benefit. This provision differs from a waiver of premium, which waives premiums due to disability, and from options that purchase additional insurance. The automatic premium loan simply uses the policy's existing value to keep coverage in force.
NEW QUESTION # 328
The entire contract clause in a life insurance policy states that the complete contract between the insurer and the policyowner usually consists of the policy and the:
Answer: C
Explanation:
Detailed Answer in Step-by-Step Solution:
* The entire contract clause includes the policy and the attached application (B), ensuring all terms and representations are part of the agreement.
* The premium receipt (A) is temporary, the waiver rider (C) is optional, and the declaration page (D) is part of the policy, not separate.
The Virginia study guide states that the entire contract provision encompasses the policy and attached application, defining the full legal agreement. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Life Insurance Policy Provisions."
NEW QUESTION # 329
An individual health insurance policy must include:
Answer: C
Explanation:
Individual health policies must include a free look period of at least 10 days, giving policyholders the right to return the policy for a full refund if dissatisfied.
Exact Extract (Virginia Insurance Regulations): "Every individual health insurance policy shall include a free-look provision of not less than 10 days." Reference (Virginia Documents / Study Guide):
- Code of Virginia §38.2-3514 (Standard Policy Provisions - Free Look)
NEW QUESTION # 330
An unpaid policy loan may terminate a life insurance contract when the amount of the loan plus accrued interest exceeds the:
Answer: A
Explanation:
If the total amount of an unpaid policy loan, plus accrued interest, exceeds the total cash value of the life insurance policy, the policy may terminate. This is because the insurer can only loan a portion of the cash value, and if the loan balance exceeds it, the policy will be in danger of lapsing.
NEW QUESTION # 331
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