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| Section | Objectives |
|---|---|
| Accident and Health Insurance | - Health insurance principles
|
| Life Insurance | - Life insurance fundamentals
|
| Annuities | - Annuity concepts
|
| Insurance Regulatory Environment | - State insurance regulation and oversight
|
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NEW QUESTION # 338
All of the following are underwriting criteria for individual life insurance EXCEPT:
Answer: B
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 # 339
Policy loan provisions may be found in all of the following life insurance policies EXCEPT:
Answer: A
Explanation:
Policy loan provisions are typically found in whole life and universal life policies, where the policyholder can borrow against the cash value of the policy. A twenty payment life policy is a type of whole life insurance where premiums are paid for 20 years, and it may include loan provisions. However, a five-year life policy is typically a limited-pay policy, and policy loans are generally not available under this type because there is insufficient cash value accumulation in such a short time frame.
NEW QUESTION # 340
After an insured's death, the insurer learned that the age on the application for a whole life insurance policy was understated by five years. The rate per $1,000 for the applicant's actual age was $18, and the rate for the understated age was $15. How much will the insurer pay?
Answer: A
Explanation:
Detailed Answer in Step-by-Step Solution:
* When age is misstated, the insurer adjusts the death benefit based on the premium paid versus what should have been paid.
* Premium paid: $15 per $1,000 (understated age). Correct premium: $18 per $1,000 (actual age).
* Ratio: $15/$18 = 5/6 of the intended coverage. Thus, the benefit is 15/18 of the face amount (A).
* Option B (95%) is arbitrary. Option C (full amount) ignores the misstatement. Option D (nothing) applies only in fraud cases beyond the incontestability period, not specified here.
The Virginia study guide states that under the misstatement of age provision, the benefit is adjusted proportionally to the premium paid versus the correct premium, not denied entirely. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Life Insurance Policy Provisions."
NEW QUESTION # 341
An individual currently owns a long-term care policy. At the time of application for similar coverage, which item must be signed by the applicant and retained by the insurer?
Answer: D
Explanation:
Virginia Code § 38.2-5207.1 and 14VAC5-200-75 regulate replacement of long-term care (LTC) insurance, requiring a replacement notice when an applicant with existing coverage applies for a new policy that may replace it. This signed notice, provided to the applicant and retained by the insurer, ensures transparency about potential duplication or lapse of the original policy, protecting consumers from unintended coverage gaps or costs. Option C (replacement notice) fits this requirement. Option A (cancellation notice) relates to terminating a policy, not applying for a new one. Option B (substitution notice) isn't a standard term;
"replacement" is the legal phrase. Option D (duplication notice) might imply overlap but lacks regulatory specificity. The study guide likely includes a sample replacement form, stressing its role in LTC sales compliance, confirming C as the correct choice.
NEW QUESTION # 342
The consideration clause in health insurance usually lists the insured's consideration given for the policy as:
Answer: D
Explanation:
Consideration in health insurance is the combination of the initial premium payment and the application submitted by the insured. Exact extract: "The consideration clause states that the policy is issued in exchange for the application and payment of the first premium." This reflects the legal exchange of value between the insured and the insurer.
Reference:
NEW QUESTION # 343
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