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

Section	Objectives
Life Insurance	- Life insurance fundamentals 1. Beneficiaries and policy ownership 2. Policy types and features
Insurance Regulatory Environment	- State insurance regulation and oversight 1. Virginia insurance laws and regulations 2. Producer licensing requirements
Accident and Health Insurance	- Health insurance principles 1. Disability and medical expense coverage 2. Individual and group health plans
Annuities	- Annuity concepts 1. Fixed and variable annuities 2. Accumulation and payout options

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q97-Q102):

NEW QUESTION # 97
An insurance contract that identifies individuals by relationship to a particular organization is called:

A. COBRA coverage
B. Group insurance
C. Contributory insurance
D. Health insurance

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
Group insurance (B) covers individuals based on their affiliation with an organization (e.g., employees of a company), not as individuals.
Contributory insurance (A) refers to group plans where employees pay part of the premium, but it's not the defining feature.
Health insurance (C) is too broad, and COBRA (D) extends group coverage, not defines it.
The Virginia study guide defines group insurance as coverage tied to membership in an organization, such as an employer or association. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Group Insurance."

NEW QUESTION # 98
Which is true about ownership of a deferred annuity contract?

A. An owner's rights take effect when the benefit payment phase begins
B. All of the participants in a group contract are part-owners
C. Ownership rights are neither transferable nor assignable
D. An owner may be the annuitant or the beneficiary or neither

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* In a deferred annuity, the owner (who purchases the contract) can be the annuitant (who receives payments), the beneficiary (who receives proceeds), or a third party (C).
* Option A (group contract) applies to group annuities, not individual ownership.
* Option B (non-transferable) is false; ownership can often be assigned.
* Option D (rights at payment phase) is incorrect; owners have rights during accumulation.
The Virginia study guide notes that deferred annuity ownership is flexible, allowing the owner to differ from the annuitant or beneficiary, with rights exercisable before payout. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Annuities."

NEW QUESTION # 99
Life insurance policies are required to have all of the following provisions EXCEPT:

A. The incontestability clause
B. The grace period clause
C. The misstatement of age clause
D. The waiver of premium clause

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* Life insurance policies must include a misstatement of age clause (B), grace period clause (C), and incontestability clause (D) as standard provisions under state law.
* The waiver of premium clause (A) is optional, typically a rider, not a required provision.
The Virginia study guide lists mandatory life insurance provisions (e.g., grace period, incontestability, misstatement of age) but notes that waiver of premium is an optional benefit, not required. Reference:
Virginia Life, Annuities, and Health Insurance study guide, section on "Life Insurance Policy Provisions."

NEW QUESTION # 100
Which is true about an adjustable life insurance policy?

A. The policy while in force can alternate between forms of term life insurance and whole life insurance
B. It is a form of retirement income annuity
C. The only nonforfeiture option available is cash
D. No settlement options are available

Answer: A

Explanation:
Adjustable life insurance (Virginia Code § 38.2-3113.1) allows flexibility in face amount and premiums, effectively shifting between term (lower cost, no cash value) and whole life (higher cost, cash value) features while in force (option A). Option B is false; nonforfeiture options include cash, reduced paid-up, or extended term. Option C is false; settlement options (e.g., lump sum) apply as with other policies. Option D is wrong; it' s life insurance, not an annuity. The study guide likely explains this adaptability-e.g., increasing premiums to build cash value (whole life)-making A the true statement.

NEW QUESTION # 101
No existing agent's license will be revoked until:

A. The agent has been afforded a right to a hearing on the charges
B. A jury has decided upon such action
C. A cease and desist order has been issued
D. At least three violations have been incurred

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Virginia law requires due process, meaning an agent's license cannot be revoked until they've had a hearing (A) to contest the charges.
* Options B (three violations), C (jury), and D (cease and desist) are not prerequisites for revocation proceedings.
The Virginia study guide mandates that the Bureau of Insurance provide a hearing before revoking a license, ensuring fairness under state administrative law. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "License Regulation."

NEW QUESTION # 102
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