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Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Overview:

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
Related Certifications:	Virginia Property & Casualty Insurance (Series 11-03) Virginia Personal Lines Insurance (Series 11-04)
Passing Score:	70%
Certificate Validity Period:	2 years (renewable)
Real Exam Qty:	150
Exam Price:	$35 USD
Exam Format:	Multiple Choice
Available Languages:	English
Exam Duration:	150 minutes
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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Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Syllabus Topics:

Topic	Details
Topic 1	General Insurance: This domain introduces fundamental insurance concepts including risk management methods, types of insurers, agent authority, and the essential elements and characteristics of insurance contracts including legal doctrines governing agreements.
Topic 2	Disability Income and Related Insurance: This domain addresses disability income insurance including benefit qualifications, individual and group policy features, riders, underwriting considerations, business applications, and Social Security and workers compensation benefits.
Topic 3	Group Health Insurance: This domain covers group health insurance characteristics, eligible groups, underwriting criteria, employee and dependent eligibility, continuation of coverage under COBRA, and small employer plan requirements.
Topic 4	Federal Tax Considerations for Life Insurance and Annuities: This domain examines federal tax treatment of life insurance and annuities including death benefits, policy loans, modified endowment contracts, non-qualified annuities, IRAs, and Section 1035 exchanges.
Topic 5	Qualified Plans: This domain addresses employer-sponsored retirement plans including qualification requirements, tax advantages, and various plan types such as SEPs, 401(k)s, and 403(b) plans.
Topic 6	Insurance for Senior Citizens and Special Needs Individuals: This domain covers Medicare Parts A-D, Medicare supplement insurance with standardized plans and Virginia regulations, other coverage options for Medicare-eligible individuals, and comprehensive long-term care insurance requirements.
Topic 7	Individual Health Insurance Policy General Provisions: This domain covers uniform required and optional provisions in individual health policies including contract terms, claims procedures, grace periods, renewability classifications, and the free look period.
Topic 8	Life Insurance Policy Provisions, Options and Riders: This domain addresses standard contract provisions, beneficiary designations, settlement options, nonforfeiture provisions, policy loans, dividend options, and riders including disability benefits and accelerated death benefits.
Topic 9	Insurance Regulation: This domain covers Virginia's regulatory framework for insurance agents and companies, including licensing, appointments, continuing education, disciplinary actions, and the State Corporation Commission's authority. It also addresses federal regulations like the Fair Credit Reporting Act and ACA market reforms.
Topic 10	Life Insurance Basics: This domain covers insurable interest, personal and business uses of life insurance, methods for determining coverage amounts, policy classifications, premium determination factors, agent sales responsibilities, and the underwriting process.
Topic 11	Medical Plans: This domain examines medical insurance delivery systems including major medical, HMOs, PPOs, and POS plans, along with cost containment strategies, Virginia eligibility requirements, HIPAA provisions, and HSAs.
Topic 12	Dental Insurance: This domain addresses dental insurance including types of treatment, indemnity plan structures, benefit categories, deductibles and coinsurance, and employer group dental plans.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q231-Q236):

NEW QUESTION # 231
What type of insurance pays a lump sum benefit if an insured loses sight in both eyes?

A. Hospital expense
B. Medical expense
C. Accidental death and dismemberment
D. Major medical

Answer: C

Explanation:
Detailed Answer in Step-by-Step Solution:
* Accidental death and dismemberment (AD&D) insurance (B) provides a lump sum benefit for specific losses, such as loss of sight in both eyes, due to an accident.
* Hospital expense (A) covers hospital stays, not lump sums for dismemberment.
* Major medical (C) and medical expense (D) cover healthcare costs, not specific injury benefits.
The Virginia study guide describes AD&D as providing lump sum payments for accidental death or specific injuries like loss of sight, distinct from medical expense coverage. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Types."

NEW QUESTION # 232
The interest that an insurance company earns on life insurance premiums paid helps to:

A. Increase the life insurance premium rate
B. Decrease the mortality rate
C. Increase the mortality rate
D. Decrease the life insurance premium rate

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* Life insurance premiums are calculated based on three factors: mortality (death rates), interest (investment earnings), and expenses (operating costs).
* When an insurer earns interest on premiums invested, it increases the funds available to pay claims, reducing the amount needed from policyholders.
* This results in a decrease in the premium rate (C), as higher interest earnings offset the cost of coverage.
* Option A (increase premium rate) would occur if interest earnings decreased.
* Options B and D (mortality rate changes) are unrelated to interest, as mortality is a statistical factor, not a financial one.
The Virginia study guide explains that interest earned on premiums is a key component of pricing life insurance, allowing insurers to lower premium rates when investment returns are favorable. Reference:
Virginia Life, Annuities, and Health Insurance study guide, section on "Premium Determination."

NEW QUESTION # 233
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:

A. Eliminate the possibility of funds being lost in the mail
B. Eliminate the penalty tax that normally applies to rollover funds
C. Significantly reduce the amount of time required for the transaction
D. Avoid mandatory income tax withholding on the amount transferred

Answer: D

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 # 234
An unpaid policy loan may terminate a life insurance contract when the amount of the loan plus accrued interest exceeds the:

A. Accumulated dividends
B. Premiums paid
C. Face amount
D. Total cash value

Answer: D

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 # 235
In an individual disability income insurance policy, the waiver of premium rider:

A. Waives future premiums after a given period of continuing total disability
B. Excludes workers' compensation coverage
C. Usually is restricted to total disabilities from accidental bodily injuries
D. Enables the insurer to raise the premium of the entire occupational class

Answer: A

Explanation:
The waiver of premium rider allows the insured to stop paying premiums while disabled. After a specified waiting period (typically 90 days), premiums are waived for as long as the disability continues.
Exact Extract (Virginia Disability Study Guide): "Waiver of premium-after a period of total disability, future premiums are waived while benefits remain payable." Reference (Virginia Documents / Study Guide):
- Virginia Health Insurance Examination Outline, Disability Riders

NEW QUESTION # 236
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