[Mar 18, 2026] Virginia-Life-Annuities-and-Health-Insurance Practice Exam Dumps - 99% Marks In Virginia Insurance Exam
Updated Verified Virginia-Life-Annuities-and-Health-Insurance Q&As - Pass Guarantee or Full Refund
Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam Syllabus Topics:
| Topic | Details |
|---|---|
| Topic 1 |
|
| Topic 2 |
|
| Topic 3 |
|
| Topic 4 |
|
| Topic 5 |
|
| Topic 6 |
|
| Topic 7 |
|
| Topic 8 |
|
| Topic 9 |
|
NEW QUESTION # 29
A tax cost typically associated with death is:
- A. State sales tax
- B. Federal estate tax
- C. Excise tax
- D. Life insurance proceeds tax
Answer: B
Explanation:
The federal estate tax is the tax cost typically associated with death. It is imposed on the estate of a deceased person, and it applies to the transfer of assets above a certain threshold. Life insurance proceeds are generally not taxable to beneficiaries; however, if the policy is part of the estate, the proceeds may be subject to estate taxes. Excise taxes and state sales taxes are not typically related to death.
NEW QUESTION # 30
Who is a contingent beneficiary to a life insurance policy?
- A. The person who pays the premium if the insured becomes disabled
- B. The person who receives the policy proceeds if no beneficiary has been named
- C. The person who receives the policy proceeds if the primary beneficiary dies before the insured
- D. The lender in whose favor a collateral assignment has been made
Answer: C
Explanation:
A contingent beneficiary is designated to receive the policy proceeds only if the primary beneficiary is unable to do so, usually due to predeceasing the insured.
Exact Extract (Virginia Life Insurance Study Guide): "Contingent beneficiary-receives benefits if the primary beneficiary dies before the insured." Reference (Virginia Documents / Study Guide):
- Virginia Life Insurance Examination Outline, Beneficiary Designations
NEW QUESTION # 31
Which type of care is covered under Medicare Part A?
- A. Skilled nursing facility care
- B. Custodial facility care
- C. Intermediate nursing facility care
- D. Custodial care at home
Answer: A
Explanation:
Medicare Part A typically covers skilled nursing facility care, which includes care provided in a facility for patients who require skilled care following a hospitalization. However, Medicare Part A does not cover intermediate or custodial care, which involves assistance with activities of daily living or care provided in a non-skilled nursing facility.
NEW QUESTION # 32
Which of the following is commonly used to structure the payment of liability insurance settlements, lottery winnings, and other large sums?
- A. A 403(b) tax-sheltered annuity
- B. An immediate annuity
- C. An individual retirement account
- D. A modified endowment contract
Answer: B
Explanation:
An immediate annuity is commonly used to structure the payment of liability insurance settlements, lottery winnings, and other large sums. This type of annuity allows the beneficiary to receive a series of periodic payments starting immediately after the lump sum is invested. Immediate annuities are often used to provide a steady stream of income for individuals who receive large sums of money but want to ensure that the funds last over time.
NEW QUESTION # 33
Anything of value given to produce a contract is the definition of:
- A. A grant
- B. A codicil
- C. A consideration
- D. A covenant
Answer: C
Explanation:
In insurance contract law, per Virginia Code § 38.2-102, a contract requires consideration-something of value exchanged to make it legally binding. Option C (consideration) fits this definition: the insured's premium payment and the insurer's promise of coverage form the mutual value. Option A (grant) implies a unilateral transfer, not a contract element. Option B (codicil) is a will amendment, irrelevant to insurance contracts. Option D (covenant) is a promise within a contract, not the value exchanged. The study guide likely explains consideration as a foundational principle, using examples like a $500 premium for a $100,000 policy, distinguishing it from other legal terms. Virginia follows common law requiring consideration for enforceability, making C theprecise answer.
NEW QUESTION # 34
No existing agent's license will be revoked until:
- A. A cease and desist order has been issued
- B. The agent has been afforded a right to a hearing on the charges
- C. A jury has decided upon such action
- D. At least three violations have been incurred
Answer: B
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 # 35
(An individual purchased an annuity contract with $100,000 received in settlement of a lawsuit. No further purchase payments are permitted and benefit payments are to start in 17 years. The contract is:)
- A. A retirement annuity
- B. A single premium deferred annuity
- C. An individual retirement annuity (IRA)
- D. An individual life annuity
Answer: B
Explanation:
This scenario has two defining features: (1) the annuity was funded with a single lump sum ($100,000) and no further purchase payments are allowed, and (2) benefit payments begin in the future (17 years). That combination is the textbook definition of a single premium deferred annuity (SPDA). Virginia's consumer materials explain that a single premium annuity may be immediate or deferred, and that a single premium deferred annuity begins payments at a future date and can provide larger payments than an immediate annuity purchased for the same amount because the premium earns interest during the deferred period.
General annuity definitions similarly describe an SPDA as an annuity established with one lump-sum payment that grows during the accumulation phase until annuitization, when payments begin. The "lawsuit settlement" detail is consistent with common annuity uses; Virginia's exam outline lists annuities as a tool for lump-sum settlements. The other options don't match: an IRA is a tax-qualified retirement arrangement, not implied here, and "individual life annuity" describes a payout form, not the premium structure and deferral features emphasized in the question.
NEW QUESTION # 36
The premium for a children's rider on a life insurance policy:
- A. Remains the same regardless of the number of children
- B. Automatically increases each year
- C. Increases with the birth or adoption of additional children
- D. Is based upon the age of the parents
Answer: A
Explanation:
Children's riders provide coverage for all eligible children in the family under one flat premium. Additional children are automatically covered without an increase. Exact extract: "Children's riders charge one level premium regardless of the number of children insured; coverage automatically includes children born or adopted after issue." Reference:
NEW QUESTION # 37
Which type of health insurance helps to pay for the cost of care in cases where hospitalization is not required but the individuals are unable to care for themselves?
- A. Disability income
- B. Long-term care
- C. Medicare
- D. Major medical
Answer: B
Explanation:
Long-term care insurance is designed to provide coverage for services that assist individuals who are unable to care for themselves due to chronic illness, disability, or aging, even if hospitalization is not required. This can include home health care, nursing home care, and other non-hospital care services. Medicare primarily covers hospitalization and some health-related services but not long-term care. Major medical covers broader health care costs, and disability income provides income replacement rather than care services.
NEW QUESTION # 38
The typical group disability income insurance policy EXCLUDES coverage for disability resulting from:
- A. Automobile accidents
- B. Military service
- C. Commercial airline crashes
- D. Injuries occurring in the home
Answer: B
Explanation:
Most group disability income insurance policies exclude coverage for disability resulting from military service. Disabilities caused by active duty in the military are typically covered under separate government programs, such as Veterans Affairs (VA) benefits. Commercial airline crashes, injuries at home, and automobile accidents are typically covered under group disability policies, though specifics may vary by policy.
NEW QUESTION # 39
An agreement attached to a health insurance policy which alters either the terms of the policy or the coverage is called:
- A. A rider
- B. An attachment
- C. An insuring clause
- D. A limit clause
Answer: A
Explanation:
Virginia Code § 38.2-3500 et seq. allows health insurance policies to include riders-supplemental agreements modifying coverage or terms (e.g., adding dental benefits or exclusions). Option D (rider) is the standard term. Option A (limit clause) isn't a distinct attachment; limits are within thepolicy. Option B (attachment) is vague and not insurance-specific. Option C (insuring clause) is the core promise of coverage, not an alteration. The study guide likely defines riders with examples-e.g., a maternity rider increasing premiums-distinguishing them from policy staples, confirming D as the answer.
NEW QUESTION # 40
When an HIV test is requested by a health insurer, who signs the consent form?
- A. The medical laboratory technician
- B. The applicant's physician
- C. The insurance agent
- D. The applicant
Answer: D
Explanation:
When an HIV test is requested by a health insurer, the applicant must sign the consent form. This ensures that the insured is aware of the test and agrees to its administration. The insurance agent, physician, or medical laboratory technician are not required to sign the consent, though they may be involved in administering or facilitating the test.
NEW QUESTION # 41
All of the following are common life insurance nonforfeiture options EXCEPT:
- A. Extended term insurance
- B. Reduced paid-up insurance
- C. Life income annuity
- D. Cash surrender value
Answer: C
Explanation:
Common life insurance nonforfeiture options include extended term insurance, reduced paid-up insurance, and cash surrender value. These options allow policyholders to access some of the policy's value if they decide to stop paying premiums or surrender the policy. A life income annuity is not a nonforfeiture option; rather, it is a type of annuity that provides periodic payments for the annuitant's lifetime.
NEW QUESTION # 42
In long-term care insurance, the guarantee of insurability option provides the insured with the ability to:
- A. Replace the policy at any time with one from a different insurer
- B. Purchase additional insurance at a later date
- C. Keep the same premium for the entire contract period
- D. Extend coverage under the policy for the insured's lifetime
Answer: B
Explanation:
Virginia Code § 38.2-5202 allows a guaranteed insurability option in LTC insurance, letting the insured buy additional coverage later (option A) without proving insurability, typically at set intervals or life events (e.g., inflation adjustment). Option B (replace with another insurer) isn't a policy feature; it's a market action.
Option C (lifetime extension) confuses with benefit periods, not insurability. Option D (fixed premium) relates to non-cancelable policies, not this rider. The study guide likely describes this with examples-e.g., adding $1,000 monthly benefit at age 70-emphasizing future flexibility, making A the correct ability.
NEW QUESTION # 43
A mandatory second surgical opinion provision typically requires the insured to do which one of the following?
- A. Seek a second opinion for surgeries that are on a list of elective surgeries
- B. Seek a second opinion in emergency situations
- C. Pay the cost of the second opinion
- D. Accept the recommendation of the second surgeon
Answer: A
Explanation:
A second surgical opinion provision in health insurance policies typically requires the insured to seek a second opinion before undergoing certain elective surgeries. This provision is meant to ensure that the surgery is medically necessary and that there are no alternative treatments. The cost of the second opinion may or may not be covered depending on the policy, but the key requirement is that a second opinion must be obtained for elective procedures.
NEW QUESTION # 44
For an AD&D policy with an irrevocable beneficiary designation, a change in the beneficiary can ONLY be made:
- A. When an absolute assignment is attached to the policy
- B. With the consent of both the policyowner and the beneficiary
- C. At the time of policy renewal
- D. Upon the death of the current beneficiary
Answer: D
Explanation:
Detailed Answer in Step-by-Step Solution:
* An irrevocable beneficiary has a vested interest, and the policyowner cannot change the designation without their consent unless the beneficiary dies (C), at which point the owner regains control.
* Option A (renewal) and B (assignment) don't override irrevocability. Option D (consent) is true for living beneficiaries, but "ONLY" restricts it to death in this context.
The Virginia study guide notes that an irrevocable beneficiary's rights persist until death, after which the policyowner can freely change the designation. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Beneficiary Designations."
NEW QUESTION # 45
When a Medicare Supplement policy is purchased during the open enrollment period:
- A. The benefits may be lower than usual
- B. The policy must be issued regardless of health status
- C. The premium cost may be higher than usual
- D. The exclusions may be more numerous than usual
Answer: B
Explanation:
During the open enrollment period for Medicare Supplement policies, the policy must be issued regardless of the applicant's health status. This is one of the key benefits of enrolling during this time. It ensures that individuals cannot be denied coverage or charged higher premiums due to pre-existing conditions. This open enrollment period is a guaranteed issue time frame where Medicare beneficiaries have the right to obtain a Supplement plan without health-related barriers.
Reference:
The Health Policy Pigeon said:
NEW QUESTION # 46
......
Virginia-Life-Annuities-and-Health-Insurance Real Valid Brain Dumps With 418 Questions: https://quizguide.actualcollection.com/Virginia-Life-Annuities-and-Health-Insurance-exam-questions.html