Updated Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Dumps – Check Free Virginia-Life-Annuities-and-Health-Insurance Exam Dumps (2026) [Q22-Q42]

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Updated Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Dumps – Check Free Virginia-Life-Annuities-and-Health-Insurance Exam Dumps (2026)

Updated Virginia-Life-Annuities-and-Health-Insurance exam with Virginia Insurance Real Exam Questions

QUESTION 22
Which type of life insurance policy is designed to pay the balance of a thirty-year home mortgage loan in the event of the insured’s death?

30-payment whole life

30-year decreasing term

30-year level term

30-year endowment

QUESTION 23
The owner of a life insurance policy who enters into a viatical settlement contract is called:

A viatical settlement provider

A viatical settlement broker

A viator

A viatee

QUESTION 24
What is a situation or condition that increases the likelihood of an insured loss occurring?

Hazard

Peril

Exposure

Risk

QUESTION 25
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?

15/18 of the policy face amount

95% of the policy face amount

The policy face amount

Nothing at all

QUESTION 26
To cancel a health insurance policy, which one of the following must the insured do?

Notify the insurer in writing

Replace the current policy with another

Challenge at least two uniform mandatory provisions

QUESTION 27
Life insurance policies are required to have all of the following provisions EXCEPT:

The waiver of premium clause

The misstatement of age clause

The grace period clause

The incontestability clause

QUESTION 28
Renewal of small employer health insurance plans may be denied for all of the following reasons EXCEPT:

Nonpayment of premiums

Having less than the required number of participants

Overuse of physician and hospital services

Fraud by the employer

QUESTION 29
Which is true about a term life insurance policy?

It usually provides a cash value

It provides temporary protection

It may only be written for periods of five years or less

It usually can be renewed at the same premium

QUESTION 30
An individual purchased an annuity with a series of premium payments continuing over a period of twenty years. The purchase payments were made during the:

Liquidation period

Annuity period

Period certain

Accumulation period

QUESTION 31
The overall authority of an insurance agent includes all of the following EXCEPT:

Apparent authority

Express or specific authority

Implied authority

Residual authority

QUESTION 32
The insurance with other insurers provision in an individual health insurance policy allows an insurer to pay benefits to the insureds on a pro-rata basis when the:

Policy is within 31 days of the renewal date

Policy has entered into the grace period for premium payment

Insurer was not notified prior to the claim that the insured has other health coverage

Insured has submitted claims in excess of $2,000 during the policy year

QUESTION 33
The benefit supplement attached to a life insurance policy which insures all members of a family is called a:

Spouse term rider

Children’s term rider

Family term rider

Survivorship term rider

QUESTION 34
If an agent unknowingly violates insurance laws, what is the maximum aggregate penalty for similar violations occurring?

$5,000

$7,500

$10,000

$15,000

QUESTION 35
Coverage under a cancelable health insurance policy may be terminated by:

The insurer only

The insured only

Either the insured or the insurer

An arbitration committee

QUESTION 36
Including a guaranteed insurability rider on a life insurance policy means that:

The original policy was sold on a non-medical basis.

The company will require evidence of insurability for any future purchase of life insurance.

Any extra premium charged for a health impairment will be discontinued if standard insurability is proved later.

The policyowner may purchase additional life insurance periodically without proving insurability.

QUESTION 37
A licensed agent must report a felony conviction to the Commission within how many calendar days?

10 days

20 days

30 days

60 days

QUESTION 38
Which of the following statements is true regarding an insurance agent’s license?

The license fee is paid to the insurance company.

It authorizes the agent to transact insurance until otherwise terminated, suspended, or revoked.

It must be renewed annually.

A separate license must be issued for each insurer the agent represents.

QUESTION 39
Immediate annuities are often purchased by people who:

Desire a tax deduction in the current year

Want to contribute to a tax-sheltered annuity

Have a lump sum to invest at retirement

Want to accumulate funds for retirement at a later date

QUESTION 40
On an application for individual health insurance, all of the following are typically included on the agent’s report EXCEPT:

Agent’s relationship to the applicant

Applicant’s financial status

Applicant’s general character

Applicant’s signature

QUESTION 41
What is the agent’s primary role in underwriting life insurance?

Assuring that the application provides proper information to the insurer

Binding coverage immediately without home office approval

Issuing the policy if all underwriting information is satisfactory

Securing information from the Medical Information Bureau

QUESTION 42
When the employer pays the premium, covered individuals normally receive tax-free benefits under all of the following group health plans EXCEPT:

Disability income

Major medical

Dental

Health maintenance organization