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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions:
1. When there is a misstatement of age by an applicant for a disability income policy:
A) The company will cancel the policy immediately upon discovery of the misstatement of age.
B) Any amount payable will be the amount of coverage the premium would have purchased at the insured' s correct age.
C) The insurer is not liable for any claims made during the period before correction of the insured's age.
D) The policy will be void from its inception because of the insured's misrepresentation.
2. The reinstatement provision in individual health insurance:
A) Requires that all reinstatement applications must be approved by the Bureau of Insurance
B) Allows the insured to reinstate the policy after coverage lapses for nonpayment of premium
C) Allows the insured to change statements made in the application
D) Reinstates the amount of insurance after payment of a loss
3. A function performed by both the life insurance agent and the home office underwriter is:
A) Evaluating risks
B) Reviewing a client's coverage periodically
C) Collecting premiums
D) Finding new clients
4. All of the following statements about tax-sheltered annuities (TSAs) are true EXCEPT:
A) They are also known as 403(b) plans.
B) Accumulation payments often come from voluntary salary reductions.
C) The investment gain each year is included in the participant's gross income.
D) The annuitant may have an individual account or contract.
5. To cancel a health insurance policy, which one of the following must the insured do?
A) Replace the current policy with another
B) Challenge at least two uniform mandatory provisions
C) Notify the insurer in writing
Solutions:
Question # 1 Answer: B | Question # 2 Answer: B | Question # 3 Answer: A | Question # 4 Answer: C | Question # 5 Answer: C |
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