Virginia Life, Annuities, and Health Insurance Examination Series 11-01 (Virginia-Life-Annuities-and-Health-Insurance) Free Practice Test

Question 1

A self-employed individual could use an annuity to fund any of the following retirement plans EXCEPT:

A. A Keogh plan

B. A simplified employee pension (SEP)

C. An individual retirement account (IRA)

D. A tax-sheltered annuity (TSA)

Correct Answer: D

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Question 2

Under what circumstances will a contingent beneficiary be entitled to proceeds from a life insurance policy?

A. If the contingent beneficiary is a child of the insured

B. If the primary beneficiary has predeceased the insured

C. After proceeds are paid to the primary beneficiary

D. After all outstanding debts of the insured have been settled

Correct Answer: B

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Question 3

Who has the right to change the beneficiary of an AD&D policy with a revocable beneficiary designation?

A. The agent

B. The insurer

C. The beneficiary

D. The policyowner

Correct Answer: D

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Question 4

Shifting the individual's risk of loss to a larger, similar group is known as risk:

A. Reduction

B. Assumption

C. Transfer

D. Avoidance

Correct Answer: C

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Question 5

Premiums for Medicare supplement plans may be determined by all of the following methods EXCEPT:

A. Community rating

B. Experience rating

C. Attained age rating

D. Issue age rating

Correct Answer: B

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Question 6

All of the following are basic underwriting actions in health insurance EXCEPT:

A. Issuing policies with exclusion riders

B. Rejecting applicants

C. Deleting uniform policy provisions

D. Issuing standard policies as applied for

Correct Answer: C

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Question 7

All of the following are elements of an insurable risk EXCEPT:

A. Accidental loss

B. A large number of similar units

C. Speculative risk

D. An ability to measure the loss

Correct Answer: C

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Question 8

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

A. Applicant's financial status

B. Agent's relationship to the applicant

C. Applicant's signature

D. Applicant's general character

Correct Answer: C

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Question 9

Which contract provides an income benefit until the first of two annuitants dies?

A. A joint life annuity

B. A joint and survivor annuity

C. A single life annuity

D. A temporary annuity

Correct Answer: A

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Question 10

During the first two years a life insurance policy is in force, the insurer may contest a policy for all of the following reasons EXCEPT:

A. Material misrepresentation in the application

B. Fraud in the purchase of the policy

C. Misstatement of age in the application

D. Material concealment in the purchase of the policy

Correct Answer: C

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Question 11

Fixed annuities credit interest at a rate no lower than the:

A. Current prime rate

B. Expected renewal interest rate

C. Contract guaranteed rate

D. Front-end load rate

Correct Answer: C

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Question 12

All of the following are new employee eligibility requirements under most group health insurance plans EXCEPT:

A. The employee must be classified as full-time

B. The employee must provide evidence of good health

C. The employee must be in a covered class

D. The employee must be actively at work

Correct Answer: B

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 (Virginia-Life-Annuities-and-Health-Insurance) Free Practice Test