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Latest Virginia-Life-Annuities-and-Health-Insurance Exam Questions Vce & Virginia-Life-Annuities-and-Health-Insurance Latest Study Questions

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q69-Q74):

NEW QUESTION # 69
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?

A. 30-year endowment
B. 30-year decreasing term
C. 30-year level term
D. 30-payment whole life

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* A 30-year decreasing term policy (B) reduces its death benefit over time, matching thedeclining balance of a 30-year mortgage, making it ideal for this purpose.
* 30-payment whole life (A) is permanent with level benefits. 30-year level term (C) maintains a constant benefit. 30-year endowment (D) builds cash value and pays out at maturity, not tied to a mortgage.
The Virginia study guide describes decreasing term insurance as tailored for obligations like mortgages, with the benefit decreasing as the debt is paid off. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Types of Life Insurance."

NEW QUESTION # 70
When a Medicare Supplement policy is purchased during the open enrollment period:

A. The premium cost may be higher than usual
B. The benefits may be lower than usual
C. The exclusions may be more numerous than usual
D. The policy must be issued regardless of health status

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* The Medicare Supplement open enrollment period (6 months starting the first month a person is 65 and enrolled in Medicare Part B) guarantees issuance of a policy without regard to health status (D).
* Premiums (A), benefits (B), and exclusions (C) are standardized and not altered during this period due to health.
The Virginia study guide states that during the Medicare Supplement open enrollment, insurers must issue policies without medical underwriting, ensuring access regardless of health. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Medicare Supplement Insurance."

NEW QUESTION # 71
The voluntary act of terminating an insurance contract is called:

A. Cancellation
B. Elimination
C. Rejection
D. Finalization

Answer: A

Explanation:
Cancellation, per Virginia Code § 38.2-3106 (life) and § 38.2-3508 (health), is the voluntary termination of a policy by the insured or insurer. Options A, B, and C aren't standard terms for this action in Virginia insurance law. The study guide defines cancellation as a deliberate act, distinct from lapse (nonpayment) or nonrenewal, making D the correct term.

NEW QUESTION # 72
Which is true about an adjustable life insurance policy?

A. The policy while in force can alternate between forms of term life insurance and whole life insurance
B. The only nonforfeiture option available is cash
C. It is a form of retirement income annuity
D. No settlement options are available

Answer: A

Explanation:
Adjustable life insurance (Virginia Code § 38.2-3113.1) allows flexibility in face amount and premiums, effectively shifting between term (lower cost, no cash value) and whole life (higher cost, cash value) features while in force (option A). Option B is false; nonforfeiture options include cash, reduced paid-up, or extended term. Option C is false; settlement options (e.g., lump sum) apply as with other policies. Option D is wrong; it' s life insurance, not an annuity. The study guide likely explains this adaptability-e.g., increasing premiums to build cash value (whole life)-making A the true statement.

NEW QUESTION # 73
All of the following are dividend options in life insurance policies EXCEPT:

A. Accumulating the dividends with interest
B. Receiving the entire policy cash value
C. Using the dividends to purchase additional paid-up life insurance
D. Applying the dividends to reduce the premium due

Answer: B

Explanation:
Virginia Code § 38.2-3207 allows participating life policies to offer dividend options: option A (reduce premium), option B (buy paid-up additions increasing coverage), and option C (accumulatewith interest) are standard, reflecting insurer profits shared with policyowners. Option D (receiving the entire cash value) isn't a dividend option; it's a surrender or nonforfeiture action, terminating the policy, not distributing profits. The study guide likely lists these options with examples-e.g., $100 dividend reducing a $500 premium (A)- contrasting them with cash value withdrawal, making D the exception.

NEW QUESTION # 74
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