Practice Test Virginia-Life-Annuities-and-Health-Insurance Pdf | Virginia-Life-Annuities-and-Health-Insurance Exam Tutorials

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q33-Q38):

NEW QUESTION # 33
A spendthrift clause in a life insurance policy would have NO effect if the beneficiary receives the proceeds as:

A. One lump sum payment
B. Interest-only payments
C. Fixed amount installments
D. Fixed period installments

Answer: A

Explanation:
A spendthrift clause, permitted under Virginia Code § 38.2-3122, protects life insurance proceeds from creditors or the beneficiary's mismanagement by restricting access to the funds. It's effective when proceeds are paid in controlled installments (e.g., options A, B, C), as the insurer retains and distributes the money over time, preventing lump-sum dissipation. Option A (fixed amount installments) pays a set dollar amount periodically, option B (fixed period installments) pays over a set time, and option C (interest-only payments) holds the principal while paying interest-all compatible with spendthrift protection. Option D (one lump sum payment) delivers the full proceeds at once, bypassing the clause's control mechanism, rendering it ineffective since the beneficiary gains unrestricted access. The study guide likely explains this clause as a safeguard for structured payouts, noting that lump-sum elections nullify its purpose, as seen in Virginia case law and NAIC guidelines, making D the correct choice.

NEW QUESTION # 34
Under Virginia standards for marketing long-term care coverage, all of these are prohibited sales practices EXCEPT:

A. High pressure tactics
B. Twisting
C. Replacing existing coverage
D. Cold lead advertising

Answer: D

Explanation:
Virginia Code § 38.2-5207 and 14VAC5-200-185 outline marketing standards for long-term care (LTC) insurance to protect consumers. Option A (twisting)-misrepresenting a policy to induce replacement-is prohibited as an unfair practice (Virginia Code § 38.2-502). Option C (high pressure tactics)-aggressive sales forcing quick decisions-violates ethical standards and is banned (14VAC5-200-40). Option B (replacing existing coverage) is incorrect as stated; replacement itself isn't prohibited but requires disclosure via a replacement notice (14VAC5-200-75), making it regulated, not banned outright-however, the question implies unauthorized or deceptive replacement, which is prohibited. Option D (cold lead advertising)- soliciting via broad, unsolicited leads (e.g., mailers)-is permitted if it complies with disclosure rules and isn' t deceptive (14VAC5-200-50). The study guide likely lists twisting and high pressure as unethical, with examples like misstating benefits, while allowing cold lead ads with proper labeling (e.g., "advertisement"), making D the exception.

NEW QUESTION # 35
The owner of a life insurance policy who enters into a viatical settlement contract is called:

A. A viatee
B. A viatical settlement broker
C. A viatical settlement provider
D. A viator

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* A viatical settlement involves a terminally ill policyowner selling their life insurance policy for a lump sum. The policyowner in this transaction is called the viator (C).
* The viatical settlement provider (A) is the entity purchasing the policy.
* The viatical settlement broker (B) facilitates the transaction.
* "Viatee" (D) is not a recognized term in this context.
The Virginia study guide defines the viator as the insured policyowner who sells their policy in a viatical settlement, typically due to a terminal illness. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Viatical Settlements."

NEW QUESTION # 36
In health insurance, the insurance policy, the endorsements, and any relevant papers attached to thepolicy make up the:

A. Notice of coverage
B. Entire contract
C. Completed application
D. Uniform mandatory policy provisions

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* In health insurance, the "entire contract" refers to all the documents that collectively form the legal agreement between the insurer and the policyholder.
* This includes the insurance policy itself (the main document outlining coverage), any endorsements (modifications or additions to the policy), and attached papers such as the application (if attached).
* The completed application (A) is part of the contract only if attached, but it alone does not constitute the entire contract.
* Uniform mandatory policy provisions (C) are specific clauses required by law within the policy, not the whole contract.
* Notice of coverage (D) is a notification, not the contract itself.
* Therefore, the correct answer is "entire contract."
The concept of the "entire contract" is a standard provision in health and life insurance policies. Per the Virginia insurance study guide, the entire contract clause ensures that all terms and conditions are contained within the policy, endorsements, and attached documents (like the application), protecting both parties by defining the full scope of the agreement. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Policy Provisions and Contracts."

NEW QUESTION # 37
A typical disability income insurance policy EXCLUDES benefits for which one of the following causes of loss?

A. Intentional self-inflicted injuries
B. Permanent injuries
C. Sporting accidents
D. Falls

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Disability income policies exclude benefits for intentional self-inflicted injuries (B) to prevent abuse or fraud.
* Permanent injuries (A), sporting accidents (C), and falls (D) are typically covered unless specifically excluded by the policy.
The Virginia study guide states that disability income insurance excludes self-inflicted injuries as a standard provision to ensure coverage applies to unforeseen events. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Disability Income Insurance."

NEW QUESTION # 38
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Practice Test Virginia-Life-Annuities-and-Health-Insurance Pdf | Virginia-Life-Annuities-and-Health-Insurance Exam Tutorials

2025 Realistic Practice Test Virginia-Life-Annuities-and-Health-Insurance Pdf Help You Pass Virginia-Life-Annuities-and-Health-Insurance Easily

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q33-Q38):

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