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Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Exam
Virginia Life, Annuities, and Health Insuranceination Series 1101 (Page 10 )

Updated On: 4-Feb-2026
Page 10 of 89
PDF with 440 Questions

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

  1. A joint and survivor annuity
  2. A temporary annuity
  3. A joint life annuity
  4. A single life annuity

Answer(s): C

Explanation:

Virginia Code § 38.2-3100 et seq. governs annuities. A joint life annuity (option C) pays income until the first of two annuitants dies, then ceases--ideal for temporary dual coverage. Option A (joint and survivor annuity) continues payments until the last survivor dies, not stopping at the first death. Option B (temporary annuity) pays for a fixed term (e.g., 10 years), regardless of death, and isn't tied to two lives. Option D (single life annuity) covers one person until their death, not two. The study guide likely defines these with examples--e.g., a couple receiving $1,000 monthly until one dies (joint life) versus until both die (joint and survivor)--highlighting C's "first death" cutoff, making it the correct answer.



In long-term care insurance, ADLs normally include:

  1. Age, sex, income, and occupation
  2. Physicians, surgeons, dentists, and optometrists
  3. Spouse, children, parents, and siblings
  4. Dressing, eating, bathing, and mobility

Answer(s): D

Explanation:

Virginia Code § 38.2-5200 defines Activities of Daily Living (ADLs) in long-term care (LTC) insurance as basic self-care tasks triggering benefits if the insured can't perform them (typically 2 of 6). Option D lists common ADLs: dressing, eating, bathing, and mobility (often with toileting and transferring), aligning with federal and Virginia standards (e.g., HIPAA). Option A (age, sex, income, occupation) is underwriting data, not ADLs. Option B (health providers) is unrelated to functional ability. Option C (family members) might confuse beneficiaries, not ADLs. The study guide likely lists ADLs with examples--e.g., needing help bathing due to arthritis--emphasizing their role in LTC eligibility, making D the precise answer.



All of the following have a restricted ability to enter into a contract EXCEPT:

  1. Individuals who are intoxicated
  2. Individuals who are mentally ill
  3. Minors under a certain age
  4. Individuals who are retired

Answer(s): D

Explanation:

Virginia contract law, reflected in Virginia Code § 38.2-102, requires capacity to form an insurance contract. Option A (intoxicated individuals) lacks capacity if impaired, voiding consent. Option B (mentally ill individuals) may lack comprehension, restricting ability unless adjudicated competent. Option C (minors, typically under 18 per § 38.2-3405) can't contract without guardian consent,

except for necessities. Option D (retired individuals) has no legal restriction; retirement is a status, not a capacity limiter--e.g., a 65-year-old retiree can buy insurance freely. The study guide likely covers capacity in a legal basics section, with examples like a drunk person's void policy versus a retiree's valid one, making D the exception.



All changes and corrections made to an application for health insurance by an agent must be initialed by the:

  1. Agent
  2. Applicant
  3. Applicant's physician
  4. Insurance company underwriter

Answer(s): B

Explanation:

Virginia Code § 38.2-3501 governs health insurance applications, requiring accuracy and applicant consent. Changes or corrections by an agent (e.g., fixing a misspelled name) must be initialed by the applicant (option B) to verify agreement, as the application becomes part of the contract (Virginia Code § 38.2-3503). Option A (agent) initialing alone risks unauthorized alterations. Option C (physician) is irrelevant; medical input isn't standard for application edits. Option D (underwriter) assesses, not corrects, applications post-submission. The study guide likely stresses this consumer protection rule, with examples--e.g., an agent correcting a birthdate, initialed by the applicant-- ensuring transparency, making B the correct party.



Immediate annuities are often purchased by people who:

  1. Desire a tax deduction in the current year
  2. Want to contribute to a tax-sheltered annuity
  3. Have a lump sum to invest at retirement
  4. Want to accumulate funds for retirement at a later date

Answer(s): C

Explanation:

Virginia Code § 38.2-3100 et seq. defines immediate annuities as contracts starting payments within one year of purchase, typically funded with a lump sum. Option C fits: retirees with savings (e.g., $200,000 from a 401(k)) buy immediate annuities for instant income. Option A (tax deduction) applies to contributions to qualified plans, not immediate annuities, which use after-tax funds unless from a rollover. Option B (tax-sheltered annuity) refers to 403(b) plans, not immediate annuities. Option D (accumulate funds) suits deferred annuities, not immediate ones. The study guide likely contrasts immediate (C) with deferred annuities (D), using examples like a 65-year-old converting a lump sum to monthly payments, making C the typical buyer.



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