Free Virginia-Life-Annuities-and-Health-Insurance Exam braindumps download (Virginia-Life-Annuities-and-Health-Insurance exam dumps Free)

QUESTION: 81

What type of insurance pays a lump sum benefit if an insured loses sight in both eyes?

Hospital expense
Accidental death and dismemberment
Major medical
Medical expense

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
Accidental death and dismemberment (AD&D) insurance (B) provides a lump sum benefit for specific losses, such as loss of sight in both eyes, due to an accident. Hospital expense (A) covers hospital stays, not lump sums for dismemberment. Major medical (C) and medical expense (D) cover healthcare costs, not specific injury benefits.

The Virginia study guide describes AD&D as providing lump sum payments for accidental death or specific injuries like loss of sight, distinct from medical expense coverage.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Types."

Show Answer Next Question

QUESTION: 82

An insurance contract that identifies individuals by relationship to a particular organization is called:

Contributory insurance
Group insurance
Health insurance
COBRA coverage

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
Group insurance (B) covers individuals based on their affiliation with an organization (e.g., employees of a company), not as individuals.
Contributory insurance (A) refers to group plans where employees pay part of the premium, but it's not the defining feature.
Health insurance (C) is too broad, and COBRA (D) extends group coverage, not defines it.

The Virginia study guide defines group insurance as coverage tied to membership in an organization, such as an employer or association.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Group Insurance."

Show Answer Next Question

QUESTION: 83

When a Medicare Supplement policy is purchased during the open enrollment period:

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

Answer(s): 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."

Show Answer Next Question

QUESTION: 84

In individual health insurance, a proof of loss typically should be submitted to the insurer within:

30 days from the date of loss
60 days from the date of loss
90 days from the date of loss
120 days from the date of loss

Answer(s): C

Explanation:

Detailed Answer in Step-by-Step Solution:

The proof of loss is a formal statement of a claim, and standard health insurance policies require it within 90 days of the loss (C), unless the policy specifies otherwise or state law extends it. Options A (30 days) and B (60 days) are too short for most policies, while D (120 days) exceeds the typical requirement.

The Virginia study guide aligns with the NAIC model laws, stating that proof of loss must typically be filed within 90 days of the loss, though insurers may accept later submissions if not prejudicial.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Claims Provisions."

Show Answer Next Question

QUESTION: 85

In the solicitation and sale of Medicare Supplement insurance policies, when must an agent deliver the buyer's guide?

Only when the solicitation involves replacement
At the time of application
Prior to accepting any payment of premium
Only when the purchaser is a first-time buyer

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
The buyer's guide for Medicare Supplement insurance must be provided to the consumer at the time of application (B) to ensure they understand the policy's benefits and limitations before committing. Option A (replacement only) is incorrect; the guide is required for all sales, though additional notices apply for replacements.
Option C (prior to payment) is too vague and not a specific requirement. Option D (first-time buyer) is not a condition under Virginia or federal rules.

Per the Virginia study guide, agents must deliver the buyer's guide at the time of application for Medicare Supplement policies, as mandated by federal and state regulations to promote informed decisions.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Medicare Supplement Insurance Regulations."

Show Answer Next Question

Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 81–85 (page: 18)

QUESTION: 81

Explanation:

Reference:

QUESTION: 82

Explanation:

Reference:

QUESTION: 83

Explanation:

Reference:

QUESTION: 84

Explanation:

Reference:

QUESTION: 85

Explanation:

Reference:

Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 81–85 (page: 18)