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

QUESTION: 86

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

A viatical settlement provider
A viatical settlement broker
A viator
A viatee

Answer(s): C

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."

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QUESTION: 87

Employer-paid premiums for qualified long-term care insurance are:

Included in an employee's gross income
Deductible as a business expense
Deductible on an employee's federal income tax return
Reimbursed by the employee

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
Employer-paid premiums for qualified long-term care insurance are treated as a business expense and are tax-deductible for the employer (B), provided the plan meets IRS requirements. These premiums are not included in the employee's gross income (A), as they are tax-exempt benefits under IRC Section 106.
Employees cannot deduct these premiums (C) since they are employer-paid.
Reimbursement (D) does not apply.

The Virginia study guide, aligned with IRS rules, notes that employer-paid premiums for qualified long-term care insurance are deductible as a business expense and excluded from employees' taxable income.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Taxation of Insurance Benefits."

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QUESTION: 88

A health insurer must generally pay for all of the following types of claims EXCEPT:

Those incurred before termination of coverage
Those incurred after termination of coverage
Those less than $20 above the deductible amount
Those related to mental or nervous disorders

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
Health insurance covers claims incurred during the policy period (A), not after termination (B), unless extended benefits (e.g., COBRA) apply, which is not indicated here. Claims above the deductible (C), regardless of amount, are payable if covered. Mental or nervous disorder claims (D) are typically covered unless excluded by the policy, which is not specified.

Thus, claims after termination (B) are the exception.

The Virginia study guide states that health insurance liability ends upon policy termination, barring specific continuation provisions, making post-termination claims generally non-payable.

Reference:

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

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QUESTION: 89

Which is true about a term life insurance policy?

It usually provides a cash value
It provides temporary protection
It may only be written for periods of five years or less
It usually can be renewed at the same premium

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
Term life insurance (B) provides coverage for a specified period (temporary protection) and does not accumulate cash value.
Option A (cash value) applies to permanent life insurance, not term. Option C (five years or less) is false; term policies can span 10, 20, or 30 years. Option D (same premium) is incorrect; renewable term policies increase premiums at renewal based on age.

The Virginia study guide describes term life insurance as temporary coverage with no cash value, contrasting it with permanent policies.

Reference:

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

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QUESTION: 90

Who normally bears the cost of excess charges in a Medicare claim?

The Social Security Administration
The Centers for Medicare & Medicaid Services
The service provider
The insured

Answer(s): D

Explanation:

Detailed Answer in Step-by-Step Solution:
Excess charges in Medicare occur when a provider charges more than the Medicare-approved amount, and the insured (D) is responsible for the difference unless covered by supplemental insurance.
The Social Security Administration (A) and CMS (B) administer Medicare, not pay claims. Providers (C) may charge excess but don't absorb it unless they accept assignment.

The Virginia study guide explains that Medicare beneficiaries bear excess charges unless a provider accepts Medicare assignment or a Medigap policy covers them.

Reference:

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

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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 86–90 (page: 19)

QUESTION: 86

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QUESTION: 87

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QUESTION: 88

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QUESTION: 89

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QUESTION: 90

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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 86–90 (page: 19)