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

QUESTION: 106

In general practice, which one of the following is true of the powers of the Bureau of Insurance with respect to access to an agent's business records?

Records can only be accessed by an order of a state court
Authorization must come from the National Association of Insurance Commissioners (NAIC)
Records must be produced upon the request of the Bureau of Insurance
The Bureau of Insurance has no right to access an agent's business records because of privacy considerations

Answer(s): C

Explanation:

Detailed Answer in Step-by-Step Solution:
The Virginia Bureau of Insurance has authority to request and review an agent's business records (C) to ensure compliance with state laws, without requiring a court order (A) or NAIC approval (B). Option D (no access) is false; regulatory oversight overrides privacy in this context.

The Virginia study guide confirms that the Bureau of Insurance can demand records as part of its regulatory powers under Virginia insurance law, ensuring market conduct compliance.

Reference:

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

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QUESTION: 107

If a patient with a preferred provider organization (PPO) chooses to use a non-PPO provider, the patient usually can expect:

To have higher out-of-pocket expenses
To pay the full cost of care
100% reimbursement for the service provided
A one-year waiting period before re-enrolling in the PPO

Answer(s): A

Explanation:

Detailed Answer in Step-by-Step Solution:
In a PPO, using a non-PPO provider (out-of-network) leads to higher out-of-pocket expenses (A) due to lower reimbursement rates and potential excess charges. Option B (full cost) is inaccurate; some coverage applies. Option C (100% reimbursement) is false.
Option D (waiting period) is unrelated.

The Virginia study guide reiterates that PPOs cover out-of-network care but at a reduced level, increasing the insured's costs compared to in-network use.

Reference:

Virginia Life, Annuities, and Health Insurance study guide, section on "Managed Care Plans."

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QUESTION: 108

An insured died six months after a life insurance policy was issued. The full death benefit will NOT be paid if the cause of death was:

Accidental injury
Lung cancer
Suicide
Heart attack

Answer(s): C

Explanation:

Detailed Answer in Step-by-Step Solution:
Life insurance policies typically include a two-year suicide clause; if the insured dies by suicide within this period (e.g., six months), the insurer pays only a refund of premiums, not the full death benefit (C).
Options A (accidental injury), B (lung cancer), and D (heart attack) are covered causes, barring misrepresentation or exclusions, within the first two years.

The Virginia study guide notes that the suicide provision limits payment to premiums paid if suicide occurs within two years of issuance, protecting insurers from early intentional loss.

Reference:

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

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QUESTION: 109

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?

30-payment whole life
30-year decreasing term
30-year level term
30-year endowment

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
A 30-year decreasing term policy (B) reduces its death benefit over time, matching the declining 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."

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QUESTION: 110

Which is true about the conversion privilege in term life insurance?

The policyowner may convert to another term policy of the insured's choice
The policyowner may convert to permanent life insurance on an attained age basis without evidence of insurability
The policyowner may convert to an annuity at attained age rates only if evidence of insurability is provided
The policyowner may obtain additional term insurance at issue age rates without evidence of insurability

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
The conversion privilege in term insurance allows conversion to a permanent policy (e.g., whole life) at the insured's current (attained) age without proving insurability (B), typically before the term expires.
Option A (another term policy) is not standard. Option C (annuity with insurability) is incorrect; conversion is to life insurance. Option D (issue age rates) doesn't apply; rates adjust to attained age.

The Virginia study guide explains that the conversion privilege ensures continued coverage by allowing term policies to convert to permanent ones without medical exams, based on attained age.

Reference:

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

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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 106–110 (page: 23)

QUESTION: 106

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QUESTION: 107

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QUESTION: 108

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QUESTION: 109

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QUESTION: 110

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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 106–110 (page: 23)