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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 126–130 (page: 27)

Updated On: 10-Feb-2026
Page 27 of 89
PDF with 440 Questions

Which of the following is an advantage of term life insurance?

  1. The cost is about the same as whole life insurance
  2. It will be cost-effective in the long term if it is maintained to age 65 and beyond
  3. It provides insurance protection on a permanent basis
  4. The initial premium is lower than for an equivalent amount of whole life insurance

Answer(s): D

Explanation:

Detailed Answer in Step-by-Step Solution:
Term life insurance's primary advantage is its lower initial premium (D) compared to whole life for the same death benefit, due to its temporary nature and lack of cash value.

Option A (same cost) is false; term is cheaper. Option B (cost-effective long-term) is incorrect; premiums rise with renewals. Option C (permanent) applies to whole life, not term.

The Virginia study guide highlights that term life insurance offers affordable initial premiums for temporary coverage, making it attractive for short-term needs compared to whole life.


Reference:

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



Unless an insured has made fraudulent statements on the application for individual health coverage, subsequent claims may not be denied under the provision for:

  1. Legal actions
  2. Time limit on certain defenses
  3. Grace period
  4. Time payment of claims

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:
The "time limit on certain defenses" provision (B), often tied to incontestability, limits the insurer's ability to deny claims based on application errors after a period (e.g., 2 years), unless fraud is proven. Legal actions (A) governs lawsuits, grace period (C) covers premium delays, and time payment of claims (D) sets claim payment deadlines--none relate to application defenses.

The Virginia study guide explains that the time limit on certain defenses provision protects insureds by restricting post-issuance claim denials after a contestable period, absent fraud.


Reference:

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



All of the following factors influence the underwriting of group health insurance for an association EXCEPT:

  1. The average age of the membership
  2. Prior claims experience of the association
  3. Marital status of the members
  4. Type of trade or occupation of the association's members

Answer(s): C

Explanation:

Detailed Answer in Step-by-Step Solution:
Group health underwriting considers average age (A), claims history (B), and occupation type (D) to assess risk, but marital status (C) is typically irrelevant for group policies, unlike individual underwriting.

The Virginia study guide notes that group underwriting focuses on collective risk factors like age, claims experience, and occupation, not personal details like marital status.


Reference:

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



Since HMOs negotiate provider networks in advance of care, HMO members:

  1. Pay the entire cost for all use of non-HMO providers, regardless of circumstances
  2. Have a limited choice of care providers
  3. Waive the right to re-enroll in an insurance company indemnity plan
  4. Are encouraged to carry individual health insurance coverage

Answer(s): B

Explanation:

Detailed Answer in Step-by-Step Solution:

HMOs limit members to a pre-negotiated network of providers (B), restricting choice to control costs. Non-network care (A) may be covered in emergencies, not always fully out-of-pocket. Options C (waive re-enrollment) and D (individual coverage) are not HMO features.

The Virginia study guide describes HMOs as managed care plans with a restricted provider network, emphasizing cost control through limited choice.


Reference:

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



One feature that distinguishes a continuous premium whole life policy from a limited payment whole life policy is:

  1. The length of time premiums will be paid
  2. The settlement options available
  3. The mortality table from which premiums are calculated
  4. The form in which dividends are paid

Answer(s): A

Explanation:

Detailed Answer in Step-by-Step Solution:
A continuous premium whole life policy requires premiums for the insured's lifetime (A), while a limited payment policy has a set payment period (e.g., 20 years). Settlement options (B), mortality tables (C), and dividends (D) are similar across both types.

The Virginia study guide distinguishes continuous premium whole life (lifelong payments) from limited payment whole life (fixed-term payments), both providing permanent coverage.


Reference:

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



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