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

QUESTION: 166

All of the following are basic underwriting actions in health insurance EXCEPT:

Rejecting applicants
Deleting uniform policy provisions
Issuing standard policies as applied for
Issuing policies with exclusion riders

Answer(s): B

Explanation:

Uniform policy provisions are mandated by law and cannot be deleted. Underwriting actions include issuing, rejecting, or adding riders. Exact extract: "Insurers may not delete or alter mandatory uniform provisions."

Reference:

Virginia Code--Accident and Health Uniform Provisions.
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QUESTION: 167

If a claim payment is delayed under a health policy, the insurer must pay:

The claim proceeds ONLY
Interest on the proceeds ONLY
The claim proceeds plus interest
A $1,000 penalty

Answer(s): C

Explanation:

Virginia law imposes "prompt pay" standards on insurers. If a claim is not paid within the legally required time frame, the insurer must not only pay the claim amount but also interest from the date payment should have been made. This protects policyholders from financial hardship caused by insurer delays. Exact extract: "Any insurer failing to pay claims when due shall be liable for the amount of the claim plus interest at the legal rate of interest from the date payment was due." This requirement ensures consumer protection by preventing insurers from using delay tactics.

Reference:

Virginia Code Title 38.2 -- Health Insurance Claim Settlement Standards.
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QUESTION: 168

One premium payment covers which period of time in a single premium whole life policy?

One month
One year
To the insured's age 65
The full life of the policy

Answer(s): D

Explanation:

A single premium whole life policy requires only one lump-sum payment. That single payment fully funds the policy for the insured's lifetime. The insurer places the premium into the policy's cash value account, where it grows to cover the cost of insurance throughout life. Exact extract: "Single premium whole life provides lifetime protection with one lump-sum premium payment at issue." This design is often used for estate planning or wealth transfer because the insured never has to make another payment, and the cash value builds immediately.

Reference:

Virginia Life Insurance Study Guide -- Types of Whole Life Policies.
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QUESTION: 169

A valid contract requires:

A written offer
A company form
Consideration
Written evidence

Answer(s): C

Explanation:

For an insurance policy to be legally binding, four essential elements must exist: (1) offer and acceptance, (2) consideration, (3) competent parties, and (4) legal purpose. Consideration refers to the exchange of value: the applicant's premium and representations in the application, and the insurer's promise to pay benefits. Exact extract: "Consideration is the value each party gives to the other: the insured provides premiums and truthful statements, while the insurer provides the promise of benefits." Without consideration, a contract cannot be enforced.

Reference:

Virginia Life, Annuities, and Health Licensing Study Guide -- Elements of a Legal Contract.
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QUESTION: 170

If an individual health contract is issued on a conditionally renewable basis, the insurer has a right to refuse renewal:

For any reason stated or unstated
For specific reasons stated in the contract only
Because of changes in the covered individual's health status
When losses for the policy period exceed premiums

Answer(s): B

Explanation:

"Conditionally renewable" policies guarantee renewal as long as certain conditions listed in the contract are met. These conditions may include factors such as reaching a certain age or maintaining occupation class, but not health status or claims history. Exact extract: "A conditionally renewable policy may be nonrenewed only on grounds stated in the policy; health deterioration or claims experience may not be a reason for nonrenewal." This gives insurers some flexibility while protecting consumers from arbitrary termination.

Reference:

Virginia Administrative Code -- Accident and Health Insurance Renewability Provisions.
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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 166–170 (page: 35)

QUESTION: 166

Explanation:

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QUESTION: 167

Explanation:

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QUESTION: 168

Explanation:

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QUESTION: 169

Explanation:

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QUESTION: 170

Explanation:

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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 166–170 (page: 35)