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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 186–190 (page: 39)

Updated On: 10-Feb-2026
Page 39 of 89
PDF with 440 Questions

How long does an agent have to report administrative actions by other states to the Bureau of Insurance?

  1. 10 days
  2. 15 days
  3. 30 days
  4. 60 days

Answer(s): C

Explanation:

Virginia law requires agents to report any administrative action taken against them in another jurisdiction within 30 calendar days. Exact extract: "A licensee shall report to the Commission any administrative action taken against the licensee in another jurisdiction within 30 days." This requirement ensures transparency and regulatory oversight.


Reference:

Virginia Code Title 38.2 -- Reporting Requirements for Agents.
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If a long-term care insurance policy is canceled, which benefit would reimburse the insured with a portion of the premiums paid?

  1. Inflation protection
  2. Return of premium
  3. Right to return
  4. Incontestibility

Answer(s): B

Explanation:

The return of premium benefit refunds a percentage of premiums paid if the policy is canceled or if the insured dies before benefits are used. Exact extract: "A return of premium rider provides a refund of premiums paid, less claims paid, upon cancellation or death of the insured." This option is often added to long-term care policies to protect policyholder investment.


Reference:

Virginia Long-Term Care Insurance Standards -- Optional Benefits.
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The consideration clause in health insurance usually lists the insured's consideration given for the policy as:

  1. Payment of the first premium and the application
  2. Payment of the first premium and the insurer's acceptance of the risk
  3. The application and the insured's acceptance of the risk
  4. The application and completion of an investigative report

Answer(s): A

Explanation:

Consideration in health insurance is the combination of the initial premium payment and the application submitted by the insured. Exact extract: "The consideration clause states that the policy is issued in exchange for the application and payment of the first premium." This reflects the legal exchange of value between the insured and the insurer.


Reference:

Virginia Health Insurance Policy Provisions -- Mandatory Clauses.
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Which term in a disability income contract refers to two separate periods of disability that may be counted as one?

  1. Recurrent
  2. Presumptive
  3. Renewable
  4. Elimination

Answer(s): A

Explanation:

The recurrent disability provision allows a relapse of the same disability within a specified time (usually 6 months) to be treated as a continuation of the prior disability, avoiding a new elimination period. Exact extract: "Recurrent disability is one which results from the same cause as a prior disability and occurs within a stated period; it is considered a continuation of the prior claim."


Reference:

Virginia Disability Income Study Guide -- Policy Provisions.
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Which annuity promises benefits that continue for life, but expires without value at the annuitant's death?

  1. A temporary annuity
  2. An annuity certain
  3. A life annuity with period certain
  4. A straight life annuity

Answer(s): D

Explanation:

A straight life annuity pays income until death, with no further payments to beneficiaries. Exact extract: "Straight life annuities provide income for the life of the annuitant only; payments cease upon death with no refund." This option offers the maximum periodic income but no residual value.


Reference:

Virginia Annuities Study Guide -- Settlement Options.
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