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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 221–225 (page: 46)

Updated On: 10-Feb-2026
Page 46 of 89
PDF with 440 Questions

All of the following statements about straight whole life insurance policies are true EXCEPT:

  1. Protection ends at the insured's age 65
  2. Premiums are payable for as long as the policy remains in force
  3. Loan and nonforfeiture values are available to the policyowner
  4. The face amount is paid when the insured survives to policy maturity

Answer(s): A

Explanation:

Straight whole life insurance provides permanent protection until death or policy maturity (typically age 100 or 120). It does not end at age 65.
Exact Extract (Virginia Life Insurance Study Guide): "Straight whole life insurance--permanent protection, level premiums payable for life, with guaranteed cash values, nonforfeiture options, and face amount payable at maturity."
Reference (Virginia Documents / Study Guide):

-- Virginia Life & Annuities Insurance Examination Outline, Whole Life Insurance



In Virginia, a group health certificate of insurance must contain:

  1. A copy of the group contract
  2. A list of all participating physicians
  3. The insurer's financial statement
  4. A summary of policy features and benefits

Answer(s): D

Explanation:

Virginia law requires insurers to provide each group member with a certificate that summarizes the group policy's benefits and features, including coverage, exclusions, and how to file claims. Exact Extract (Virginia Group Health Law): "Each individual insured under a group health policy shall be provided with a certificate summarizing the essential features of the insurance coverage." Reference (Virginia Documents / Study Guide):
-- Code of Virginia §38.2-3521.2 (Certificates of coverage under group health policies)



Whole life insurance policies guarantee all of the following EXCEPT:

  1. The nonforfeiture values
  2. The policy loan values
  3. The dividend scale
  4. The settlement option values

Answer(s): C

Explanation:

Whole life contracts guarantee cash values, nonforfeiture options, loan values, and settlement values. Dividends are not guaranteed because they depend on company performance. Exact Extract (Virginia Life Insurance Study Guide): "Whole life policies provide guaranteed cash values, policy loans, and settlement options. Dividends, if declared, are not guaranteed." Reference (Virginia Documents / Study Guide):
-- Virginia Life Insurance Examination Outline, Policy Provisions and Guarantees



The Medicare "home health care" benefit is intended to cover the cost of certain health care services for insureds who are:

  1. Homebound in a personal residence
  2. Residing in a custodial care facility
  3. Admitted to a nursing home
  4. Receiving hospice care

Answer(s): A

Explanation:

Medicare provides home health care benefits for individuals who are homebound and need skilled nursing or therapy services. Custodial care, hospice care, and long-term nursing home stays are covered under different provisions.
Exact Extract (Virginia Medicare Study Guide): "Home health care--Medicare pays for part-time or intermittent skilled care for patients confined to the home." Reference (Virginia Documents / Study Guide):
-- Virginia Health Insurance Examination Outline, Medicare Part A and B Benefits



Who is a contingent beneficiary to a life insurance policy?

  1. The person who receives the policy proceeds if no beneficiary has been named
  2. The person who receives the policy proceeds if the primary beneficiary dies before the insured
  3. The person who pays the premium if the insured becomes disabled
  4. The lender in whose favor a collateral assignment has been made

Answer(s): B

Explanation:

A contingent beneficiary is designated to receive the policy proceeds only if the primary beneficiary is unable to do so, usually due to predeceasing the insured. Exact Extract (Virginia Life Insurance Study Guide): "Contingent beneficiary--receives benefits if the primary beneficiary dies before the insured."
Reference (Virginia Documents / Study Guide):
-- Virginia Life Insurance Examination Outline, Beneficiary Designations



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