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Free Virginia-Life-Annuities-and-Health-Insurance Exam Braindumps
Virginia Life, Annuities, and Health Insuranceination Series 1101 Questions 226–230 (page: 47)

Updated On: 10-Feb-2026
Page 47 of 89
PDF with 440 Questions

On an application for individual health insurance, all of the following are typically included on the agent's report EXCEPT:

  1. Agent's relationship to the applicant
  2. Applicant's financial status
  3. Applicant's general character
  4. Applicant's signature

Answer(s): D

Explanation:

The agent's report includes observations on the applicant's financial status, character, and other relevant factors, but the applicant's signature belongs on the application form, not the agent's report.
Exact Extract (Virginia Health Insurance Study Guide): "The agent's report is confidential and includes information on financial condition and character. It does not contain the applicant's signature." Reference (Virginia Documents / Study Guide):
-- Virginia Health Insurance Examination Outline, Field Underwriting



What might be considered an unfair claims settlement practice?

  1. Offering compromise settlements when facts are in question
  2. Denying coverage for claims after a timely investigation
  3. Failing to promptly investigate and settle legitimate claims
  4. Compelling insureds to litigate claims where a real coverage dispute exists

Answer(s): C

Explanation:

Virginia's Unfair Claims Settlement Practices Act defines failure to promptly investigate and settle claims as an unfair practice. This protects consumers from unnecessary delay. Exact Extract (Virginia Insurance Law): "Failing to adopt and implement reasonable standards for prompt investigation and settlement of claims is an unfair claim settlement practice." Reference (Virginia Documents / Study Guide):
-- Code of Virginia §38.2-510 (Unfair claim settlement practices)



All of the following underwriting criteria are useful in evaluating the health risks of a group EXCEPT:

  1. Stability of the group's membership
  2. Composition of the group in terms of age, sex, and income
  3. Industrial classification of the group
  4. Persistency of the employer's group contract

Answer(s): D

Explanation:

When underwriting group health, insurers consider the group's stability, demographics, and industry risk. Persistency (how long the employer has had coverage) is important for business retention but is not directly a health risk factor.
Exact Extract (Virginia Group Insurance Study Guide): "Underwriting group health considers stability, composition, and industry. Persistency of a contract relates to retention, not health risk." Reference (Virginia Documents / Study Guide):
-- Virginia Health Insurance Examination Outline, Group Underwriting Factors



Which life insurance policy may pay the face amount to the policyowner if the insured survives to policy maturity?

  1. Level term life
  2. Credit life
  3. Ordinary whole life
  4. Convertible term life

Answer(s): C

Explanation:

Ordinary whole life pays the face amount at maturity (traditionally age 100 or 120) if the insured is still alive, or upon earlier death. Term policies have no maturity value. Exact Extract (Virginia Life Insurance Study Guide): "Ordinary whole life--pays the face amount at death or at policy maturity if the insured survives to that date." Reference (Virginia Documents / Study Guide):
-- Virginia Life & Annuities Insurance Examination Outline, Whole Life Characteristics



Replacement rules are designed primarily to protect the interest of the:

  1. Insurer replacing a policy
  2. Insurer whose policy is being replaced
  3. Policyowner
  4. Agent who sold the original policy

Answer(s): C

Explanation:

Replacement regulations are intended to safeguard the policyowner, ensuring they are fully informed of disadvantages, such as surrender charges or loss of benefits, before replacing an existing policy.
Exact Extract (Virginia Replacement Rules): "Replacement provisions are designed to protect the policyholder by requiring full disclosure of the implications of replacing an existing policy." Reference (Virginia Documents / Study Guide):
-- Virginia Life Insurance Replacement Regulations (14VAC5-20-10 et seq.)



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