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Best Virginia-Life-Annuities-and-Health-Insurance Study Material | Real Virginia-Life-Annuities-and-Health-Insurance Torrent

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Hot Best Virginia-Life-Annuities-and-Health-Insurance Study Material Pass Certify | High-quality Real Virginia-Life-Annuities-and-Health-Insurance Torrent: Virginia Life, Annuities, and Health Insurance Examination Series 11-01

The Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance certification exam is one of the top-rated and valuable credentials in the Virginia Insurance world. This Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance certification exam is designed to validate a candidate's skills and knowledge. With Virginia Insurance Virginia-Life-Annuities-and-Health-Insurance Certification Exam everyone can upgrade their expertise and knowledge level.

Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q38-Q43):

NEW QUESTION # 38
All of the following statements about the interest ONLY settlement option in life insurance policies are true EXCEPT:

A. At some later date, the principal may be paid under one of the other options
B. The proceeds of the policy are left with the insurance company
C. The option can be selected only by the beneficiary
D. The interest on the principal amount is paid periodically to the beneficiary

Answer: C

Explanation:
Virginia Code § 38.2-3115 governs life insurance settlement options. The interest-only option keeps proceeds with the insurer (option A, true), paying interest periodically to the beneficiary (option C, true, e.g., quarterly), and allows the principal to be withdrawn or redirected later (option D, true, e.g., switching to fixed period).
Option B is false; the policyowner can select this option during the policy term, not just the beneficiary post- death-though beneficiaries may elect it if not pre-specified. The study guide likely explains this flexibility with examples-e.g., a $100,000 policy earning 3% interest paid monthly-noting both parties' roles, making B the exception since it restricts choice to the beneficiary alone.

NEW QUESTION # 39
A licensee is NOT required by Virginia law to keep which of the following records?

A. Files of insurance applications on current policies issued
B. Policy renewal notices
C. Accounting records of premium payments
D. Premium quotations of unissued policies

Answer: D

Explanation:
Virginia Code § 38.2-1809 mandates that licensees maintain specific records for regulatory oversight and consumer protection. Option A (accounting records of premium payments) is required to track funds received and remitted, ensuring financial accountability (e.g., premiums collected for a $1,000 policy). Option B (files of insurance applications on current policies) must be kept as part of the contract and for audit purposes, per
38.2-1810. Option C (policy renewal notices) is required to document communication with policyholders about ongoing coverage, ensuring transparency. Option D (premium quotations of unissued policies) is not mandated; while agents may provide quotes (e.g., $500 annually for a term policy), these are preliminary offers, not binding until a policy is issued, and Virginia law doesn't require retaining them unless they result in a transaction. The study guide likely details recordkeeping in a compliance chapter, contrasting required records (A, B, C) with optional ones like quotes (D), using examples-e.g., keeping a paid policy's file but not a rejected quote-making D the item not required. This reflects Virginia's focus on executed contracts over prospective ones.

NEW QUESTION # 40
A coordination of benefits provision is included in group health insurance to reduce:

A. Overinsurance
B. Waiting periods
C. Probationary periods
D. Dependent coverage

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* The coordination of benefits (COB) provision prevents overinsurance (B) by ensuring that total payments from multiple group plans don't exceed 100% of covered expenses, avoiding duplication.
* It doesn't affect dependent coverage (A), probationary periods (C), or waiting periods (D), which are unrelated to claim payments.
The Virginia study guide describes COB as a mechanism to coordinate payments among multiple insurers, reducing overinsurance and ensuring fair claim distribution. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Group Health Insurance Provisions."

NEW QUESTION # 41
An individual health insurance policy must include:

A. A 10-day free look provision
B. Only the optional uniform provisions
C. Coverage for pre-existing conditions
D. A 60-day grace period

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Individual health insurance policies in Virginia must include a 10-day free look provision (B), allowing the policyholder to review and return the policy for a full refund.
* Option A (pre-existing conditions) is not mandatory unless required by the ACA, and exclusions may apply.
* Option C (only optional provisions) is incorrect; mandatory provisions are required, not just optional ones.
* Option D (60-day grace period) is excessive; the standard is typically 30 or 31 days for health insurance.
The Virginia study guide mandates a 10-day free look period for individual health insurance policies, ensuring consumer protection, as per state law and NAIC standards. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Policy Provisions."

NEW QUESTION # 42
All changes and corrections made to an application for health insurance by an agent must be initialed by the:

A. Insurance company underwriter
B. Agent
C. Applicant
D. Applicant's physician

Answer: C

Explanation:
Virginia Code § 38.2-3501 governs health insurance applications, requiring accuracy and applicant consent.
Changes or corrections by an agent (e.g., fixing a misspelled name) must be initialed by the applicant (option B) to verify agreement, as the application becomes part of the contract (Virginia Code § 38.2-3503). Option A (agent) initialing alone risks unauthorized alterations. Option C (physician) is irrelevant; medical input isn't standard for application edits. Option D (underwriter) assesses, not corrects, applications post-submission.
The study guide likely stresses this consumer protection rule, with examples-e.g., an agent correcting a birthdate, initialed by the applicant-ensuring transparency, making B the correct party.

NEW QUESTION # 43
......

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