PRACTICAL VIRGINIA-LIFE-ANNUITIES-AND-HEALTH-INSURANCE INFORMATION - RELIABLE VIRGINIA-LIFE-ANNUITIES-AND-HEALTH-INSURANCE TEST NOTES

Practical Virginia-Life-Annuities-and-Health-Insurance Information - Reliable Virginia-Life-Annuities-and-Health-Insurance Test Notes

Practical Virginia-Life-Annuities-and-Health-Insurance Information - Reliable Virginia-Life-Annuities-and-Health-Insurance Test Notes

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Reliable Virginia-Life-Annuities-and-Health-Insurance Test Notes - Valid Virginia-Life-Annuities-and-Health-Insurance Test Pattern

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q134-Q139):

NEW QUESTION # 134
Which policy provision allows an employee to change from group coverage to an individual life insurance policy?

  • A. Nonforfeiture
  • B. Assignment
  • C. Conversion
  • D. Incontestability

Answer: C

Explanation:
Virginia Code § 38.2-3330 requires group life insurance policies to include a conversion provision,allowing an employee to convert group coverage to an individual policy without evidence of insurability, typically within 31 days after termination of employment or group eligibility. Option B (conversion) directly describes this right, ensuring continued protection. Option A (nonforfeiture) applies to cash value options (e.g., reduced paid-up insurance) in individual policies, not group-to-individual transitions. Option C (assignment) transfers policy ownership, unrelated to conversion. Option D (incontestability) limits the insurer's ability to deny claims after a period (e.g., 2 years), not a conversion mechanism. The study guide likely highlights conversion as a key group life feature, with scenarios like an employee leaving a job and converting to a whole life policy, making B the precise answer.


NEW QUESTION # 135
An insurance company writing business in a state other than the one in which it is domiciled is called:

  • A. A domestic insurer
  • B. A foreign insurer
  • C. A captive insurer
  • D. An alien insurer

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* A foreign insurer (A) is an insurance company operating in a state other than its state of domicile (where it is incorporated).
* A domestic insurer (B) operates in its home state. An alien insurer (C) is domiciled outside the U.S. A captive insurer (D) insures its parent company, not based on location.
The Virginia study guide defines a foreign insurer as one licensed to do business in Virginia but incorporated in another state, per insurance regulatory terminology. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Insurance Company Types."


NEW QUESTION # 136
When the employer pays the premium, covered individuals normally receive tax-free benefits under all of the following group health plans EXCEPT:

  • A. Major medical
  • B. Dental
  • C. Disability income
  • D. Health maintenance organization

Answer: C

Explanation:
Detailed Answer in Step-by-Step Solution:
* Employer-paid premiums for group health plans like major medical (B), dental (C), and HMOs (D) result in tax-free benefits under IRC Section 106.
* Disability income (A) benefits are taxable if the employer pays the premium, per IRS rules, unlike medical benefits.
The Virginia study guide, aligned with IRS regulations, notes that employer-funded disability income benefits are taxable to the recipient, while medical, dental, and HMO benefits remain tax-free. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Taxation of Insurance Benefits."


NEW QUESTION # 137
The insurance with other insurers provision in an individual health insurance policy allows an insurer to pay benefits to the insureds on a pro-rata basis when the:

  • A. Policy has entered into the grace period for premium payment
  • B. Insured has submitted claims in excess of $2,000 during the policy year
  • C. Insurer was not notified prior to the claim that the insured has other health coverage
  • D. Policy is within 31 days of the renewal date

Answer: C

Explanation:
The "insurance with other insurers" provision, addressed in Virginia Code § 38.2-3514, is a coordination of benefits (COB) mechanism in individual health insurance policies designed to prevent over-insurance and duplicate payments when an insured has multiple policies covering the same loss. This provision allows the insurer to prorate benefits-paying a share based on the total coverage-when certain conditions are met.
Option C states that the insurer wasn't notified prior to the claim of other coverage, which triggers proration.
This aligns with standard COB rules: if the insurer isn't informed of other policies, it may assume primary liability initially but adjust to a pro-rata share upon discovery, ensuring equitable payment across insurers.
Option A (within 31 days of renewal) is irrelevant; renewal proximity doesn't affect benefit coordination.
Option B (grace period) relates to premium payment timing, not other insurance, and doesn't trigger proration.
Option D ($2,000 claim threshold) is arbitrary and not a standard condition in Virginia law or study materials for this provision. The study guide likely emphasizes notification as key to COB, as Virginia follows NAIC model regulations requiring disclosure of other coverage (e.g., via application or claim forms). Without prior notice, the insurer applies proration retroactively, making C the correct choice.


NEW QUESTION # 138
When the business of insurance is no longer conducted under an assumed name, an agent must notify:

  • A. The National Association of Insurance Commissioners
  • B. The Bureau of Insurance
  • C. The Chamber of Commerce
  • D. The Surety Organization of Virginia

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* Agents must notify the Virginia Bureau of Insurance (A) of changes like discontinuing an assumed name, as it regulates licensing and business conduct.
* The NAIC (B), Chamber (C), and Surety Organization (D) have no direct authority over this requirement.
The Virginia study guide mandates that agents report significant business changes, including assumed name cessation, to the Bureau of Insurance per state law. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Agent Responsibilities."


NEW QUESTION # 139
......

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