Virginia life and health practice exam

1. In Virginia, insurance agents are licensed and regulated by the:

1. Secretary of the Commonwealth
2. Virginia Insurance Commissioner's Office, an independent agency
3. State Corporation Commission, through its Bureau of Insurance
4. Virginia Department of Financial Services

2. How many hours of continuing education must a Virginia agent licensed only for life and annuities complete each biennium?

1. 24 hours, including 3 hours of ethics
2. 12 hours, including 2 hours of ethics
3. 30 hours, including 3 hours of ethics
4. 16 hours, including 3 hours of insurance ethics

3. A Virginia agent who holds both a life and annuities license and a health license must complete how many CE hours each biennium?

1. 16 hours total
2. 24 hours, with at least 8 hours in each license category
3. 24 hours, all of which may come from either category
4. 32 hours, 16 in each category

4. What is the most a Virginia agent's required CE credits that may come from courses provided by insurance companies or agencies?

1. 75 percent
2. 50 percent
3. 100 percent
4. 25 percent

5. A Virginia agent must report a change of address to the Commission within:

1. 30 calendar days
2. 60 calendar days
3. 10 calendar days
4. 90 calendar days

6. A Virginia agent must report a criminal conviction to the Commission within:

1. 60 calendar days
2. 10 calendar days
3. The next license renewal
4. 30 calendar days

7. A Virginia agent must report an administrative action taken against them within:

1. 60 calendar days of the final disposition
2. The next license renewal
3. 30 calendar days of the final disposition
4. 10 calendar days of the action

8. In Virginia, a person who knowingly or willfully violates the insurance laws may be fined up to how much per violation?

1. $10,000
2. $5,000
3. $1,000
4. $25,000

9. In Virginia, a series of similar violations resulting from the same act, committed without knowledge or intent, is limited to an aggregate penalty of:

1. $10,000
2. $5,000
3. $25,000
4. $50,000

10. After passing the Virginia licensing exam, an applicant must apply for the license within:

1. 2 years
2. 183 calendar days
3. 90 calendar days
4. 1 year

11. A Virginia resident who fails the licensing exam three times must wait how long before retaking it?

1. 6 months
2. 7 calendar days
3. 30 calendar days
4. 90 calendar days

1. Virginia gives the owner of a new individual life insurance policy a right to examine it, starting from the date of delivery, for:

1. 30 days
2. 20 days
3. 14 days
4. 10 days

2. Virginia requires a life insurance grace period for premiums after the first of not less than:

1. 30 days
2. 28 days
3. 60 days
4. 31 days

3. In Virginia, a life policy becomes incontestable after it has been in force during the insured's lifetime for:

1. 1 year from its date of issue
2. 3 years from its date of issue
3. 2 years from its date of issue
4. 5 years from its date of issue

4. In Virginia, a life policy must allow policy loans after it has been in force for:

1. 3 policy years
2. 1 policy year
3. 2 policy years
4. 5 policy years

5. In Virginia, a lapsed life policy may be reinstated within:

1. 1 year from default
2. 3 years from default
3. 2 years from default
4. 5 years from default

1. Under Virginia's replacement regulation, the owner of a replacement policy or contract must be allowed to return it for a refund within at least:

1. 20 days from delivery
2. 30 days from delivery
3. 10 days from delivery
4. 45 days from delivery

2. In Virginia, a replacing insurer must notify the existing insurer within:

1. 24 hours of the sale
2. 30 days of policy delivery
3. 10 business days of policy issue
4. 5 business days of receiving a completed application indicating replacement

3. Virginia replacing insurers must keep copies of replacement notifications for at least:

1. 10 years
2. 5 years
3. 3 years
4. 1 year

1. The Virginia Life, Accident and Sickness Insurance Guaranty Association limits total protection for one individual, other than for health benefit plans, to:

1. $350,000
2. $500,000
3. $300,000
4. $250,000

2. The Virginia guaranty association covers annuity withdrawal and cash values up to:

1. $300,000
2. $350,000
3. $250,000
4. $100,000