Question 1

Which is true about ownership of a deferred annuity contract?

Options :

A : All of the participants in a group contract are part-owners

B : Ownership rights are neither transferable nor assignable

C : An owner may be the annuitant or the beneficiary or neither

D : An owner’s rights take effect when the benefit payment phase begins

Answer: C

Question 2

A licensee must report an administrative action taken by another state or governmental agency tothe Bureau of Insurance within how many calendar days after final disposition?

Options :

A : 10 days

B : 20 days

C : 30 days

D : 45 days

Answer: C

Question 3

Giving policyholders some part of the agent’s commission as an inducement to purchase insurance is an unfair trade practice known as:

Options :

A : Twisting

B : Rebating

C : Replacement

D : Retention

Answer: B

Question 4

If an employee in poor health is part of a large group that is acceptable for group life insurance, that employee is:

Options :

A : Ineligible for coverage under the plan

B : Eligible for coverage, but on a rated basis

C : Eligible for the same type of coverage as other employees

D : Eligible for coverage more limited than that of other employees

Answer: C

Question 5

When a Medicare Supplement policy is purchased during the open enrollment period:

Options :

A : The premium cost may be higher than usual

B : The benefits may be lower than usual

C : The exclusions may be more numerous than usual

D : The policy must be issued regardless of health status

Answer: D

Free Virginia-Life-Annuities-and-Health-Insurance Mock Exam – Practice Online Confidently

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