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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q60-Q65):

NEW QUESTION # 60
Which contract provides an income benefit until the first of two annuitants dies?

A. A joint life annuity
B. A joint and survivor annuity
C. A temporary annuity
D. A single life annuity

Answer: A

Explanation:
Virginia Code § 38.2-3100 et seq. governs annuities. A joint life annuity (option C) pays income until the first of two annuitants dies, then ceases-ideal for temporary dual coverage. Option A (joint and survivor annuity) continues payments until the last survivor dies, not stopping at the first death. Option B (temporary annuity) pays for a fixed term (e.g., 10 years), regardless of death, and isn't tied to two lives. Option D (single life annuity) covers one person until their death, not two. The study guide likely defines these with examples-e.
g., a couple receiving $1,000 monthly until one dies (joint life) versus until both die (joint and survivor)- highlighting C's "first death" cutoff, making it the correct answer.

NEW QUESTION # 61
The "free look" provision in individual health insurance allows the insured a period of time to:

A. Cancel the policy and receive a full refund
B. Compare insurance policies
C. Try a policy without paying for it
D. Change coverage on a policy without changing the premium

Answer: A

Explanation:
Virginia Code § 38.2-3502 mandates a "free look" period (typically 10 days) for individual health insurance, allowing the insured to review the policy and cancel it with a full premium refund (option D) if returned within that time. Option A (try without paying) is false; premiums are paid upfront, refundable only upon cancellation. Option B (compare policies) is a practical use but not the legal purpose; the provision ensures cancellation rights, not comparison. Option C (change coverage) isn't allowed; modifications require underwriting, not free-look terms. The study guide likely details this consumer protection with examples-e.
g., returning a policy on day 9 for a refund-making D the precise right.

NEW QUESTION # 62
A contractual arrangement that transfers exposure from one insurer to another insurer is a:

A. Reinsurance contract
B. Coinsurance contract
C. Captive contract
D. Reciprocal contract

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Reinsurance (C) is a process where one insurer (the ceding company) transfers part or all ofits risk to another insurer (the reinsurer) to reduce exposure.
* A reciprocal contract (A) involves mutual insurance exchanges, not risk transfer between insurers.
* Coinsurance (B) refers to shared risk between the insurer and policyholder, not between insurers.
* A captive contract (D) involves a company insuring itself through a subsidiary, not transferring risk to another insurer.
The Virginia study guide defines reinsurance as a contractual arrangement allowing insurers to mitigate risk by transferring it to another insurer, a common practice in the industry. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Insurance Company Operations."

NEW QUESTION # 63
Immediate annuities are often purchased by people who:

A. Desire a tax deduction in the current year
B. Want to contribute to a tax-sheltered annuity
C. Want to accumulate funds for retirement at a later date
D. Have a lump sum to invest at retirement

Answer: D

Explanation:
Virginia Code § 38.2-3100 et seq. defines immediate annuities as contracts starting payments within one year of purchase, typically funded with a lump sum. Option C fits: retirees with savings (e.g., $200,000 from a 401 (k)) buy immediate annuities for instant income. Option A (tax deduction) applies to contributions to qualified plans, not immediate annuities, which use after-tax funds unless from a rollover. Option B (tax-sheltered annuity) refers to 403(b) plans, not immediate annuities. Option D (accumulate funds) suits deferred annuities, not immediate ones. The study guide likely contrasts immediate (C) with deferred annuities (D), using examples like a 65-year-old converting a lump sum to monthly payments, making C the typical buyer.

NEW QUESTION # 64
Which of the following is an advantage of term life insurance?

A. The cost is about the same as whole life insurance
B. The initial premium is lower than for an equivalent amount of whole life insurance
C. It provides insurance protection on a permanent basis
D. It will be cost-effective in the long term if it is maintained to age 65 and beyond

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* Term life insurance's primary advantage is its lower initial premium (D) compared to whole life for the same death benefit, due to its temporary nature and lack of cash value.
* Option A (same cost) is false; term is cheaper. Option B (cost-effective long-term) is incorrect; premiums rise with renewals. Option C (permanent) applies to whole life, not term.
The Virginia study guide highlights that term life insurance offers affordable initial premiums for temporary coverage, making it attractive for short-term needs compared to whole life. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Types of Life Insurance."

NEW QUESTION # 65
......

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q60-Q65):

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