Virginia-Life-Annuities-and-Health-Insurance Practice Questions

A.  

30 days from the date of loss

B.  

60 days from the date of loss

C.  

90 days from the date of loss

D.  

120 days from the date of loss

A.  

May be purchased in installments

B.  

Pays a lump sum benefit to the annuitant

C.  

Lacks an accumulation period

D.  

Normally permits tax-deductible contributions

A.  

$500 per occurrence, with a cap of $10,000

B.  

$750 per occurrence, with a cap of $10,000

C.  

$1,000 per occurrence, with a cap of $10,000

D.  

$1,500 per occurrence, with a cap of $10,000

A.  

Policy loans may be available

B.  

Long-term protection is provided

C.  

The initial cost of coverage is lower than for an equivalent amount of term insurance

D.  

There is a cash value if the policy is terminated after a sufficient period of time

A.  

Accidental injury

B.  

Lung cancer

C.  

Suicide

D.  

Heart attack

A.  

Identifies the needs of an individual and the individual’s dependents

B.  

Eliminates the need for estimating future interest and inflation rates

C.  

Requires the team effort of the agent and home office underwriter

D.  

Ignores Social Security benefit payments

A.  

One month

B.  

One year

C.  

To the insured's age 65

D.  

The full life of the policy

A.  

Any amount payable will be the amount of coverage the premium would have purchased at the insured’s correct age.

B.  

The insurer is not liable for any claims made during the period before correction of the insured’s age.

C.  

The company will cancel the policy immediately upon discovery of the misstatement of age.

D.  

The policy will be void from its inception because of the insured’s misrepresentation.

A.  

Increase the life insurance premium rate

B.  

Increase the mortality rate

C.  

Decrease the life insurance premium rate

D.  

Decrease the mortality rate

A.  

A claim

B.  

A peril

C.  

A loss

D.  

An accident