In Virginia, which of the following records are NOT required to be maintained by an agent

1. In a long-term care policy issued in Virginia, any provision limiting preexisting conditions may not exceed

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   • Where must agents keep records associated with insurance?
   • What is required after a live agent sells an insurance policy to an applicant without being appointed by the insurer?
   • Which of the following would be protected from financial loss by the guaranty association?
   • Which of the following must an agent receive to sell variable life insurance policies?

   A) 6 months

2. After an annuity has been in force for ___ year(s), it becomes incontestable

   A) 2

3. When testing for Human Immunodeficiency Virus (HIV), Virginia law requires a consent form

   B) that discloses who may receive a copy of the results

4. if dividend option choices are offered on a whole life insurance policy the policy must

   B) contain a statement that dividends are NOT guaranteed

5. Jerry has an indemnity plan which covers dental expenses. Typically, these types of plans

   D) cover preventative care once every 6 months

6. An agent's commission for the sale of a Medicare Supplement policy in the first year following its effective date cannot exceed ___ of the commission paid for selling or servicing the policy in the second year

   D) 200%

7. When does a family accident and health policy's coverage for a newborn child begin?

   A) at the moment of birth

8. An insurance company or an agent must respond within ___ days to an insured's request to access personal information collected on him/her by the insurer

   C) 30

9. A prospective client was intimidated by an agent to purchase an insurance contract. The agent could be found guilty of

   B) coercion

10. A transaction in which a new annuity is being purchased and old one is being terminated is called

    B) replacement

11. Which of the following is NOT a valid reason for an insurer to contest a life insurance policy during the policy's first two years of existence?

    B) misstatement of age

12. If an individual violates a cease and desist order issued by the State Corporation Commission, the individual will be subject to a fine of

    B) $5000

13. Which of the following actions may result in an agent's license being suspended?

    A) rebating a portion of the commission to the insured

14. An agent has received the first year commission paid on a Medicare Supplement policy. Renewal commissions must then be provided for at least ___ years after the first year

    B) 5

15. Which of these would likely be considered Unfair Claims Settlement Practice?

    D) offering settlements that are less than the fair value to offset insurer expenses

16. The marketing of Medicare Supplements is regulated to prevent all of the following EXCEPT

    B) replacement of any existing coverage

17. According to the State Corporation Commission, the purpose of licensing prospective agents in the state of Virginia is

    A) qualifying the agent to represent an authorized insurer for soliciting and negotiating their insurance products

18. Before an individual is permitted to act as an insurance agent, he/she must hold a valid license and be ____ by an authorized insurer

    C) appointed

19. A domestic insurance company in Virginia MUST

    B) be formed under Virginia insurance laws

20. If an existing Medicare Supplement policy is being replaced by a new policy, who is required to sign the notice of replacement?

    B) agent and applicant

21. In Virginia, an insurance agent's appointment

    A) is in effect until termination

22. An agent advertising a life insurance MUST disclose the

    A) name of the actual insurer

23. The premiums for a group life credit policy must be paid for by the

    C) creditor

24. Viatical settlement proceeds may be subject to the claim of

    A) creditors

25. Paul is an agent who is licensed in Virginia but a resident of Maryland. P is considered to be a(n) ____ agent

    C) nonresident

26. How often must the Commission examine each domestic insurance company?

    C) every 5 years

27. A free-look period provided in a life insurance policy is usually ____ days

    C) 10

28. Newborn children are automatically covered under an existing family medical plan at the moment of birth of at least ___ days

    D) 31

29. An agent's insurance records must be provided to the State Corporation Commission

    C) upon request of the State Corporation Commission

30. In Virginia, any person acting as an agent for an unlicensed insurer is

    C) permissible only if acting as a licensed surplus lines broker

31. The Virginia Life, Accident and Sickness Insurance Guaranty Association protects an insured in the event of

    A) the insurer's insolvency

32. Which of these is typically regarded as a major treatment in an indemnity dental plan?

    A) dentures

33. Proceeds of a life insurance policy claim may be issued to a minor ONLY if

    A) the guardian has been appointed to receive proceeds on behalf of the minor

34. Which of the following is included in the entire contract according to the entire contract provision?

    C) application

35. Any person who unknowingly violates Virginia insurance laws may be punished for each violation by a penalty not to exceed

    B) $1000 with $10,000 cap

36. Prepaid dental plans differ from most other types of dental plans in what way?

    A) closed panels of dentists can only be used

37. A prepaid dental plan has an agreement in place with a network of dentists which

    C) accepts an established amount as payment in full for the dental services rendered

38. The pre-existing conditions exclusion under s small employer medical plan

    B) may be partially or fully satisfied by having creditable coverage with a previous employer

39. Which of these is NOT an Unfair Claims Settlement Practice?

    C) offering to settle a claim by arbitration

40. Autopsies may be requested by an accident and health insurer

    B) only if not prohibited by state law

41. According to federal fraud and false statements regulation, what is required for a prohibited person to transact insurance business in this state?

    A) written consent from the state insurance regulatory agency

42. Group health insurance issued in Virginia must identify any exclusions, limitations, or reductions in coverage on which of the following?

    D) the certificate of coverage

43. In Virginia, which of the following records are not required to be maintained by the agent?

    A) premium quotes for policies not accepted

Where must agents keep records associated with insurance?

What is required after a live agent sells an insurance policy to an applicant without being appointed by the insurer?

Which of the following would be protected from financial loss by the guaranty association?

Which of the following must an agent receive to sell variable life insurance policies?