Virginia Life Annuities and Health Insurance 시험 - Virginia Insurance실제시험문제와 답 - 150문항

Question No : 1

In addition to the applicant, who signs an application for health insurance?

A.The applicant’s spouse
B.The applicant’s dependents
C.The inspection company representative
D.The agent

정답:
Explanation:
Detailed Answer in Step-by-Step Solution:
The health insurance application is signed by the applicant (who provides personal info) and the agent (D), who certifies the information’s accuracy and their role in the process.
The spouse (A) or dependents (B) don’t sign unless they’re co-applicants. An inspection representative (C) is not involved in the application process.
The Virginia study guide specifies that the agent signs the application alongside the applicant to verify the submission and their involvement, per standard industry practice.
Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Application Process."

Question No : 2

All of the following are common features found in health maintenance organizations (HMOs) EXCEPT:

A.Wellness programs
B.Discounts on local health spa memberships
C.Twenty-four hour access to emergency care
D.Outpatient medical services

정답:
Explanation:
Virginia Code § 38.2-4306 mandates HMO benefits, focusing on comprehensive care.
Option A (wellness programs) is common, promoting prevention (e.g., smoking cessation).
Option C (24-hour emergency care) is required, ensuring access via PCP coordination or direct ER services.
Option D (outpatient services) is standard, covering clinic visits.
Option B (discounts on local health spa memberships) isn’t a typical HMO feature; while some plans offer wellness incentives, spa discounts are ancillary, not a core benefit under Virginia law or NAIC HMO models. The study guide likely lists HMO staples (A, C, D) with examples―e.g., annual checkups (D)―contrasting them with optional perks like B, making it the exception.

Question No : 3

Keogh plans are also known as:

A.Section 457 plans
B.HR 10 plans
C.403(b) plans
D.Section 2503(c) trusts

정답:
Explanation:
Keogh plans, established under the Internal Revenue Code, are retirement plans for self-employed individuals and small businesses, also known as HR 10 plans (option B) after the 1962 legislation (H.R. 10) creating them. They allow tax-deferred contributions, similar to qualified plans.
Option A (Section 457 plans) applies to government and nonprofit employees, not self-employed individuals.
Option C (403(b) plans) is for nonprofit employees (e.g., teachers), distinct from Keogh’s self-employed focus.
Option D (Section 2503(c) trusts) relates to gifting for minors, not retirement. The study guide likely contrasts Keogh (HR 10) with other plans in a retirement section, noting its tax benefits and eligibility, confirming B as the correct synonym.

Question No : 4

Which type of health insurance helps to pay for the cost of care in cases where hospitalization is not required but the individuals are unable to care for themselves?

A.Medicare
B.Long-term care
C.Major medical
D.Disability income

정답:
Explanation:
Detailed Answer in Step-by-Step Solution:
Long-term care insurance (B) is designed to cover custodial care (e.g., help with daily activities like bathing or dressing) when individuals cannot care for themselves, often outside a hospital setting.
Medicare (A) provides limited long-term care coverage (e.g., skilled nursing for a short period), not comprehensive custodial care.
Major medical (C) covers hospital and medical expenses, not long-term custodial care.
Disability income (D) replaces lost income, not care costs.
The Virginia study guide defines long-term care insurance as coverage for extended care needs, such as in nursing homes or at home, when individuals cannot perform activities of daily living, distinguishing it from Medicare or major medical plans.
Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Types of Health Insurance."

Question No : 5

The unwritten authority of an agent to perform incidental acts necessary to fulfill the purpose of the agency agreement is:

A.Implied authority
B.Mandated authority
C.Express authority
D.Nonexistent

정답:
Explanation:
The concept of agency authority is foundational in Virginia insurance law, derived from general agency principles and reflected in Title 38.2, Chapter 18. Express authority is explicitly granted in the agency agreement (e.g., soliciting and binding coverage), per Virginia Code § 38.2-1800 et seq. Implied authority, however, is not written but assumed to be necessary for carrying out express duties―such as scheduling client meetings or collecting initial premiums―unless restricted by the insurer. “Mandated authority” (option B) is not a recognized term in Virginia insurance regulations or study materials.
Option C (express authority) is incorrect because it’s explicitly stated, not unwritten.
Option D (nonexistent) denies the presence of authority, which contradicts the question’s premise. The Virginia Life, Annuities, and Health Insurance study guide likely highlights implied authority as a key concept for agents’ day-to-day operations, making A the correct answer.

Question No : 6

Which of the following is an advantage of term life insurance?

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

정답:
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."

Question No : 7

What is often payable to a life insurance policyowner when a medical condition drastically limits the insured’ s life expectancy?

A.Death benefit
B.Accelerated death benefit
C.Reduced paid-up insurance
D.Extended term insurance

정답:
Explanation:
Virginia Code § 38.2-3117.1 permits life insurance policies to include an accelerated death benefit (ADB) provision, allowing the policyowner to receive a portion of the death benefit early if the insured is diagnosed with a terminal illness (typically less than 12-24 months life expectancy, per policy terms).
Option B correctly identifies this benefit, often used for medical expenses or quality-of-life needs.
Option A (death benefit) is paid only upon death, not during life, so it’s incorrect here.
Option C (reduced paid-up insurance) is a nonforfeiture option converting cash value to a smaller, paid-up policy, unrelated to terminal illness.
Option D (extended term insurance) uses cash value to extend term coverage, also not tied to life expectancy triggers. The study guide likely details ADB as a modern feature addressing critical health scenarios, distinguishing it from standard death benefits or nonforfeiture options, confirming B as the accurate choice.

Question No : 8

Unless an insured has made fraudulent statements on the application for individual health coverage, subsequent claims may not be denied under the provision for:

A.Legal actions
B.Time limit on certain defenses
C.Grace period
D.Time payment of claims

정답:
Explanation:
Detailed Answer in Step-by-Step Solution:
The "time limit on certain defenses" provision (B), often tied to incontestability, limits the insurer’s ability to deny claims based on application errors after a period (e.g., 2 years), unless fraud is proven.
Legal actions (A) governs lawsuits, grace period (C) covers premium delays, and time payment of claims (D) sets claim payment deadlines―none relate to application defenses.
The Virginia study guide explains that the time limit on certain defenses provision protects insureds by restricting post-issuance claim denials after a contestable period, absent fraud.
Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Policy Provisions."

Question No : 9

An information security program shall be designed to do all of the following, EXCEPT:

A.Ensure policyholder access to their information without substantial inconvenience
B.Ensure the confidentiality of policyholder information
C.Protect against any anticipated threats or hazards to the integrity of the information
D.Protect against unauthorized access to the information

정답:
Explanation:
Virginia Code § 38.2-623 mandates insurers to implement information security programs to safeguard nonpublic personal information, aligning with the NAIC’s Model Regulation for Privacy. These programs must ensure confidentiality (option B), protect against threats or hazards (option C), and prevent unauthorized access (option D)―all core objectives to secure data against breaches or misuse.
Option A (ensure policyholder access without substantial inconvenience) is not a requirement of the security program; while Virginia Code § 38.2-610 allows policyholders to request their information, this is a separate consumer right, not a security program goal. The study guide likely details these mandates in a privacy section, emphasizing protection over access facilitation, as security focuses on safeguarding, not convenience. For example, encryption (B, D) and risk assessments (C) are standard, but streamlining access (A) could even conflict with security if overly permissive, making A the exception.

Question No : 10

A health maintenance organization (HMO) member receives all preventive and routine medical care from the:

A.Primary care physician
B.Medical director
C.Routine care physician
D.Provider association

정답:
Explanation:
Virginia Code § 38.2-4303 defines the HMO model, where the primary care physician (PCP, option A) acts as the gatekeeper, delivering preventive (e.g., vaccines) and routine care (e.g., checkups), and coordinating referrals.
Option B (medical director) oversees HMO operations, not direct care.
Option C (routine care physician) isn’t a standard term; the PCP fills this role.
Option D (provider association) might imply a network, but care comes from the individual PCP, not a collective. The study guide likely explains the PCP’s central role with examples―e.g., a member seeing their PCP for a flu shot―highlighting HMO cost-control via this structure, making A the correct provider.

Question No : 11

What kind of rider may be added to an individual disability income insurance policy to increase benefits during periods of price inflation?

A.Inflation guard
B.Cost of living
C.Price escalation
D.Wage protection

정답:
Explanation:
Detailed Answer in Step-by-Step Solution:
A cost of living (COLA) rider (B) adjusts disability income benefits to account for inflation, maintaining purchasing power.
Inflation guard (A) is more common in property insurance. Price escalation (C) and wage protection (D) are not standard disability riders.
The Virginia study guide describes the COLA rider as an optional feature in disability income policies, increasing benefits based on inflation indices like the CPI.
Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Disability Insurance Riders."

Question No : 12

Coverage under a cancelable health insurance policy may be terminated by:

A.The insurer only
B.The insured only
C.Either the insured or the insurer
D.An arbitration committee

정답:
Explanation:
Virginia Code § 38.2-3508 defines a cancelable health policy as one either party―the insured or insurer―can terminate before its term ends, with notice (e.g., 30 days).
Option C reflects this mutual right.
Option A (insurer only) and option B (insured only) are too restrictive; cancelable policies aren’t unilateral.
Option D (arbitration committee) isn’t a standard mechanism; cancellation follows policy terms, not third-party rulings. The study guide likely contrasts cancelable with non-cancelable policies, using examples like an insurer canceling for nonpayment or an insured canceling due to better rates, making C the correct scope.

Question No : 13

An insurer operating in the U.S. but headquartered outside the U.S. is:

A.A foreign insurer
B.An alien insurer
C.A captive insurer
D.A reciprocal insurance exchange

정답:
Explanation:
Detailed Answer in Step-by-Step Solution:
An alien insurer (B) is headquartered outside the U.S. but licensed to operate within it, distinguishing it from a foreign insurer (A), which is domiciled in another U.S. state.
A captive insurer (C) insures its parent company, and a reciprocal exchange (D) is a mutual insurance structure, neither based on location.
The Virginia study guide defines an alien insurer as one incorporated outside the U.S., operating under state licensing, per standard insurance terminology.
Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Insurance Company Types."

Question No : 14

In a deferred annuity, which contract feature begins at a high level, often 5%-10%, and then diminishes until it disappears after a specified number of years?

A.The surrender charge
B.The front end sales load
C.The guaranteed interest rate
D.The expense charge

정답:
Explanation:
Virginia Code § 38.2-3100 et seq. governs deferred annuities, where a surrender charge (option A) is a penalty for early withdrawal, starting high (e.g., 7-10%) and declining over a surrender period (e.g., 7-10 years) until it reaches zero.
Option B (front-end sales load) is a one-time fee deducted upfront, not diminishing over time.
Option C (guaranteed interest rate) is a fixed return (e.g., 2%), stable or adjustable, not disappearing.
Option D (expense charge) covers ongoing costs (e.g., mortality and expense fees), typically level, not phased out. The study guide likely illustrates this with a table―e.g., 10% year 1, 9% year 2, 0% year 10―emphasizing surrender charges as a liquidity deterrent, making A the matching feature.

Question No : 15

Claims settlement practices of insurers are regulated by:

A.The Internal Revenue Service
B.The National Association of Insurance Commissioners
C.Claims adjusters
D.State insurance departments

정답:
Explanation:
Virginia Code § 38.2-510 regulates unfair claim settlement practices, enforced by the State Corporation Commission’s Bureau of Insurance―a state insurance department (option D). This includes timely claim processing and fair payment, with penalties for violations.
Option A (IRS) oversees tax compliance, not insurance claims.
Option B (NAIC) develops model laws and guidelines (e.g., Unfair Claims Settlement Practices Act), but lacks enforcement power; states adopt and regulate these standards.
Option C (claims adjusters) are practitioners, not regulators. The study guide likely emphasizes Virginia’s Bureau as the authority, citing examples like investigating delayed claims, aligning with state-level oversight under § 38.2-200 et seq., making D the correct regulator.

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