Last Attempt Virginia-Life-Annuities-and-Health-Insurance Questions

Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Questions and Answers

Question 41

Which of the following statements about the contestability of a life insurance policy is true?

The policy cannot be contested by the insurer once it is paid for and issued

The policy can be contested by the insurer only during the first two years of the contract

The policy can be contested by the insurer at all times

The policy can be contested only if the insured is convicted of a felony

Question 42

In individual health insurance, a proof of loss typically should be submitted to the insurer within:

30 days from the date of loss

60 days from the date of loss

90 days from the date of loss

120 days from the date of loss

Question 43

When may a person insured under a group term insurance policy exercise the conversion option?

Never, because group life insurance does not have a conversion privilege

Anytime while insurable and still a member of the insured group

Within 31 days after the person has terminated employment

Anytime after the group contract has existed for five years

Question 44

Renewal of small employer health insurance plans may be denied for all of the following reasons EXCEPT:

Nonpayment of premiums

Having less than the required number of participants

Overuse of physician and hospital services

Fraud by the employer