Free Virginia-Life-Annuities-and-Health-Insurance Practice Test Questions 2026

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

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

B. Anytime while insurable and still a member of the insured group

C. Within 31 days after the person has terminated employment

D. Anytime after the group contract has existed for five years

Under which type of policy are benefit payments treated as taxable income?

A. Business overhead expense

B. Disability buy-sell

C. Individual disability income

D. Key person disability income

All of the following are typical health maintenance organization (HMO) preventive care services provided by a primary care physician EXCEPT:

A. Well-baby checkups

B. Immunizations for children

C. Experimental surgery

D. Physical examinations

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

When an HIV test is requested by a health insurer, who signs the consent form?

A. The applicant

B. The applicant’s physician

C. The insurance agent

D. The medical laboratory technician

The injury or damage sustained by the insured is called:

A. A claim

B. A peril

C. A loss

D. An accident

Ambulatory care centers are most often used by patients who require:

A. Physical therapy

B. Wellness centers

C. Outpatient surgical procedures

D. Overnight accommodations

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. Have a lump sum to invest at retirement

D. Want to accumulate funds for retirement at a later date

A licensed agent must report a felony conviction to the Commission within how many calendar days?

A. 10 days

B. 20 days

C. 30 days

D. 60 days

All of the following statements about tax-sheltered annuities (TSAs) are true EXCEPT:

A. They are also known as 403(b) plans.

B. Accumulation payments often come from voluntary salary reductions.

C. The annuitant may have an individual account or contract.

D. The investment gain each year is included in the participant’s gross income.

A licensee must report an administrative action taken by another state or governmental agency to the Bureau of Insurance within how many calendar days after final disposition?

A. 10 days

B. 20 days

C. 30 days

D. 45 days

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