Free Types of Life Insurance Policies Practice Questions
Virginia Life, Accident & Health exam (series 11-01) — 64 practice questions.
Subtopics: Group life minimum, Association groups, Noncontributory group life, Creditor group life, Dependent group life, Group life conversion, Group policy termination, Death during conversion, Facility of payment, Variable separate accounts, Term life, Whole life, Universal life, Indexed life, Variable life, Variable universal life, Group life, Specialized policies, Annual renewable term, Return of premium term, Increasing term, Modified whole life, Limited-pay life, Joint life, Universal life Option A, Universal life target premium, Universal life interest crediting, Variable life prospectus, Variable products licensing, Interest-sensitive whole life, Endowment policy, Family income policy, Adjustable life, Industrial life, Credit life, Multiple protection, Fraternal and other
Read the Types of Life Insurance Policies study guide
Sample questions & answers
1. A Virginia group life policy must cover at least how many persons, other than spouses or minor children?
2
A group life policy must cover at least two persons, other than spouses or minor children, at issue and at each anniversary.
2. For an association to buy group life insurance in Virginia, it must have been in active existence for at least:
5 years
An association group must start with at least 100 persons, be organized for purposes other than obtaining insurance, and have been active at least five years.
3. An employer pays the full premium for a group life plan. Under Virginia law, the plan must insure:
All eligible employees except those who reject it in writing
A policy with no employee contribution must insure all eligible employees except those who reject coverage in writing, though the insurer may limit coverage on those lacking satisfactory evidence of insurability.
4. Under Virginia group creditor life insurance, the amount of insurance on a debtor may not exceed:
The greater of the scheduled or actual unpaid debt
Insurance on a debtor may at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness; any excess benefit goes to the insured's estate.
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Practice: Types of Life Insurance Policies
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
