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Virginia Life & Health Insurance Practice Test
Practice with 2,180 national questions and 225 Virginia-specific questions. Every question is free to answer and includes a full explanation.
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National concepts and Virginia rules, with explanations after each answer. No signup or timer.
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A Virginia producer is replacing a client's existing life policy with a new one from a different insurer. Under the replacement rules, which statement about the flow of information and the parties' roles is correct?
Answer: C. The replacing insurer receives the replacement information and notifies the existing insurer, which then may take steps such as trying to conserve the business
Why C is correct
Under 14 VAC 5-30-40, the replacement information gathered by the producer flows to the replacing insurer, which is responsible for notifying the existing insurer of the proposed replacement. The existing insurer, once notified, may take protective steps — including attempting to conserve the business by pointing out the consequences of replacement. This structured notification is what keeps replacements transparent rather than letting them happen silently behind the applicant's back.
Why the other options are wrong
- A) The rules require affirmative notification to the existing insurer through the replacing insurer; silence until delivery defeats the purpose of the disclosure scheme.
- B) The existing insurer has no approval right over the applicant's decision; its role after notice is to respond, including by attempting conservation.
- D) The producer's filings go through the replacing insurer under 14 VAC 5-30-40; the Bureau is not a substitute for insurer-to-insurer notification.
Memory hook
Producer collects, replacing insurer notifies, existing insurer may conserve — a triangle, not a secret.
An insured dies two weeks into the grace period with the premium still unpaid. Under Va. Code § 38.2-3303, how does the insurer handle the death benefit?
Answer: D. It pays the benefit but may deduct the overdue premium, with interest, from the proceeds
Why D is correct
Va. Code § 38.2-3303 keeps the policy in force during the grace period, so death within the window is a covered death — the claim is not denied. But the statute lets the insurer deduct the overdue premium, with interest, from the settlement. The result balances both protections: the beneficiary collects the death benefit, and the insurer collects the premium the insured never got around to paying.
Why the other options are wrong
- A) Denial is wrong because the policy remains in force during the grace period under Va. Code § 38.2-3303.
- B) The insurer may reduce the payment by the overdue premium plus interest; the beneficiary does not receive a windfall of the unpaid premium.
- C) The adjustment is the overdue premium with interest, not a Commission-set service charge.
Memory hook
Death in grace still pays — minus the late premium and its interest.
During a sales presentation for a whole life policy, a Virginia producer shows the prospect an illustration projecting substantial future cash values and dividends. Under the solicitation and sales presentation rules, how must the producer treat those projected amounts?
Answer: B. He must clearly identify which values are nonguaranteed and may not present projections as if they were guaranteed policy benefits
Why B is correct
Virginia's solicitation and sales presentation rules under 14 VAC 5-41 require that a presentation accurately reflect the policy being sold. Amounts that depend on future nonguaranteed elements — dividends and projected cash values among them — must be plainly identified as such and may not be dressed up as guaranteed benefits. The producer's obligation is honesty about what the contract promises and what it merely might deliver, so the prospect can compare the policy with others on a truthful basis.
Why the other options are wrong
- A) A history of past dividends does not convert projections into assurances; nonguaranteed values must be labeled as such under 14 VAC 5-41.
- C) The presentation is itself regulated conduct; the existence of a controlling contract does not license a misleading preview of its benefits.
- D) Nonguaranteed values are not banned from presentations — they simply may never be presented as though they were guaranteed.
Memory hook
Show the projection, label the projection — never let a 'maybe' masquerade as a 'must pay'.
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