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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q17-Q22):

NEW QUESTION # 17
Which is true about ownership of a deferred annuity contract?

A. All of the participants in a group contract are part-owners
B. An owner's rights take effect when the benefit payment phase begins
C. Ownership rights are neither transferable nor assignable
D. An owner may be the annuitant or the beneficiary or neither

Answer: D

Explanation:
Detailed Answer in Step-by-Step Solution:
* In a deferred annuity, the owner (who purchases the contract) can be the annuitant (who receives payments), the beneficiary (who receives proceeds), or a third party (C).
* Option A (group contract) applies to group annuities, not individual ownership.
* Option B (non-transferable) is false; ownership can often be assigned.
* Option D (rights at payment phase) is incorrect; owners have rights during accumulation.
The Virginia study guide notes that deferred annuity ownership is flexible, allowing the owner to differ from the annuitant or beneficiary, with rights exercisable before payout. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Annuities."

NEW QUESTION # 18
The overall authority of an insurance agent includes all of the following EXCEPT:

A. Express or specific authority
B. Residual authority
C. Apparent authority
D. Implied authority

Answer: B

Explanation:
Virginia insurance law (Title 38.2, Chapter 18) recognizes three types of agent authority: express, implied, and apparent. Express authority (option B) is explicitly granted by the insurer in the agency agreement (e.g., soliciting policies), per Virginia Code § 38.2-1800 et seq. Implied authority (option C) is unwritten power to perform incidental acts necessary for express duties (e.g., collecting premiums). Apparent authority (option A) arises when a third party reasonably believes the agent has authority based on the insurer's actions (e.g., providing branded materials), binding the insurer legally. Option D (residual authority) is not a recognized term in Virginia insurance or agency law; "residual" might relate to markets or benefits elsewhere, but not agent authority. The study guide likely outlines these three authorities with examples, excluding D as a fabricated or irrelevant concept, making it the exception.

NEW QUESTION # 19
When a Medicare Supplement policy is purchased during the open enrollment period:

A. The policy must be issued regardless of health status
B. The benefits may be lower than usual
C. The exclusions may be more numerous than usual
D. The premium cost may be higher than usual

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* The Medicare Supplement open enrollment period (6 months starting the first month a person is 65 and enrolled in Medicare Part B) guarantees issuance of a policy without regard to health status (D).
* Premiums (A), benefits (B), and exclusions (C) are standardized and not altered during this period due to health.
The Virginia study guide states that during the Medicare Supplement open enrollment, insurers must issue policies without medical underwriting, ensuring access regardless of health. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Medicare Supplement Insurance."

NEW QUESTION # 20
Which statement is true of trade association groups eligible for group medical benefits?

A. Employer contributions are usually waived
B. Members of the association are usually in the same industry
C. The association membership primarily consists of large employers
D. Such associations are formed for the purpose of purchasing insurance

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* Trade association groups (A) are eligible for group medical benefits because members share a common industry or profession, not just insurance purposes (B).
* Membership isn't limited to large employers (C), and employer contributions (D) depend on the plan, not waived by default.
The Virginia study guide notes that trade associations qualify for group coverage due to a common industry tie among members, distinguishing them from groups formed solely for insurance. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Group Insurance Eligibility."

NEW QUESTION # 21
Coverage under a cancelable health insurance policy may be terminated by:

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

Answer: D

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.

NEW QUESTION # 22
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