VIRGINIA-LIFE-ANNUITIES-AND-HEALTH-INSURANCE FREE TEST QUESTIONS & VIRGINIA-LIFE-ANNUITIES-AND-HEALTH-INSURANCE NEW DUMPS SHEET

Virginia-Life-Annuities-and-Health-Insurance Free Test Questions & Virginia-Life-Annuities-and-Health-Insurance New Dumps Sheet

Virginia-Life-Annuities-and-Health-Insurance Free Test Questions & Virginia-Life-Annuities-and-Health-Insurance New Dumps Sheet

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Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Sample Questions (Q52-Q57):

NEW QUESTION # 52
In a deferred annuity, which contract feature begins at a high level, often 5%-10%, and then diminishes until it disappears after a specified number of years?

  • A. The front end sales load
  • B. The guaranteed interest rate
  • C. The expense charge
  • D. The surrender charge

Answer: D

Explanation:
Virginia Code § 38.2-3100 et seq. governs deferred annuities, where a surrender charge (option A) is a penalty for early withdrawal, starting high (e.g., 7-10%) and declining over a surrender period (e.g., 7-10 years) until it reaches zero. Option B (front-end sales load) is a one-time fee deducted upfront, not diminishing over time. Option C (guaranteed interest rate) is a fixed return (e.g., 2%), stable or adjustable, not disappearing. Option D (expense charge) covers ongoing costs (e.g., mortality and expense fees), typically level, not phased out. The study guide likely illustrates this with a table-e.g., 10% year 1, 9% year 2, 0% year 10-emphasizing surrender charges as a liquidity deterrent, making A the matching feature.


NEW QUESTION # 53
Which is true about disability buy-sell insurance policies?

  • A. The policy proceeds are normally received income tax-free
  • B. The insurer pays the benefits to the disabled individual
  • C. The policyowner may not be the beneficiary
  • D. The premiums are tax-deductible

Answer: A

Explanation:
Disability buy-sell insurance funds a business partner's buyout if one becomes disabled, per Virginia Code §
38.2-3100 et seq. Option C is true; proceeds are typically tax-free under IRC § 104(a)(3) as insurance benefits, not income, if premiums aren't deducted. Option A is false; the policyowner (e.g., a partner or business) is often the beneficiary to fund the buyout. Option B is false; benefits go to the business or partner, not the disabled individual, who may receive separate disability income coverage. Option D is false; premiums aren't tax-deductible (IRC § 265), preserving tax-free proceeds. The study guide likely explains this with scenarios-e.g., $500,000 paid tax-free to buy out a disabled partner-highlighting tax treatment, making C the true statement.


NEW QUESTION # 54
All of the following statements about universal life insurance are true EXCEPT:

  • A. Death benefits are taxed as ordinary income
  • B. The policy stipulates the amount that will be used for company expenses
  • C. A mortality charge is subtracted from the cash value accumulations each month
  • D. Policy loans affect the amount of interest credited to the policy cash value

Answer: A

Explanation:
Universal life (Virginia Code § 38.2-3113.1) features: Option A is true; a mortality charge funds the death benefit, deducted monthly from cash value. Option B is true; expense charges are disclosed (e.g., admin fees).
Option D is true; loans reduce the cash value earning interest. Option C is false; death benefits are generally tax-free under IRC § 101(a)(1), not ordinary income, unless an exception (e.g., transfer for value) applies, which isn't standard. The study guide likely contrasts universal life mechanics-e.g., $50 monthly mortality charge-with tax-free benefits, making C the exception.


NEW QUESTION # 55
A qualified plan participant elected a trustee-to-trustee transfer of rollover funds instead of personally receiving the funds and then rolling them over. This election permits the participant to:

  • A. Eliminate the penalty tax that normally applies to rollover funds
  • B. Avoid mandatory income tax withholding on the amount transferred
  • C. Significantly reduce the amount of time required for the transaction
  • D. Eliminate the possibility of funds being lost in the mail

Answer: B

Explanation:
Detailed Answer in Step-by-Step Solution:
* A trustee-to-trustee transfer (A) avoids the 20% mandatory tax withholding required when funds are distributed to the participant and rolled over within 60 days.
* Options B (lost funds) and C (time) are incidental, not primary benefits. Option D (penalty tax) is irrelevant; rollovers aren't penalized if timely.
The Virginia study guide, per IRS rules, notes that direct trustee-to-trustee transfers bypass withholding, preserving the full amount for reinvestment. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on "Retirement Plans."


NEW QUESTION # 56
A health insurer must generally pay for all of the following types of claims EXCEPT:

  • A. Those incurred after termination of coverage
  • B. Those less than $20 above the deductible amount
  • C. Those incurred before termination of coverage
  • D. Those related to mental or nervous disorders

Answer: A

Explanation:
Detailed Answer in Step-by-Step Solution:
* Health insurance covers claims incurred during the policy period (A), not after termination (B), unless extended benefits (e.g., COBRA) apply, which is not indicated here.
* Claims above the deductible (C), regardless of amount, are payable if covered.
* Mental or nervous disorder claims (D) are typically covered unless excluded by the policy, which is not specified.
* Thus, claims after termination (B) are the exception.
The Virginia study guide states that health insurance liability ends upon policy termination, barring specific continuation provisions, making post-termination claims generally non-payable. Reference:Virginia Life, Annuities, and Health Insurance study guide, section on "Health Insurance Coverage Terms."


NEW QUESTION # 57
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