Chapter 6 Virginia Statutes and Regulations Pertinent to Life Only

What is the maximum amount of individual life insurance coverage that a person can convert to if The existing group policy has been terminated

$10,000

Policy loans on cash value policies must be available to the policyowner after a minimum of how many years of premium payments?

3 years

Within what time period must an Individual apply and then pay the first premium for a life insurance policy converted from Group to individual coverage

31 days

The maximum fixed policy loan interest that an insurance company may charge in Virginia is

8%

All of the following could qualify as a group for the purpose of purchasing group health insurance EXCEPT

A family group that needs affordable insurance

A life insurance agent visits his service member friend on a military base. The friend introduces the agent to his next door neighbor, another service member, and the agent Immediately begins a sales presentation. This type of presentation is

A prohibited practice

Any attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called

Conservation

Which of the following would be EXEMPT from the policy replacement regulation for insurers?

Credit life insurance

If a person is compensated for a testimonial in an Advertisement, which of the following statements should be included in the advertisement?

Paid endorsement

What is the process by which a life insurance policy or I know really is re-issued with a reduction in cash value or converted to reduced paid up insurance

Replacement

When replacing a life insurance policy or annuity, a producer has All of the following duties EXCEPT

Send a written communication to existing insurers advising them of the proposed replacement

Which of the following is NOT an activity of daily living (ADL)?

Sleeping

The practice of making sure that the purchase or replacement of an annuity product is correct for the purchasers investment objectives,financial status,Tax status,And needs his called

Suitability

If an insured dies during the conversion, From group coverage to individual, what will the beneficiary receive

The death benefit from the group policy

When must the accelerated benefit provision be effective for illness?

Within 30 days of the effective date of the policy