Free Virginia Life & Annuities Insurance Practice Exam 1
Prepare for your licensing exam with our realistic state-specific test questions, complete answers, and detailed rationales.
Exam Structure & Overview
Passing the Virginia insurance exam is the ultimate step toward launching your career as a licensed professional. This practice test consists of 25 high-probability questions sampled to match the general composition of topics tested on the real state licensing examination.
Whether you are preparing for the Life & Annuities lines or a combined license, practicing with mock questions helps cement concepts, improves time management, and reduces test-day anxiety.
Key Practice Focus Areas
- State Laws & Regulations: Specific rules, licensing duties, and consumer protections.
- Policy Provisions & Options: Standard contract clauses, riders, exclusions, and riders.
- General Principles: Underwriting basics, insurance concepts, and legal requirements.
Recommended Study PathTry this practice exam fully. Review each explanation carefully when an answer is submitted. If you feel ready to unlock the full comprehensive question database, visit the main state hub for deeper exam simulations.
Study Hub & Practice Test Navigation
Practice Tests
Accident & Health:
Study Materials
General Navigation
Interactive Practice Area
Select answers below to receive immediate score feedback.
Test 125 Questions
1/25
0%
Life InsuranceBeneficiaries
To prevent a life insurance policy from lapsing if the policyowner forgets to pay the premium, they should have the __________ provision.
Life InsuranceVariable Life
The 'subaccount' in a variable life insurance policy is managed by:
General InsuranceInsurance Marketplace
A fraternal benefit society differs from a stock or mutual insurer because it:
Life InsuranceBeneficiaries
What is the main difference between a revocable and an irrevocable beneficiary?
Life InsuranceLife Insurance Basics
Which party has the right to change the beneficiary on a revocably designated life insurance policy?
General InsuranceContracts & Terminology
In an insurance contract, the insured's consideration is the:
General InsuranceContracts Terminology
The term 'representation' in an insurance application means:
Life InsuranceRiders & Provisions
The 'term rider' in a permanent life insurance policy:
AnnuitiesIndexed Annuities
The 'participation rate' in an equity-indexed annuity determines:
Life InsuranceWhole Life
A 'modified endowment contract' (MEC) is created when:
Life InsuranceVariable Life
A variable annuity and variable life insurance are alike in that both:
Life InsuranceVariable Products
Who regulates the sale of variable life insurance products?
Life InsuranceBeneficiaries & Settlement Options
When proceeds are left under the 'fixed amount' settlement option:
AnnuitiesSuitability & Taxation
What is a primary consideration for an agent when recommending a variable annuity?
Life InsuranceGroup Life
The master contract in a group life insurance plan is held by:
Life InsurancePremiums & Taxes
A policyowner takes a withdrawal from a universal life policy. Which of the following is true regarding taxation?
AnnuitiesSuitability & Taxation
A client uses funds from a non-qualified annuity to pay for long-term care insurance premiums. What is the tax implication?
Life InsuranceRiders & Provisions
Which provision states that the insurance policy and the attached application constitute the entire contract between the parties?
General InsuranceBasic Principles
What is insurable interest?
AnnuitiesTypes & Payout Options
Who is the party to an annuity contract that has all the rights, such as naming the beneficiary and making withdrawals?
Life InsuranceTypes of Policies
A family policy typically provides what kind of insurance on the children?
Life InsuranceLife Insurance Basics
The cash value in a permanent life insurance policy belongs to:
Life InsuranceRiders & Provisions
The 'Disability Income Rider' (DIR) in a life insurance policy:
General InsuranceBasic Principles
In order to be insurable, a risk must NOT be:
Life InsuranceWhole Life