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.
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Test 125 Questions
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Life InsuranceGroup Life
Which of the following statements about Key Person life insurance is CORRECT?
AnnuitiesSuitability & Taxation
What is the tax consequence of taking a loan from an annuity?
General InsuranceInsurance Marketplace
A Managing General Agent (MGA) differs from a regular agent primarily because the MGA:
Life InsuranceTerm Life
The 'conversion period' for a convertible term policy typically expires:
AnnuitiesAnnuity Basics
The 'annuity factor' used to calculate annuity payments is based on:
Life InsuranceRiders & Provisions
The 'automatic premium loan' (APL) provision in a life insurance policy:
AnnuitiesAnnuity Taxation
Under IRC Section 72, annuity income payments from a non-qualified contract received during the annuitization phase are taxed using:
Life InsuranceBeneficiaries
What is a contingent beneficiary?
AnnuitiesTypes & Payout Options
A Market Value Adjusted (MVA) annuity is a type of:
Life InsurancePremiums & Taxes
How is the death benefit of a life insurance policy paid to a beneficiary generally treated for tax purposes?
General InsuranceBasic Principles
The tendency for higher-risk individuals to seek out or continue insurance coverage more than lower-risk individuals is known as:
Virginia Insurance Law & EthicsUnfair trade practices
An insurer fails to adopt and implement reasonable standards for the prompt investigation of claims. What violation is this under Virginia Code?
Virginia Insurance Law & EthicsProducer licensing
An agent, Karen, holds licenses for both Life & Health and Property & Casualty lines in Virginia. How many hours of continuing education (CE) must Karen complete every two years?
Life InsuranceGroup Life Insurance
An employee who does not enroll in a group life insurance plan during the initial eligibility period and later wishes to join is considered a:
General InsuranceUnderwriting & Policy Issuance
What is the significance of the policy's effective date?
General InsuranceContracts & Terminology
What is a 'binder' in insurance?
Life InsuranceTerm Life
Annual renewable term (ART) insurance is characterized by:
Virginia Insurance Law & EthicsProducer licensing
What is the maximum duration of a temporary agent license issued in Virginia due to an agent's active military service?
Life InsuranceRiders & Provisions
A Children's Rider on a life insurance policy:
Virginia Insurance Law & EthicsProducer licensing
A licensed agent in Virginia, David, is convicted of a felony. Under Virginia regulations, within how many days of the final disposition must David report this conviction to the Bureau of Insurance?
Virginia Insurance Law & EthicsReinstatement provisions
A client reinstates a lapsed life insurance policy. What happens to the incontestability clause upon reinstatement?
Life InsuranceRiders & Provisions
Which nonforfeiture option uses the policy's cash value to purchase a fully paid-up permanent policy with a reduced face amount?
Life InsuranceGroup Life Insurance
An employer wants to insure a key executive under the company's group life plan with a benefit amount significantly higher than other employees. Which group insurance principle could this potentially violate?
Life InsuranceUniversal Life
The 'Option A' (Level Death Benefit) in universal life means:
Life InsurancePolicy Provisions