Free Virginia Life & Annuities Insurance Practice Exam 2
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 225 Questions
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Life InsuranceTypes of Policies
A life insurance policy that endows at age 100 (or 121 in modern policies) means that:
General InsuranceBasic Principles
The risk of loss due to a lawsuit is an example of what type of hazard?
Life InsuranceLife Insurance Basics
Life insurance proceeds paid directly to a named beneficiary (not the insured's estate):
Virginia Insurance Law & EthicsUnfair trade practices
An insurer refuses to issue a health policy to a person solely because they possess the sickle-cell trait. Under Virginia law, what is this action classified as?
AnnuitiesAnnuity Taxation
Non-qualified annuity withdrawals are taxed using the LIFO method, which means:
Virginia Insurance Law & EthicsState Guaranty Association
Who is required to be a member of the Virginia Life, Accident and Sickness Insurance Guaranty Association?
AnnuitiesTypes & Payout Options
The period during which an annuitant is making payments into an annuity is called the:
Life InsuranceUniversal Life
Universal life insurance is distinguished from whole life by its:
AnnuitiesTypes & Payout Options
In a variable annuity, the Assumed Interest Rate (AIR) is used to:
AnnuitiesTypes & Payout Options
What does the 'participation rate' in an indexed annuity determine?
Life InsuranceTypes of Policies
A client wants to purchase a life insurance policy to cover a 30-year mortgage. Which policy would be the most cost-effective and appropriate?
Life InsurancePolicy Provisions
The 'accelerated death benefit' (ADB) provision allows the insured to:
Life InsuranceWhole Life
'Blending' or 'loading' in a participating whole life policy refers to:
Life InsuranceBeneficiaries
Who has the right to change a revocable beneficiary designation?
Life InsuranceLife Insurance Basics
Life insurance is unique among financial products because the death benefit paid to the beneficiary is generally:
Life InsuranceWhole Life
Which nonforfeiture option provides term insurance for the original face amount using the policy's cash value?
Virginia Insurance Law & EthicsState Insurance Code overview
The Commission decides to hold a formal hearing regarding complaints against agent Richard. Under Virginia law, how many days' notice must the Commission give Richard before the hearing?
Life InsurancePolicy Provisions
The 'policy date' on a life insurance policy affects:
General InsuranceUnderwriting & Policy Issuance
When an applicant pays the first premium at the time of application, the agent typically gives them a:
General InsuranceBasic Principles
The concept of 'fortuitous loss' in insurance means:
Virginia Insurance Law & EthicsGrace period
What happens to an insurance policy if the premium is not paid by the end of the grace period?
Life InsuranceVariable Life
In a variable life policy, who bears the investment risk for the separate account?
Virginia Insurance Law & EthicsClaims handling
An insurer regularly offers claimants substantially less than the amounts ultimately recovered in actions brought by those claimants. What is this practice classified as?
Life InsuranceRiders & Provisions
If there is a discrepancy between the insured's age on the application and their actual age, the Misstatement of Age or Sex provision allows the insurer to:
General InsuranceUnderwriting & Policy Issuance