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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AnnuitiesTypes & Payout Options
Which type of annuity guarantees a fixed interest rate and provides a fixed, level income payment?
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 InsuranceUniversal Life
A universal life policy may lapse even when premiums are being paid if:
AnnuitiesTypes & Payout Options
What is the primary difference between a Group Annuity and an Individual Annuity?
Life InsuranceUniversal Life
Universal life insurance is distinguished from whole life by its:
AnnuitiesTypes & Payout Options
What is the main purpose of the insurer's separate account?
AnnuitiesIndexed Annuities
The 'spread' in a fixed-indexed annuity is:
Life InsuranceWhole Life
A 'limited pay life' policy differs from straight whole life primarily in that:
Life InsuranceUniversal Life
In universal life insurance, the 'corridor' test ensures that:
Life InsuranceGroup Life
Group life insurance typically has a 'certificate of coverage' for each employee. This certificate:
Life InsurancePremiums & Taxes
What is the tax status of a transfer-for-value?
AnnuitiesAnnuity Basics
An annuity purchased with after-tax dollars and not held in a qualified retirement plan is called a:
Life InsuranceRiders & Provisions
A policy's Cost of Living (COLA) rider is designed to:
General InsuranceUnderwriting & Policy Issuance
What is the significance of the policy's effective date?
Life InsuranceRiders & Provisions
The Long-Term Care (LTC) rider on a life insurance policy allows the policyowner to:
General InsuranceContracts Terminology
An insurance contract is aleatory because:
Life InsurancePolicy Provisions
The ownership clause in a life insurance policy grants the policyowner all of the following rights EXCEPT:
Life InsuranceRiders & Provisions
The Spendthrift Clause in a life insurance policy is designed to:
Life InsuranceBeneficiaries
An irrevocable beneficiary has certain rights in the policy. Which of the following is NOT a right of the irrevocable beneficiary?
AnnuitiesTypes & Payout Options
The 'cash refund' life annuity payout option provides that if the annuitant dies before receiving payments equal to the principal:
Life InsuranceSocial Security (OASDI)
The Full Retirement Age (FRA) for Social Security benefits for workers born in 1960 or later is:
Life InsuranceBeneficiaries
If a policyowner names 'the children of the insured' as beneficiaries and the insured has three children, how are the proceeds distributed upon the insured's death?
General InsuranceBasic Principles
A morale hazard arises from:
Life InsuranceTypes of Policies
A 'return of premium' term life policy provides that if the insured is still alive at the end of the term, the insurer will:
General InsuranceBasic Principles