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Life and Health Insurance Producer Exam

Replacement (VA): practice questions

Our Life & Health Insurance bank has 4 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Virginia

Owners repeatedly buy replacing policies from the same agent after stating replacement was not intended. How does Virginia's replacement rule treat that pattern?

  1. As twisting only if new premiums are higher
  2. As acceptable, because the owners signed a no-replacement statement
  3. As a matter only for the existing insurer to raise in civil court
  4. As prima facie evidence the agent knew replacement was intended
Show the answer

D. As prima facie evidence the agent knew replacement was intended — 14VAC5-30-80(B).

Question 2 · Virginia

In a Virginia life or annuity replacement, what right to examine must the replacing insurer give the owner?

  1. At least 10 days from delivery, with an unconditional full refund of premiums
  2. At least 15 days from issue, with a refund of the first month's premium
  3. At least 20 days from delivery, with a refund less a cancellation fee
  4. At least 30 days from the application date, with a pro rata refund of the premium paid
Show the answer

A. At least 10 days from delivery, with an unconditional full refund of premiums — 14VAC5-30-51(A)(4).

Question 3 · Virginia

In a life or annuity replacement, when must the agent present and read the Notice Regarding Replacement (Form 30-A) to the applicant?

  1. Before the existing policy's next premium due date
  2. Only after the replacing insurer has approved the case
  3. No later than at the time of taking the application
  4. Within 10 days after the new policy is delivered
Show the answer

C. No later than at the time of taking the application — 14VAC5-30-40(B); the notice is signed by applicant and agent and left with the applicant.

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