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An insurance contract that identifies individuals by relationship to a particular organization is called:
Answer : B
Detailed Answer in Step-by-Step Solution:
Group insurance (B) covers individuals based on their affiliation with an organization (e.g., employees of a company), not as individuals.
Contributory insurance (A) refers to group plans where employees pay part of the premium, but it's not the defining feature.
Health insurance (C) is too broad, and COBRA (D) extends group coverage, not defines it.
The Virginia study guide defines group insurance as coverage tied to membership in an organization, such as an employer or association. Reference: Virginia Life, Annuities, and Health Insurance study guide, section on 'Group Insurance.'
Which of the following is NOT considered an ''advertisement'' for Accident and Sickness Insurance?
Answer : B
Virginia adopts the Accident and Sickness advertising standards that define ''advertisement'' broadly (print, online, audiovisual, etc.), but specifically carve out employer announcements about available group coverage. Exact extract: ''Advertisement means any printed, published, audio/visual, or descriptive literature used to solicit the public... including material on an insurer's website.'' ''The term does not include general announcements by an employer to its employees that a plan of coverage is available.''
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If an agent misleads or fails to adequately disclose the title and true nature of a policy offered to a potential insured, it may be considered:
Answer : C
Virginia Code 38.2-502 defines misrepresentation as an unfair practice, where an agent misstates or omits key policy details (e.g., calling a term policy ''permanent'') to mislead the insured. Option C fits this legal breach. Option A (defamation) involves false reputational harm, not policy sales. Option B (unfair discrimination, 38.2-211) involves unequal treatment, not misrepresentation. Option D (coercion) implies force, not deception. The study guide likely warns of misrepresentation penalties---e.g., an agent fined for hiding exclusions---making C the applicable violation.
(In which situation could the agent of an insurer be personally liable?)
Answer : B
In Virginia, an insurance agent is treated as the insurer's agent when selling/soliciting/negotiating insurance, which is why insurers are generally accountable to insureds for authorized acts of their agents in those transactions. However, that does not mean the agent is immune from personal responsibility. When an agent goes beyond the authority granted by the insurer---especially by doing something the agency agreement expressly forbids---the agent is acting outside the scope of the contractually granted authority and may face personal consequences (including civil liability exposure depending on the harm caused and the legal theory asserted). Virginia regulatory guidance also warns that exceeding authority is a violation of Virginia law, underscoring that an agent's actions are constrained by the authority they've been granted. By contrast, ''oral but unwritten authority'' can still be actual authority if the insurer granted it, and using insurer-provided materials (even if problematic) typically implicates the insurer's oversight and advertising compliance duties rather than automatically shifting liability to the agent. The ''never'' option is incorrect because liability can arise when authority is exceeded or prohibited conduct occurs.
All of the following underwriting criteria are useful in evaluating the health risks of a group EXCEPT:
Answer : D
When underwriting group health, insurers consider the group's stability, demographics, and industry risk. Persistency (how long the employer has had coverage) is important for business retention but is not directly a health risk factor.
Exact Extract (Virginia Group Insurance Study Guide): ''Underwriting group health considers stability, composition, and industry. Persistency of a contract relates to retention, not health risk.''
Reference (Virginia Documents / Study Guide):
--- Virginia Health Insurance Examination Outline, Group Underwriting Factors
