| Insurance Regulation |
10% |
1.1 Licensing
General Provisions and Definitions (38.2-1800)
Process (38.2-1819)
Types of licensees
- Agents (38.2-1800.1(A), 1801, 1814–1815.1, 1817–1818, 1822(A), (B), 1824)
- Consultants (38.2-1837–1840)
- Nonresidents (38.2-1836, 1845)
- Business entities (38.2-1800.1(B), 1820, 1822(C), (D))
- Viatical Settlements (38.2-1865.1; 6000; 14VAC5-71-20)
- Exceptions (38.2-1821.1, 1822 (G))
Maintenance
- Duration and termination (38.2-1825, 1826)
- Address and/or name changes (38.2-1826(A))
- Assumed names (38.2-1822(E), (F))
- Requirement to report felony convictions (38.2-1826(B))
- Requirement to report other states actions (38.2-1826(C))
- Continuing education (38.2-1866, 1868.1–1871)
Appointment procedures (38.2-1825, 1833–1834.1)
- Agent's contract with insurer versus agent's appointment with insurer
- Agent's appointment versus agency's appointment
- Solicitation prior to appointment
- Appointment requirement after becoming licensed
- Acknowledgment of appointment/notice to agent
- Requirement to cease solicitation
- Termination of appointment/notice to agent
- Termination of license without active appointment
Disciplinary actions
- Probation, suspension, revocation or refusal to issue or renew (38.2-1821, 1831, 1832)
- Cease and desist order (38.2-219)
- Penalties (38.2-218, 1823)
1.2 State regulation
State Corporation Commission's general duties and powers (38.2-200)
Agent regulation
- Acting for an unlicensed insurer (38.2-1802)
- Record retention (38.2-1809(B))
- Activities of unlicensed individuals (38.2-1821.1(B), 1822(G); AL 2002-9)
- Payment and sharing of commissions (38.2-1812)
- Charging of fees (38.2-310)
- Illegal compensation; exceptions (38.2-1812.2)
- Fiduciary capacity (38.2-1813)
- Responsibility of trust accounts (38.2-1813)
Unfair trade practices
- Misrepresentation (38.2-502, 512)
- False advertising (38.2-503)
- Defamation (38.2-504)
- Boycott, coercion, and intimidation (38.2-505)
- Notice of Adverse Underwriting Decisions (38.2-610)
- False statements and entries (38.2-506)
- Unfair discrimination (38.2-508, 38.2-508.1, 38.2-508.2)
- Rebating (38.2-509)
- Twisting (38.2-1831(5))
- Referrals (38.2-1821.1 (B) 8)
Insurance information and privacy protection (38.2-604, 613)
Notice of information practices (38.2-604, 613, 608, 609, 38.2-604.1)
Long-term Care Rate Increases, Notice Requirements (38.2-5206.1)
1.3 Federal regulation
Fair Credit Reporting Act (15 USC 1681–1681d)
Fraud and false statements (18 USC 1033, 1034)
ACA-Related Federal Market Reforms (Article 6, 38.2-3438 through 3454.1)
Definitions (38.2-3438)
- Individual health insurance coverage
Dependent coverage (38.2-3439)
Lifetime and annual limits (38.2-3440)
Restrictions relating to premium rates (38.2-3447)
Essential health benefits (38.2- 3451)
Waiting periods (38.2-3452)
Excepted benefits (45 CFR § 148.220), (38.2-3431)
1.4 Industry regulation
- National Association of Insurance Commissioners (NAIC)
|
| General Insurance |
6% |
2.1 Concepts
Risk management key terms
- Risk
- Exposure
- Hazard
- Peril
- Loss
Methods of handling risk
- Avoidance
- Retention
- Sharing
- Reduction
- Transfer
Elements of insurable risks
Adverse selection
Law of large numbers
Reinsurance
2.2 Insurers
Types of insurers
- Stock companies
- Mutual assessment insurers
- Fraternal benefit societies
- Self insurers
Private versus government insurers
Admitted versus nonadmitted insurers
Domestic, foreign and alien insurers
Financial status (independent rating services) and operating results
Marketing (distribution) systems
2.3 Agents and general rules of agency
Types
Insurer as principal
Agent of insurer
Authority and powers of agents
Responsibilities to the applicant/insured
2.4 Contracts
Elements of a legal contract
- Offer and acceptance
- Consideration
- Competent parties
- Legal purpose
Distinct characteristics of an insurance contract
- Contract of adhesion
- Aleatory contract
- Personal contract
- Unilateral contract
- Conditional contract
Legal interpretations affecting contracts
- Ambiguities in a contract of adhesion
- Reasonable expectations
- Indemnity
- Utmost good faith
- Representations/misrepresentations
- Warranties
- Concealment
- Fraud
- Waiver and estoppel
|
| Life Insurance Basics |
6% |
3.1 Insurable interest (38.2-301, 302, 3105)
3.2 Personal uses of life insurance
- Survivor protection
- Estate creation
- Cash accumulation
- Liquidity
- Estate conservation
3.3 Determining amount of personal life insurance
- Human life value approach
- Needs approach
- Types of information gathered
- Determining lump-sum needs
- Planning for income needs
3.4 Business uses of life insurance
- Buy-sell funding
- Key person
- Executive bonuses
3.5 Classes of life insurance policies
Group versus individual
Permanent versus term
Participating versus nonparticipating
Fixed versus variable life insurance and annuities
- Regulation of variable products ( FINRA and Virginia) (38.2-3113; 14 VAC 5-20-30, 80)
- Types of variable products
3.6 Premiums
Factors in premium determination
- Mortality
- Interest
- Expense
Premium concepts
- Net single premium
- Gross annual premium
Premium payment mode
3.7 Agent responsibilities
Rules Governing Advertisement of Life Insurance and Annuities (14VAC 5-41)
Solicitation and sales presentations (14 VAC 5-41)
- Life, Accident and Sickness Insurance Guaranty Association (38.2-1700, 1715)
- Policy summary
- Buyer's guide
Replacement (14 VAC 5-30-40)
Use and disclosure of insurance information (38.2-613)
Field underwriting
Notice of information practices (38.2-604)
Adverse underwriting decisions (38.2-610 – 612)
Application procedures
- Required signatures
- Changes in the application
- Consequences of incomplete applications
- Warranties and representations
- Collecting the initial premium and issuing the receipt
- Disclosures at point of sale (e.g., HIPAA, HIV consent)
- USA PATRIOT Act/anti-money laundering
Delivery
- Policy review
- Effective date of coverage
- Premium collection
- Statement of good health
3.8 Individual underwriting by the insurer
Information sources and regulation
- Application
- Agent report
- Attending physician statement
- Investigative consumer (inspection) report
- Medical Information Bureau (MIB)
- Medical examinations and lab tests including HIV (38.2-613.01; 14 VAC 5-180-50)
Unfair discrimination (38.2-508; 38.2-508.1; 38.2-508.2)
Classification of risks
- Preferred
- Standard
- Substandard
- Declined
|
| Life Insurance Policies |
10% |
4.1 Term life insurance
Level term
- Annual renewable term
- Level premium term
Decreasing term
Increasing term
Return of premium
4.2 Whole life insurance
- Ordinary whole life
- Continuous premium (straight life)
- Limited payment
- Interest sensitive/current assumption
- Indexed life
- Equity indexed life
- Single premium
- Variable whole life
- Variable universal life
4.3 Flexible premium policies
- Adjustable life
- Universal life
4.4 Specialized policies
- Joint life (first-to-die)
- Survivorship life (second-to-die)
- Juvenile/student life
4.5 Group life insurance
Characteristics of group plans
Types of eligible groups (38.2-3318.1)
- Employer/employee
- Debtor groups
- Labor union groups
- Trust
- Associations
Group underwriting requirements
Benefit payments (38.2-3330)
Covered dependents (38.2-3323)
Lives covered (38.2-3322.2)
Conversion to individual policy (38.2-3332–3334)
Contributory vs. noncontributory
4.6 Credit life insurance (individual versus group) |
| Life Insurance Policy Provisions, Options and Riders |
11% |
5.1 Standard provisions
- Ownership
- Assignment (38.2-3111)
- Entire contract (38.2-3304)
- Right to examine (free look) (38.2-3301)
- Payment of premiums (38.2-3302)
- Grace period (38.2-3303)
- Reinstatement (38.2-3311)
- Incontestability (38.2-3107, 3305)
- Misstatement of age and misstatement of gender (38.2-3108, 3306)
- Exclusions
- Suicide (38.2-3106)
- War clause
- Interest on proceeds (38.2-3115)
- Prohibited provisions including backdating (38.2-3104, 3316)
5.2 Beneficiaries
Designation options
- Individuals
- Classes
- Estates
- Minors
- Trusts
Succession
Revocable versus irrevocable
Annulment or divorce (38.2-305(C))
Common disaster clause
Spendthrift clause
5.3 Settlement options
Cash payment
Interest only
Fixed-period installments
Fixed-amount installments
Life income
- Single life
- Joint and survivor
5.4 Nonforfeiture options
- Cash surrender value
- Extended term
- Reduced paid -up insurance
5.5 Policy loans (38.2-3308)
- Cash loans
- Automatic premium loans
- Withdrawals or partial surrenders
- Educational loans (38.2-3113.3)
5.6 Dividend options (38.2-3307)
- Cash payment
- Reduction of premium payments
- Accumulation at interest
- One-year term option
- Paid-up additions
- Paid-up insurance
5.7 Disability riders
- Waiver of premium
- Waiver of cost of insurance
- Disability income benefit
- Payor benefit life/disability (juvenile insurance)
5.8 Accelerated benefit provision/rider
Conditions for payment (38.2-3115.1; 14 VAC 5-70-40)
- Diagnosis of terminal illness
- Diagnosis of catastrophic illness
- Permanent confinement
- Inability to perform ADLs
Disclosure (14 VAC 5-70-80)
- Written disclosure required
- Effect on death benefit
- Cash value
- Loans and loan interest
- Tax consequences
- Premium
5.9 Riders covering additional insureds
- Spouse/other-insured term rider
- Children's term rider
- Family term rider
5.10 Riders affecting the death benefit amount
- Accidental death
- Guaranteed insurability
- Cost of living
- Return of premium
|
| Annuities |
6% |
6.1 Annuity principles and concepts
- Accumulation period versus annuity period
- Owner, annuitant and beneficiary
- Insurance aspects of annuities
6.2 Immediate versus deferred annuities
Single premium immediate annuities (SPIAs)
Deferred annuities
- Premium payment options
- Nonforfeiture
- Surrender charges
- Bail-out provisions
- Death benefits
6.3 Annuity (benefit) payment options
Life contingency options
- Pure life versus life with guaranteed minimum
- Single life versus multiple life
Annuities certain (types)
6.4 Annuity products
Fixed annuities
- General account assets
- Interest rate guarantees (minimum versus current)
- Level benefit payment amount
Variable Annuities
Equity indexed annuities
Market value adjusted annuities (modified guaranteed annuities) (38.2-107.1, 3113.1)
6.5 Uses of annuities
Lump-sum settlements
Qualified retirement plans including group versus individual
Personal uses
- Tax-deferred growth
- Retirement income
- Education funds
- Charitable gift annuity (38.2-106.1, 3113.2)
Suitability in Annuity Transactions (14VAC5-45 ) |
| Federal Tax Considerations for Life Insurance and Annuities |
2% |
7.1 Taxation of personal life insurance
Amounts available to policyowner
- Cash value increases
- Dividends
- Policy loans
- Surrenders
Amounts received by beneficiary
- General rule and exceptions
- Settlement options
Values included in insured's estate
Cost Recovery Rule
7.2 Modified endowment contracts (MECs)
- Modified endowment versus life insurance
- Seven-pay test
- Distributions
7.3 Taxation of non-qualified annuities
Individually-owned
- Accumulation phase (tax issues related to withdrawals)
- Annuity phase and the exclusion ratio
- Distributions at death
Corporate-owned
7.4 Taxation of individual retirement accounts (IRAs)
Traditional IRAs
- Contributions and deductible amounts
- Premature distributions (including taxation issues)
- Annuity phase benefit payments
- Values included in the annuitant's estate
- Amounts received by beneficiary
Roth IRAs
- Contributions and limits
- Distributions
7.5 Rollovers and transfers (IRAs and qualified plans)
7.6 Section 1035 exchanges |
| Qualified Plans |
2% |
8.1 General requirements
8.2 Federal tax considerations
- Tax advantages for employers and employees
- Taxation of distributions (age-related)
8.3 Plan types, characteristics and purchasers
- Simplified employee pensions (SEPs)
- Self-employed plans (HR 10 or Keogh plans)
- Profit-sharing and 401(k) plans
- SIMPLE plans
- 403(b) tax-sheltered annuities (TSAs)
|
| Health Insurance Basics |
6% |
9.1 Definitions of perils
- Accidental injury
- Sickness
9.2 Principal types of losses and benefits
- Loss of income from disability
- Medical expense
- Dental expense
- Long-term care expense
9.3 Classes of health insurance policies
- Individual versus group
- Private versus government
- Limited versus comprehensive
9.4 Limited policies
- Limited perils and amounts
- Required notice to insured
- Types of limited policies
- Accident-only
- Specified (dread) disease
- Hospital indemnity (income)
- Credit disability
- Blanket insurance (teams, passengers, other)
- Prescription drugs
- Vision care
- Critical illness (specified conditions)
- Short-term medical
9.5 Common exclusions from coverage
- Pre-existing conditions
- Intentionally self-inflicted injuries
- War or act of war
- Elective cosmetic surgery
- Conditions covered by workers compensation
- Government plans
- Participation in a felony or illegal occupation
9.6 Agent responsibilities in individual health insurance
Marketing requirements
- Advertising (14 VAC 5-90)
- Life, Accident and Sickness Insurance Guaranty Association (38.2-1715)
- Sales presentations
Field underwriting
- Nature and purpose
- Application procedures
- Requirements at delivery of policy
Common situations for errors/omissions
Notification of Medicare eligibility
9.7 Individual underwriting by the insurer
Sources of underwriting information
- Application
- Agent report
- Attending physician statement
- Investigative consumer (inspection) report
- Medical Information Bureau (MIB)
- Medical examinations and lab tests (including HIV consent) (38.2-613.01; 14 VAC 5-180-50)
Unfair discrimination ( 38.2-508; 38.2-508.1; 38.2-508.2)
Genetic information privacy (38.2-508.4, 38.2-613 D)
Classification of risks
- Preferred
- Standard
- Substandard
- Declined
9.8 Considerations in replacing health insurance
- Pre-existing conditions (38.2-3514)
- Pre-existing condition exclusion (38.2-3514.1)
- Benefits, limitations and exclusions
- Underwriting requirements
- Virginia replacement requirements (14 VAC 5-141-150)
|
| Individual Health Insurance Policy General Provisions |
11% |
10.1 Uniform required provisions (38.2-3503 A)
- Entire contract; changes
- Time limit on certain defenses
- Grace period
- Reinstatement
- Notice of claim
- Claim forms
- Proofs of loss
- Time of payment of claims
- Payment of claims
- Physical examinations and autopsy
- Legal actions
- Change of beneficiary
- Cancellation by insured
10.2 Uniform optional provisions (38.2-3504)
- Change of occupation
- Misstatement of age
- Other insurance in this company
- Insurance with other companies
- Expense-incurred basis
- Other than expense-incurred benefits
- Unpaid premium
- Cancellation by company
- Conformity with state statutes
- Illegal occupation
- Intoxicants and narcotics
10.3 Other general provisions
Right to examine (free look) (38.2-3502)
Insuring clause
Consideration clause
Renewability clause (38.2-3514.2; 14 VAC 5-141-30 C, 14 VAC 5-141-140 A and C)
- Noncancelable
- Guaranteed renewable
- Conditionally renewable
- Renewable at option of insurer
- Nonrenewable (cancelable, term)
Interest on claim proceeds (38.2-3407.1)
Military suspension provision (14 VAC 5-141-30 I) |
| Disability Income and Related Insurance |
5% |
11.1 Qualifying for disability benefits
Inability to perform duties
- Own occupation
- Any occupation
Pure loss of income (income replacement contracts)
Presumptive disability
Requirement to be under physician care
11.2 Individual disability income insurance (14 VAC 5-141-60)
Basic total disability plan
- Income benefits (monthly indemnity)
- Elimination and benefit periods
- Waiver of premium benefit
Coordination with social insurance and workers compensation benefits
- Additional monthly benefit (AMB)
- Social insurance supplement (SIS)
- Occupational versus nonoccupational coverage
At-work benefits
- Partial disability benefit
- Residual disability benefit
Other provisions affecting income benefits
- Cost of living adjustment (COLA) rider
- Future increase option (FIO) rider
- Annual renewable term rider
- Relation of earnings to insurance (38.2-3504 (6))
- Change of occupation
Other cash benefits
- Accidental death and dismemberment
- Rehabilitation benefit
- Medical reimbursement benefit (nondisabling injury)
Refund provisions
- Return of premium
- Cash value benefit
Exclusions
11.3 Unique aspects of individual disability underwriting
- Occupational considerations
- Benefit limits
- Policy issuance alternatives
11.4 Group disability income insurance
- Group versus individual plans
- Short-term disability (STD)
- Long-term disability (LTD)
11.5 Business disability insurance
- Key employee (partner) disability income
- Business overhead expense policy
- Business Disability buyout policy
11.6 Social Security disability
- Qualification for disability benefits
- Definition of disability
- Waiting period
- Disability income benefits
11.7 Workers compensation
|
| Medical Plans |
6% |
12.1 Medical plan concepts
- Fee-for-service basis versus prepaid basis
- Specified coverages versus comprehensive care
- Benefit schedule versus usual/reasonable/customary charges
- Any provider versus limited choice of providers
- Insureds versus subscribers/participants
12.2 Types of providers and plans
Major medical insurance (insurers)
- Characteristics
- Common limitations
- Common exclusions from coverage
- Deductibles
- Coinsurance feature
- Stop-loss feature
- Maximum benefits
Health services plans
- Definitions (38.2-4201)
- Plans offered (38.2-4202–4204, 4209)
- Other services (38.2-4205)
- Qualified providers (38.2-4221)
- Choice of provider or pharmacy (38.2-4209.1, 4218)
- Provider panels (38.2-3407.10)
- Disclosure of benefits (38.2-4219)
- Subscribers
Health maintenance organizations (HMOs) (38.2-4300–4323; 14 VAC 5-211-10–280)
- Combined health care delivery and financing
- Limited service area/out of area benefits
- Limited choice of providers
- Gatekeeper concept
- Copayments
- Prepaid basis
- Preventive care services
- Primary care physician versus referral (specialty) physician
- Emergency care
- Hospital services
- Other basic services
- Subscribers
Preferred provider organizations (PPOs)
- General characteristics
- Open panel or closed panel
Point-of-service (POS) plans
- Nature and purpose
- Out-of-network provider access (open-ended HMO)
- PCP referral
- Indemnity plan features
TRI-CARE
- Virginia Family Access to Medical Insurance Security Plan (FAMIS) (RL 32.1-351)
12.3 Cost containment in health care delivery
Cost-saving services
- Preventive care
- Outpatient ambulatory services
- Alternatives to hospital services
Utilization management
- Prospective review
- Concurrent review
12.4 Virginia eligibility requirements
- Dependent child age limit (38.2-3500(C), 3525)
- Coverage for adopted children (38.2-3411.2)
- Newborn child coverage (38.2-3411)
- Medical child support coverage (38.2-3407.2)
- Intellectual or physical disability dependent adult coverage (38.2-3409)
12.5 HIPAA (Health Insurance Portability and Accountability Act) requirements (38.2-3430.1–.9; 3432.1–.3)
- Eligibility
- Guaranteed issue
- Pre-existing conditions
- Creditable coverage
- Renewability
12.6 Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs)
- Definition
- Eligibility
- Contribution limits
|
| Group Health Insurance |
5% |
13.1 Characteristics of group insurance
- Group contract
- Certificate of coverage (38.2-3533)
- Experience rating versus community rating
13.2 Defined groups (38.2-3521.1)
- Employer
- Creditor
- Labor union
- Association
- Credit union
13.3 Marketing considerations
- Advertising
- Regulatory jurisdiction/place of delivery
13.4 Employer group health insurance
Insurer underwriting criteria
- Characteristics of the group
- Plan design factors
- Persistency factors
- Administrative capability
Eligibility for insurance
- Annual open enrollment
- Employee eligibility
- Dependent eligibility
Coordination of benefits provision
Change of insurance companies or loss of coverage
- Coinsurance and deductible carryover
- No-loss no-gain
- Events that terminate coverage
- Reinstatement of coverage for military personnel (38.2-508.1(B))
- Notification of Medicare eligibility
- Extension of benefits
- Continuation of coverage under COBRA and Virginia specific rules (38.2-3541)
13.5 Small employer medical plans (38.2-3431–3437)
- Definition of small employer (38.2-3431)
- Availability of coverage (38.2-3431(C), 3432.2)
- Disclosure of coverage provisions (38.2-3434)
- Enrollment eligibility (38.2-3436)
- Renewability (38.2-3432.1)
|
| Dental Insurance |
1% |
14.1 Types of dental treatment
- Diagnostic and preventive
- Restorative
- Oral surgery
- Endodontics
- Periodontics
- Prosthodontics
- Orthodontics
14.2 Indemnity plans
Choice of providers
Scheduled versus nonscheduled plans
Benefit categories
- Diagnostic/preventive services
- Basic services
- Major services
Deductibles and coinsurance
Combination plans
Exclusions
Limitations
Predetermination of benefits
14.3 Employer group dental expense
- Integrated deductibles versus stand-alone plans
- Minimizing adverse selection
|
| Insurance for Senior Citizens and Special Needs Individuals |
11% |
15.1 Medicare
Nature, financing and administration
Part A — Hospital Insurance
- Individual eligibility requirements
- Enrollment
- Coverages and cost-sharing amounts
Part B — Medical Insurance
- Individual eligibility requirements
- Enrollment
- Coverages and cost-sharing amounts
- Exclusions
- Claims terminology and other key terms
Part C — Medicare Advantage
Part D — Prescription Drug Insurance
15.2 Medicare supplement insurance (14 VAC 5-170-10–220)
Purpose (14 VAC 5-170-10)
Open enrollment (14 VAC 5-170-100)
Rating of Medicare supplement plans (14 VAC 5-170-30)
- Attained age
- Issue age
- Community rated
Standardized Medicare supplement plans (14 VAC 5-170-75, 85, 87)
- Core benefits
- Additional benefits
- High deductible plans
Virginia regulations and required provisions
- Standards for marketing (14 VAC 5-170-180)
- Advertising (38.2-3609; 14 VAC 5-170-170)
- Appropriateness of recommended purchase and excessive insurance (14 VAC 5-170-190)
- Buyer's guide (14 VAC 5-170-150(A)(6))
- Outline of coverage (38.2-3606; 14 VAC 5-170-150(D))
- Right to return (free look) (38.2-3604; 14 VAC 5-170-150(A)(5))
- Replacement (14 VAC 5-170-160, 210)
- Prohibited policy provisions (14 VAC 5-170-210)
- Minimum benefit standards (14 VAC 5-170-75)
- Required disclosure provisions (14 VAC 5-170-150)
- Pre-existing conditions (38.2-3605)
- Permitted compensation (14 VAC 5-170-140)
- Guaranteed issue for eligible persons (14 VAC 5-170-105)
- Continuation and conversion requirements (14 VAC 5-170; 14 VAC 5-170-75 7 (a)(b)(c)(d))
- Medicare SELECT (14 VAC 5-170-90)
- Medicare supplement policies for person eligible by reason of disability (38.2-3610) (14 VAC 5-170-87 (A) (2))
15.3 Other options for individuals with Medicare
Employer group health plans
- Disabled employees
- Employees with kidney failure
- Individuals age 65 and older
Medicaid
15.4 Long-term care (LTC) policies (38.2-5200–5210; 14 VAC 5-200-10–210; )
LTC, Medicare and Medicaid compared
Eligibility for benefits (14 VAC 5-200-187)
Levels of care
- Skilled care
- Intermediate care
- Custodial care
- Home health care (14 VAC 5-200-50, 90)
- Adult day care (14 VAC 5-200-50)
- Respite care
Benefit periods
Benefit amounts
Optional benefits
- Guarantee of insurability
- Return of premium
Qualified LTC plans (14 VAC 5-200-40)
Deductibility of premiums for LTC insurance for state income tax purposes
Exclusions (14 VAC 5-200-60(B))
Underwriting considerations
Virginia regulations and required provisions
- Standards for marketing (14 VAC 5-200-170)
- Advertising (14 VAC 5-200-160)
- Consumer guide (38.2-5207(3))
- Outline of coverage (38.2-5207, 5207.1; 14 VAC 5-200-200)
- Suitability including personal worksheet (14 VAC 5-200-175)
- Right to return (free look) (38.2-5208)
- Replacement (14 VAC 5-200-110, 190)
- Renewal considerations (14 VAC 5-200-60(A))
- Continuation of benefits (14 VAC 5-200-60(D))
- Required disclosure provisions (14 VAC 5-200-70)
- Incontestability (38.2-5209)
- Inflation protection (14 VAC 5-200-100)
- Unintentional lapse (14 VAC 5-200-65)
- Pre-existing conditions (38.2-5204; 14 VAC 5-200-190)
- Nonforfeiture benefit (38.2-5210; 14 VAC 5-200-185)
- Benefit triggers (14 VAC 5-200-70(G), 187)
|
| Federal Tax Considerations for Health Insurance |
2% |
16.1 Personally-owned health insurance
- Disability income insurance
- Medical expense insurance
- Long-term care insurance
16.2 Employer group health insurance
- Disability income (STD, LTD)
- Medical and dental expense
- Long-term care insurance
- Accidental death and dismemberment
16.3 Medical expense coverage for sole proprietors and partners
16.4 Business disability insurance
- Key person disability income
- Business overhead expense
- Buy-sell policy
16.5 Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), and Flexible Spending Accounts
(FSAs) |
| Official Information |
|
https://www.prometric.com/files/virginia/1101-Life-and-Health-Insurance.pdf |
