Free Preparation Discussions
MENU
Virginia Insurance Virginia Life, Annuities, and Health Insurance Examination Series 1101 Exam - Topic 14 Question 13 Discussion
Topic #: 14
An individual currently owns a long-term care policy. At the time of application for similar coverage, which item must be signed by the applicant and retained by the insurer?
Virginia Code 38.2-5207.1 and 14VAC5-200-75 regulate replacement of long-term care (LTC) insurance, requiring a replacement notice when an applicant with existing coverage applies for a new policy that may replace it. This signed notice, provided to the applicant and retained by the insurer, ensures transparency about potential duplication or lapse of the original policy, protecting consumers from unintended coverage gaps or costs. Option C (replacement notice) fits this requirement. Option A (cancellation notice) relates to terminating a policy, not applying for a new one. Option B (substitution notice) isn't a standard term; ''replacement'' is the legal phrase. Option D (duplication notice) might imply overlap but lacks regulatory specificity. The study guide likely includes a sample replacement form, stressing its role in LTC sales compliance, confirming C as the correct choice.
France
3 days agoJolene
9 days agoTarra
14 days agoPamella
19 days agoKirby
24 days agoLuke
29 days agoAngelo
1 month agoGrover
1 month agoIrving
1 month agoBillye
2 months agoJanessa
2 months agoKarima
2 months ago