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West Virginia Laws and Rules Pertinent to Insurance Exam/54 Questions and Answers
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West Virginia Laws and Rules Pertinentto Insurance Exam/54 Questions and
Answers
The West Virginia Insurance Commissioner attains office in which of the
following ways? - -Gubernatorial appointment (Governor of WV)
-An offer of life insurance by an insurance company in West Virginia to
individuals who are personally invited to apply on the basis of the offer is
known as what type of solicitation? - -Direct response
-When a producer is soliciting a client to effect a contract of insurance, the
producer is engaged in - -transacting insurance
-Courses are approvedfor continuing education credit by the - -Insurance
Commissioner and the Board of Insurance Agent Education
-If a producer tells an applicant that an insurance policy is like a share of
stock, the producer may be guilty of - -misrepresentation
-The West Virginia Insurance Commissioner may refuse to renew a
producer's license for all of the following reasons EXCEPT
- violation of an insurance law
- incompetence
- filing for bankruptcy
- untrustworthiness - -filing for bankruptcy
-If a producer has been engaged in an administrative action by any
government agency, within how many days following the final disposition
must the producer report the action to the Insurance Commissioner? - -30
-Which of the following terms defines the authority given to a producer to
transact business on behalf of the insurer? - -appointment
-An insurance company must do which of the following to terminate an
producer's appointment? - -Send notice of termination to the Commissioner
-A certificate of authority does which of the following? - -Permits an
insurance company to transact business in West Virginia
-Which of the following statements is CORRECT about the replacement of
one insurance policy with another? - -It is strictly regulated and requires full
disclosure by both the producer and the replacing insurance company
, -If the Insurance Department discovers that applicants for an insurance
license intend to produce insurance principally on themselves, their family,
and their property, which of the following will happen? - -The applicants will
not be issued a license
-Which of the following parties must provide an insured with proper
disclosure concerning the replacement of an insurance company? - -The
producer who sells the new insurance policy
-The West Virginia Life and Health Guaranty Association guarantees life
insurance death benefits up to - -$300,000
-In West Virginia, the Insurance Commissioner has the power to penalize a
producer for a violation in which of the following ways? - -A fine, only after a
hearing
-Which activity may result in suspension or revocation of a producer's
license?
- Writing primarily controlled business
- Using the human life value approach
- Issuing a conditional receipt
- Changing one's business address - -Writing primarily controlled business
-The conversion period for a terminated employee to convert group life
coverage to an individual plan is - -31 days
-Which of the following statements is CORRECT about the authority of the
Insurance Commissioner to review Accident & Sickness policy forms for use
in West Virginia? - -The Commissioner has authority to review these forms if
they will be issued for delivery in West Virginia
-If the West Virginia Insurance Commissioner calls a hearing on a producer's
license, the affected producer must be given at LEAST how many days
advance written notice? - -15 days
-Under West Virginia insurance law, an insured or insurer must ask for a
rehearing based on a decision by the Insurance Commissioner within how
many days? - -30
-The life insurance and annuity replacement regulation defines replacement
as - -exchanging an existing policy for a new policy
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