WEST VIRGINIA LAWS AND RULES
INSURANCE EXAM NEWEST ACTUAL
EXAM QUESTIONS AND DETAILED
CORRECT ANSWERS
The Insurance Commissioner must give at least ___ days notice
prior to holding a hearing regarding a producer's license.
15
20
25
30 Correct Answer 15
Limitations and exclusions may be placed on Long-Term Care
policies sold in West Virginia for all of these conditions EXCEPT
Alcoholism
Acts of war
Self-Inflicted injury
Alzheimer's disease or dementia Correct Answer Alzheimer's
disease or dementia
S the producer charged a fee for placing an insurance policy.
Under West Virginia law, S must
,report the placement to his primary insurer
document the fee with the Department of Insurance
guarantee to the insured that the insurer will accept the risk
report this act to the Insurance Commissioner Correct Answer
report the placement to his primary insurer
Which of the following statements is correct about the Insurance
Commissioner's authority to examine the business records of a
producer?
The Commissioner has no authority to examine them
The Commissioner may examine them whenever it's deemed
necessary
The Commissioner must examine them at least twice every five
years
The Commissioner must examine them at least twice every three
years Correct Answer The Commissioner may examine them
whenever it's deemed necessary
What does the West Virginia Life and Health Insurance Guaranty
Association provide?
Enforcement for West Virginia's insurance regulations
Claim payments of admitted, insolvent insurance companies
,Underwriting services for high-risk insurance applicants
Establishment of underwriting guidelines for admitted insurers
Correct Answer Claim payments of admitted, insolvent insurance
companies
At what point must a producer deliver a Notice to Applicant
Regarding Replacement of Accident & Sickness insurance?
Within 5 days of the sales presentation
After policy has been in effect for 30 days
At the time of application
When the policy is issued Correct Answer At the time of
application
An example of an unfair claims settlement practice is
making it mandatory that proof of loss be provided for each claim
requiring a time limit for submitting a claim
paying a claim in a timely matter
turning down a claim without providing the basis of denial Correct
Answer turning down a claim without providing the basis of denial
Life insurance death benefits up to ______ are guaranteed by the
West Virginia Life and Health Guaranty Association.
, $50,000
$150,000
$300,000
$500,000 Correct Answer $300,000
The _______ must provide an insured with proper disclosure
concerning the replacement of an existing policy.
producer
underwriter
Commissioner
adjuster Correct Answer producer
Which of the following is considered to be a non-stock, nonprofit
corporation?
Health Maintenance Organization
Medical Service Corporation
Preferred Provider Organization
Private insurer Correct Answer Medical Service Corporation
A group life insurance policy insured may assign up to _____ of
the insured's coverage.
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