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Chapter Exam - West Virginia Laws and Rules Exam|40 Questions and Answers
Chapter Exam - West Virginia Laws and Rules Exam|40 Questions and Answers
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Chapter Exam - West Virginia Laws andRules Exam|40 Questions and Answers
How long may an insurer defer granting a policy loan after receiving the loan
application? - -6 months
-Which Unfair Trade Practice involves a producer suggesting that an
insurance policy is like a share of stock? - -Misrepresentation
-Which of these statements may a producer make to a client about a Whole
Life policy? - -"Nonforfeiture benefits will be available after a period of time"
-Which of the following is NOT considered rebating? - -Sharing commission
with an agent licensed in the same line of business
-J is a producer who recently told a claimant that his rights might be
impaired if he does not complete a release form within a specified time.
What could this producer be found guilty of? - -Coercion
-A producer must notify the Insurance Commissioner within ## days
following final deposition of an administrative action by any government
agency. - -30
-What is the purpose of the West Virginia Life and Health Insurance
Guaranty Association? - -Ensures that claims filed against insolvent
insurance companies will be paid
-Which of these actions does NOT constitute life insurance policy
replacement? - -Convert term coverage to a whole life policy
-Which of these is a requirement for obtaining a resident insurance producer
license in this state? - -Complete a prelicensing examination
-A group life insurance policy insured may assigned up to ## of the
insured's coverage. - -100%
-In order to terminate a producer's appointment, the insurer MUST - -send
notice of the termination to the Commissioner
-Which of these actions is NOT required when a producer replaces an
existing individual life insurance policy? - -Obtain the beneficiary's signature
-An example of rebating would be - -offering a client something of value not
stated in the contract in exchange for their business
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