Exam (elaborations)
West Virginia Insurance Law Exam/80 Questions & Answers 2024
West Virginia Insurance Law Exam/80 Questions & Answers 2024
[Show more]
Content preview
West Virginia Insurance Law Exam/80Questions & Answers 2024
Insurance Commissioner: (Appointment & Duties) - -* Appointed by
Governor for a 6-year term
* Enforces Insurance Code
-Insurance Commissioner: (Powers) - -* Examine / investigate insurers and
producers
* Hold hearing - take depositions - compel witness to testify
-Insurance Commissioner must inspect each insurer every ____ years. - -
Every 5 years
-Insurance Commissioner must hold a hearing within ____ days of a written
demand, unless delayed by mutual agreement. - -45 days
-The Commissioner must give at least ____ days notice of the time, place
and scope of matters of the hearing to all directly affected persons. - -15
days
-The Commissioner must enter an order pertaining to a hearing within ____
days after its completion unless extended by mutual consent. - -45 days
-If after notice and a hearing, the Commissioner determines a person or
insurer has violated any insurance law, regulation, rule, or order, he may
issue a ___________ to that person to discontinue the violation. - -cease and
desist order
-If the person or insurer does not comply with the order within _____ days,
the Commissioner may revoke the license and assess a penalty of up to
$________. - -20 days / $10,000
-The Commissioner may also require insurers to pay a penalty up $____ per
violation. If an insurer commits unfair claim settlement practices, the
Commissioner may assess a penalty of up to $_____, as well as restitution to
the claimant. - -$10,000 / $250,000
-After notice and a hearing, the Commissioner may place on probation,
suspend, revoke, or refuse to renew the license of any insurer for: - -*
Violation of any insurance law, regulation, rule, or order of the
Commissioner;
* Providing incorrect, misleading, or untrue information in the license
application or obtaining a license through misrepresentation or fraud;
, Improperly withholding or misappropriating money or property received in
the course of doing insurance business;
* Intentionally misrepresenting the terms of an insurance contract or
application;
* Conviction or pleading no contest to any felony or a misdemeanor in
connection with insurance transactions;
* Committing any unfair trade practice or insurance fraud;
* Fraudulent, coercive, or dishonest practices demonstrating incompetence,
untrustworthiness or financial irresponsibility;
* Denial, suspense, or revocation of license in any other state;
* Forging any document related to an insurance transaction;
* Cheating on the license examination;
* Knowingly accepting business from an unlicensed individual;
* Failure to pay child support obligation;
* Failure to pay any West Virginia taxes, fees, charges or penalties.
-The Commissioner may also require payment of a penalty up to $____ per
violation, up to $____ total, unless the person knew or had reason to know he
was in violation, then up to $____ per violation, $____total. - -$1,000 /
$10,000
$5,000 / $100,000
-Any person required to have a license, who is found acting without a
license, constitutes an unauthorized transaction of insurance and may be
fined by the Commissioner a penalty not to exceed $____. - -$20,000
-Any person or insurer may seek appeal of any action by the Commission in
______. Likewise, the Commissioner may seek a ________ to enforce an order.
- -state court / court order
-An insurer formed under the laws of West Virginia. - -Domestic Insurer
-An insurer formed under the laws of the United States or of another state of
the United States. - -foreign insurer
-An insurer formed under the laws of a country other than the United States.
- -alien insurer
-___________ means a person or insurer engaged in the transaction of
insurance without a license in force pursuant to the laws of this state unless
exempted by the insurance laws of this state, or any person assisting an
unauthorized insurer. - -Unauthorized insurer
-Transact insurance means to _____, _____ or _____ insurance. - -negotiate,
sell, or solicit insurance.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.09. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
