Exam (elaborations)
West Virginia Laws and Rules Insurance Exam Questions with Verified Solutions
West Virginia Laws and Rules Insurance Exam Questions with Verified Solutions
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West Virginia Laws and RulesInsurance Exam Questions with
Verified Solutions
6 months - -pre-existing conditions may be excluded on a Medicare
Supplement policy for up to
3 months
6 months
9 months
12 months
-Delivery Receipt - -A ________ ________ is the signed document that starts
the free-look period.
Buyer's Summary
Delivery Receipt
Policy Guide
Binding Receipt
-returning a portion of a premium as inducement to purchase insurance - -
An example of rebating would be
returning a portion of a premium as inducement to purchase insurance
a mutual insurance company paying dividends to its policyholder
reducing the premiums across the board for a specific risk class
offering temporary insurance coverage
-"Nonforfeiture benefits will be available after a period of time" - -Which of
these statements may a producer make to a client about a Whole Life policy?
, "Your policy will begin to build cash value on day 1"
"I will give you 25% of my commission in exchange for purchasing this whole
life policy"
"Dividends from this policy are guaranteed"
"Nonforfeiture benefits will be available after a period of time"
-Misrepresentation - -_________ can be defined as "making an unfair
comparison of two insurance policies".
Rebating
Twisting
Coercion
Misrepresentation
-Producer delivers the policy to an applicant more than 7 business days after
they received it for delivery - -Which of these actions taken by a producer is
considered a violation of West Virginia insurance laws pertaining to Medicare
Supplements?
Producer gives prospective insured an Outline of Coverage when taking an
application for a Medicare Supplement policy
Producer determines the appropriateness of the Medicare Supplement policy
for the proposed insured
Producer delivers the policy to an applicant more than 7 business days after
they received it for delivery
Producer tells applicant there is a 30 day free-look period for a Medicare
Supplement policy
-Trustworthiness and competence - -Which of the following is a requirement
to attain a West Virginia resident producer license?
Graduate from high school
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