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Virginia Statues & Regulations Common To All Lines Exam Questions and Answers 100% Verified
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____ ___ ___ means the administrative or executive officer of the division or burea of the Commission established to administer the insurance laws of this Commonwealth - ANSWER-Commissioner of Insurance All licenses granting the authority to transact the business of insurance in Virginia must be...

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  • April 5, 2024
  • 6
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • virginia statues regulations common to all lines
  • virginia statues regulations common to stuvia
  • the executes all laws relating to in

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Virginia Statues & Regulations
Common To All Lines Exam Questions
and Answers 100% Verified

The ___ ____ ____ executes all laws relating to insurance & insurers in this
Commonwealth - ANSWER-State corporation commission

____ ___ ___ means the administrative or executive officer of the division or burea
of the Commission established to administer the insurance laws of this
Commonwealth - ANSWER-Commissioner of Insurance

All licenses granting the authority to transact the business of insurance in Virginia
must be issued by the ____ ? - ANSWER-Commission

The commission may examine every insurer authorized to transact business in
Virginia as often as deemed necessary, but at least once every ___ years. -
ANSWER-5

Whenever it appears that any person is violating an insurance law of Virginia or any
rule or regulation made by the Commission. The commission may issue a ___ ___
___ ___ - ANSWER-Cease and desist order

A ___ ____ ____ ___ does not mean an agent must stop selling insurance but stop
committing the act that violates the law - ANSWER-Cease and desist order

Notice of a hearing for a cease and desist order must be given at least ___ days in
advance and must include the time and place of the hearing. - ANSWER-10

Any person who violates a cease and desist order may be subject to a penalty or
license suspension or _____ - ANSWER-Revocation

Any person who knowingly or willfully violates the insurance code will be subject to a
penalty up to _____ for each violation. - ANSWER-5,000

Any person who violates the insurance code without knowledge or intent may be
subject to a penalty of not more than ____ for each violation. This may not exceed
an aggregate amount of 10k - ANSWER-1,000

Anyone transacting business while not _____ for an appropriate line of
authority/class of insurance will be penalized up to a sum equal to the first years
commission for that business. - ANSWER-Licensed

A person cannot sell, solicit or negotiate insurance in this state unless ___ for the
appropriate lines of authority. - ANSWER-Licensed

, The terms agent , insurance agent, producer, or insurance producer refer to an ___
or ____ ___ that sells solicits or negotiates contracts of insurance or annuity in
Virginia - ANSWER-Individual business entity

It is ___ to act an agent or business entity without a license. - ANSWER-Illegal

Submit a written application to the Commission and pay a nonrefundable application
process fee from 15$ to 30$ depending on a license. The fee is collected by the
____ and paid directly into the state treasury - ANSWER-Commission

Apply for and obtain a license within ____ months ____ calendar days of passing the
state pre-licensing exam. - ANSWER-6 183

Insurance consultant means any individual or business entity who acts as an ____
____ - ANSWER-Independent contractor

A ____ charges a fee to advise an insures or prospective insured. - ANSWER-
Consultant

To act as a life and health consultant or a property and casualty consultant an
applicant must pass the exam for the line of authority applied for within ____
calendar days prior to the date of the application - ANSWER-183

An ____person may not collect commissions or fees while acting as a consultant. -
ANSWER-Unlicensed

A ____ ____ acting as an insurance consultant is required to obtain an ____ ____
____ following the same requirements as a business entity acting as an agent. -
ANSWER-Insurance consultant license

Each applicant for an insurance consultant license must submit a nonrefundable
application fee of $__ at the time of the initial application - ANSWER-50

Consultant licenses must be renewed ____ by submitting a renewal application and
nonrefundable renewal fee by June 1. Otherwise the license the license will be
terminated effective June 30 - ANSWER-Annually

A business entity acting as an agent must be licensed as an ____ ____ - ANSWER-
Insurance producer

Business entities must submit the ____ ____ ____ _____ to the Commissioner when
applying for a license, and must designate a licensed producer who will be
responsible DLR the business entity's compliance with the insurance laws and
regulations - ANSWER-Uniform Business Entity Application

Business entities acting as agents in VA must be licensed and appointed if
appointment is ____ the commission may require proof that the business meets all
legal requirements before issuing a license to the business entity. - ANSWER-
Required

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