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West Virginia Insurance Law Exam/80 Questions & Answers 2024
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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.
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