West Virginia Laws and Rules Pertinent to Insurance.pdf file:///C:/Users/HP/Desktop/NIW/West%20Virginia%20Laws%20an
West Virginia Laws and Rules Pertinent to
Insurance
1. The West Virginia Insurance Commissioner attains office in which of the following
ways?
ANS Gubernatorial appointment (Governor of WV)
2. An offer of life insurance by an insurance company in West Virginia to individuals
who are personally invited to apply on the basis of the offer is known as what type of
solicitation?
ANS Direct response
3. When a producer is soliciting a client to effect a contract of insurance, the producer is
engaged in
ANS transacting insurance
4. Courses are approvedfor continuing education credit by the
ANS Insurance Com- missioner and the Board of Insurance Agent Education
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,West Virginia Laws and Rules Pertinent to Insurance.pdf file:///C:/Users/HP/Desktop/NIW/West%20Virginia%20Laws%20an
5. If a producer tells an applicant that an insurance policy is like a share of stock, the
producer may be guilty of
ANS misrepresentation
6. The West Virginia Insurance Commissioner may refuse to renew a produc- er's license
for all of the following reasons EXCEPT
- violation of an insurance law
- incompetence
- filing for bankruptcy
- untrustworthiness
ANS filing for bankruptcy
7. If a producer has been engaged in an administrative action by any govern- ment
agency, within how many days following the final disposition must the producer report
the action to the Insurance Commissioner?
ANS 30
8. Which of the following terms defines the authority given to a producer to transact
business on behalf of the insurer?
ANS appointment
9. An insurance company must do which of the following to terminate an producer's
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,West Virginia Laws and Rules Pertinent to Insurance.pdf file:///C:/Users/HP/Desktop/NIW/West%20Virginia%20Laws%20an
appointment?
ANS Send notice of termination to the Commissioner
10. A certificate of authority does which of the following?
ANS Permits an insurance company to transact business in West Virginia
11. Which of the following statements is CORRECT about the replacement of one
insurance policy with another?
ANS It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
12. If the Insurance Department discovers that applicants for an insurance license
intend to produce insurance principally on themselves, their family, and their property,
which of the following will happen?
ANS The applicants will not be issued a license
13. Which of the following parties must provide an insured with proper dis- closure
concerning the replacement of an insurance company?
ANS The producer who sells the new insurance policy
14. The West Virginia Life and Health Guaranty Association guarantees life insurance
death benefits up to
ANS $300,000
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