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WEST VIRGINIA LIFE INSURANCE LAWS AND RULES 2024 LATEST UPDATED EXAM COMPLAETE 250 QUESTIONS WITH DETAILED VERIFIED AND 100% CORRECT ANSWERS ACTUAL NEW GRADE A+ ASSURED$13.49
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WEST VIRGINIA LIFE INSURANCE LAWS AND RULES 2024 LATEST UPDATED EXAM COMPLAETE 250 QUESTIONS WITH DETAILED VERIFIED AND 100% CORRECT ANSWERS ACTUAL NEW GRADE A+ ASSURED
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WEST VIRGINIA LIFE INSURANCE LAWS AND RULES
Institution
WEST VIRGINIA LIFE INSURANCE LAWS AND RULES
WEST VIRGINIA LIFE INSURANCE LAWS
AND RULES 2024 LATEST UPDATED
EXAM COMPLAETE 250 QUESTIONS
WITH DETAILED VERIFIED AND 100%
CORRECT ANSWERS ACTUAL NEW
GRADE A+ ASSURED
WEST VIRGINIA LIFE INSURANCE LAWS
AND RULES 2024 LATEST UPDATED
EXAM COMPLAETE 250 QUESTIONS
WITH DETAILED VERIFIED AND 100%
CORRECT ANSWERS ACTUAL NEW
GRADE A+ ASSURED
John has a criminal record in which he was convicted of a
felony that involved dishonesty. Under Federal law, how
would John be able to engage in insurance transactions? -
....ANSWER...Given written consent by the state insurance
regulatory agency
Every year(s), an agent's license in Virginia
must be renewed. - ....ANSWER...2 years
The maximum prison sentence given under federal law for
unfair and deceptive insurance practices is -
....ANSWER...15 years
When testing for the Human Immunodeficiency Virus
(HIV), Virginia law requires a consent form? -
....ANSWER...that discloses who may receive a copy of
the results
1
,An agent who willfully violates the insurance code may,
after a hearing, pay up to how much per violation as a
penalty? - ....ANSWER...$5,000
If dividend option choices are offered on a whole life
insurance policy, the policy must - ....ANSWER...contain a
statement that dividends are NOT guaranteed
A licensee who must complete continuing education as a
requirement for license renewal must do so every
year(s). - ....ANSWER...2 years
According to the State Corporation Commission, the
purpose of licensing prospective agents in the state of
Virginia is - ....ANSWER...qualifying the agent to
represent an authorized insurer for soliciting and
negotiating their insurance products
An example of misrepresentation is -
....ANSWER...falsifying the terms, benefits, advantages, or
conditions of an insurance policy
2
,If an individual violates a cease and desist order issued by
the State Corporation Commission, the individual will be
subject to a fine of - ....ANSWER...$5,000
An annuity contract may be returned for a full refund
during the - ....ANSWER...free look period
If an agent replaces a client's existing life insurance policy
with a new one, which of these actions is advisable? -
....ANSWER...Wait until the new policy is issued and
delivered before surrendering existing policy
In a speech to a local association, an agent incorrectly
stated that XYZ Insurance Company is in financial
difficulty and not paying claims. The agent may be guilty
of - ....ANSWER...Defamation
Which of these is NOT considered a Federal punishment
for unfair and deceptive insurance practices? -
....ANSWER...Community service
Greg had recently been terminated from his job that
covered him for group life insurance. How long does he
have to convert his coverage to an individual policy? -
....ANSWER...31 days
A life insurance policy loan in Virginia cannot exceed an
3
, 2|Page
interest rate of - ....ANSWER...8%
Which of the following situations would qualify an insured
to receive funds from an accelerated (living) benefit rider?
- ....ANSWER...Insured is expected to remain in a nursing
home for life
The Virginia Life, Accident, and Sickness Insurance
Guaranty Association protects an insured in the event of -
....ANSWER...the insurer's insolvency
The free look period provided in a life insurance policy is
usually days? - ....ANSWER...10 days
An agent may be personally liable if he or she engages in
acts - ....ANSWER...that are not part of the agency or
agent contract
James the producer has sold a life insurance contract to a
client without using an illustration, even though his insurer
offers one. For this particular transaction l, the applicant -
....ANSWER...Must sign a statement that no illustration
was provided
2
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