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West Virginia Insurance Law Final Exam Questions And All Correct Answers.
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Insurance Commissioner: (Appointment & Duties) - Answer * Appointed by Governor for a 6-year term * Enforces Insurance Code Insurance Commissioner: (Powers) - Answer * Examine / investigate insurers and producers * Hold hearing - take depositions - compel witness to testify Insurance ...

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  • October 15, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • WV State Life Insurance
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West Virginia Insurance Law Final Exam
Questions And All Correct Answers.
Insurance Commissioner: (Appointment & Duties) - Answer * Appointed by Governor for a 6-year term

* Enforces Insurance Code



Insurance Commissioner: (Powers) - Answer * Examine / investigate insurers and producers

* Hold hearing - take depositions - compel witness to testify



Insurance Commissioner must inspect each insurer every ____ years. - Answer Every 5 years



Insurance Commissioner must hold a hearing within ____ days of a written demand, unless delayed by
mutual agreement. - Answer 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. - Answer 15 days



The Commissioner must enter an order pertaining to a hearing within ____ days after its completion
unless extended by mutual consent. - Answer 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. - Answer 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 $________. - Answer 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. - Answer $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: - Answer * 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. - Answer $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
$____. - Answer $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. - Answer state court / court order

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