Insurance Test Questions and Answers Already Passed
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Insurance
Institution
Insurance
Insurance Test Questions and Answers Already Passed
When an existing life insurance policy is being reissued with a reduction in cash value, the producer must sign the - Answers Notice Regarding Replacement of Life Insurance or Annuity". When a policy has been reissued with any reduction in cash ...
Insurance Test Questions and Answers Already Passed
When an existing life insurance policy is being reissued with a reduction in cash value, the producer
must sign the - Answers Notice Regarding Replacement of Life Insurance or Annuity". When a policy has
been reissued with any reduction in cash value, that is considered a replacement. A Notice Regarding
Replacement must be signed by both the producer and applicant
The life insurance and annuity replacement regulation defines replacement as - Answers exchanging an
existing policy for a new policy
The Replacement of Life Insurance and Annuities regulation is designed to protect the interest of the -
Answers policyowner
Which of the following statements is CORRECT if an insured converts his Life policy to Paid-Up Insurance
and buys new insurance? - Answers The transaction is considered replacement
Which of the following violations is considered an unfair trade practice? - Answers Coercion
Which of the following statements is CORRECT about the replacement of one insurance policy with
another? - Answers It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
Continuing education requirements in West Virginia apply to which of the following persons? - Answers
Resident producers
A replacement of an existing Life insurance policy occurs when the cash value is subjected to loans
exceeding - Answers 25%
Under a Group Life insurance policy, an insured may assign a MAXIMUM of what percentage of the
insured's coverage? - Answers 100%
Individual Life and Accident & Sickness insurance policies other than Medicare Supplements and direct-
response policies, must state that the policyholder has a right to return the policy within a MAXIMUM of
how many days after policy delivery? - Answers Ten
An insurance policy has the right to defer granting a policy loan for a maximum of how many months
after receiving the loan application? - Answers 6
Replacement is involved in all of the following situations EXCEPT when - Answers a Term policy is
converted to a permanent plan with the same insurance company
Under West Virginia law, a group life policy must cover a minimum of how many employees? - Answers
Two
An insurance company licensed in West Virginia and domiciled in Pennsylvania is known as - Answers a
foreign company
, Which of the following parties must provide an insured with proper disclosure concerning the
replacement of an insurance company? - Answers The producer who sells the new insurance policy
If a producer knowingly violates the Unfair Trade Practices laws of West Virginia, the Office of the
Insurance Commissioner may fine the producer a MAXIMUM of which of the following amounts per
violation? - Answers $5,000
When a producer is replacing an existing ordinary life insurance policy, the producer must take all of the
following actions EXCEPT - Answers obtain the beneficiary's signature on a summary of all policies to be
replaced
In West Virginia, an individual producer is considered to represent - Answers an insurance company
If a producer sells an insurance policy for an insurer not licensed in this state, which of the following is
responsible for unpaid claims? - Answers The selling producer
In West Virginia, an insurance company that publishes misleading information about insurance coverage
may be found guilty of - Answers false advertising
When a producer reports a final disposition of an administrative action against the producer to the
Insurance Commissioner, the report must include - Answers a copy of the order
Which of the following qualifications is required for a producer's license in West Virginia? - Answers
Trustworthiness and competence
In West Virginia, an alien insurance company is defined as one formed in - Answers a country other than
the United States
If a producer has been engaged in an administrative action by any government agency, within how many
days following the final deposition must the producer report the action to the Insurance Commissioner?
- Answers 30
Which of the following statements is correct about the Insurance Commissioner's authority to examine
the business records of a producer? - Answers The Commissioner may examine them whenever it's
deemed necessary
Policyholders elect the governing bodies of which of the following types of insurance companies? -
Answers Mutual
A producer may legally make which of the following statements to an insured about a Whole Life policy?
- Answers The policy will have Nonforfeiture benefits after a period of time
When recommending a purchase or exchange of an annuity, the producer or insurer must have a
reasonable basis for believing that a recommendation is suitable based on all of the following facts
disclosed by an applicant EXCEPT the applicant's - Answers county of residence
The maximum fixed interest rate charged by insurers in West Virginia is - Answers 8%
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