Wv life - Study guides, Class notes & Summaries

WV Life Insurance test with 100- correct answers.

Estate Creation VS Estate Conservation - ANSWER Creation is when proceeds are paid to survivors, Conservation is when proceeds are used to pay the estate In ordinary whole life, when is face value paid - ANSWER When insurer reaches 100 or at death Are employer paid life premiums deductible - ANSWER Yes Who determines if Insured is an acceptable risk - ANSWER Home office

Length of Comissoner's Term - Answer 6 years Commissioner must conduct an examination of every insuerer at least once every - Answer 5 years Maximum fine for each unauthorized transaction of insurance - Answer $20,000 up to $___ civil penalty for specific producer licensing violations - Answer $5,000 Maximum fine for unfair claims settlement practices - Answer $250,000 ___ hours for property or casualty insurance licensing applicants - Answer 20 hours ___ho...

WV STATE LIFE INSURANCE EXAM 2024 ACTUAL EXAM 2 VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

WV LIFE INSURANCE LAWS AND RULES (ACTUAL) 2024 QUESTIONS AND ANSWERS

Examination of Records - CORRECT ANSWER The Commissioner can examine anyone in the business of insurance in the state at anytime. A company shall be examined every 5 years. Notice and Hearing - CORRECT ANSWER the Commissioner may call and hold hearings for any purpose deemed necessary. Insurance Commissioner - CORRECT ANSWER the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. cease and desist o...

The Chief operating officer of the Department of Insurance is - Answer- The Insurance Commissioner Who appoints the Insurance Commissioner - Answer- Governor What is the term for the Insurance commissioner - Answer- 6 years What is the main job for the Insurance Commissioner and Insurance Department - Answer- executing and enforcing state laws and regulations What are the Laws and Regulations intended to do - Answer- promote the welfare of the general public and protect the public's...

Examination of Records - The Commissioner can examine anyone in the business of insurance in the state at anytime. A company shall be examined every 5 years. Notice and Hearing - the Commissioner may call and hold hearings for any purpose deemed necessary. Insurance Commissioner - the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. cease and desist order - the commissioner may issue this order to any person committed ...

The insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case, what will the policy beneficiary receive? - ANSWER $100,000 The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as ...

WV Life Insurance Laws and Rules Questions And Answers Rated A+ New Update Assured Satisfaction