VA State Life, Annuities, and Health exam, 2nd part only Verified 100% Correct!!The Commission may examine every insurer authorized to transact business in Virginia as often as deemed necessary, but at least once every... - Answer ... 5 years.Notice of a hearing for a cease and desist order must include the time and place of the hearing and give at least ________ in advance. - Answer 10 days Any person who knowingly or willfully violates the Insurance Code of this state will be subject to a penalty up to _______ for each violation. - Answer $5,000 Any person who violates the Insurance Code without knowledge or intent may be subject to a penalty of not more than ________ for each violation. - Answer $1,000 A series of similar violations resulting from the same act will be limited to a total penalty of not more than ________. - Answer $10,000 Applicant must apply for and obtain a license within ________ of passing the state prelicensing exam. - Answer 6 months (183 calendar days) Each applicant for an insurance consultant's license must submit a nonrefundable application processing fee of ________ at the time of initial application. - Answer $50 Any individual or business entity conducting the business of insurance under an assumed or fictitious name must notify the Bureau of Insurance either at the time of application for licensure or within ________ calendar days from the date the assumed or fictitious name is adopted. - Answer 30 A licensed agent may sell or solicit insurance on behalf of an insurer if the agent has not yet been appointed as long as the appointing insurer files a notice of appointment within ________ calendar days from the first insurance application or policy was submitted. - Answer 30 If the Commission determines the appointment is invalid, the appointing insurer will be notified within ________ business days. - Answer 5 The Bureau will automatically terminate all insurance licenses within ________ calendar days of receiving notification that a domestic or foreign corporation is no longer operating. - Answer 90 If an agent's appointment is terminated, suspended or revoked, the agent must cease selling or soliciting on behalf of the insurer within ________calendar days. - Answer 10 Upon the termination of the appointment of an agent by an insurer, the insurer must notify the agent within ________ calendar days - Answer 5 1 / 2
VA State Life, Annuities, and Health exam, 2nd part only Verified 100% Correct!!Upon the termination of the appointment of an agent by an insurer, the insurer must notify the Commission within ________ calendar days - Answer 30 Within ________ calendar days after notifying the Commission of an agent's appointment termination, the insurer must mail a copy of the notification to the agent at his last known address. - Answer 15 Within ________ calendar days after the agent has received notification, the agent may file written comments with the Commission. - Answer 30 In this state, continuing education (CE) is required ________ (every 2 years) of every resident and nonresident agent - Answer biennially Any agent who holds one type of license must complete ________ hours of continuing education (CE). - Answer 16 Any agent who holds more than one type of licenses must complete ________ hours of CE, with a minimum of ________ hours in each category (for example, a life and a property license). - Answer 24, 8 Of the total required CE hours, ________ credit hours must be in ethics - Answer 3 Agents may not receive more than ________ of their required credits from courses provided by insurance companies or agencies. - Answer 75% All CE courses must be completed by ________ (or the next working day) of each even-numbered year. - Answer November 30 After November 30, agents who have failed to complete the education, or submit a required waiver or payment may be provided a final opportunity to complete the requirements, as long as proof of compliance is received by the Continuing Education Board by ________. - Answer December 31 Requests for waivers must be submitted no later than ________ calendar days prior to the end of the biennium for which a waiver is requested. - Answer 90 If the request for waiver involves a situation that manifests itself within ________ days of the due date, only a portion of the required hours may be waived. - Answer 120 The Board must approve or disapprove the waiver request within ________ calendar days of receipt of request, and will provide written notice to the applicant for waiver within ________ calendar days a decision. - Answer 30, 5
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