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WEST VIRGINIA LIFE INSURANCE LAWS AND RULES
EXAM ACTUAL EXAM ALL 170 QUESTIONS AND
CORRECT DETAILED ANSWERS
The Commissioner can examine anyone in the business of insurance in the state at anytime. A company shall be examined every 5 years. - ANSWER-Examination of Records
the Commissioner may call and hold hearings for any purpose deemed necessary. - ANSWER- Notice and Hearing
the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. - ANSWER-Insurance Commissioner
the commissioner may issue this order to any person committed of an unfair or deceptive act. - ANSWER-cease and desist order
solicitation or inducement to purchase insurance, negotiations towards the sale of insurance, executing a contract of insurance, advising on coverages and claims. - ANSWER-Insurance Transaction
an applicant for a West Virginia insurer must be: 18 years of age, not committed any act that is grounds for suspension etc., completed a pre licensing course, passed the state exam, submit 1 / 3
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2 the app with fees, not intended to use the license primarily for controlled business, deemed trustworthy and competent. - ANSWER-Producer
must complete 24 hrs of continuing education every 2 years to keep their license. 3 of these hours are to be in ethics. - ANSWER-Continuing Education
The Commissioner requires all applicants be fingerprinted and background checked before obtaining their ins. license. - ANSWER-Fingerprinting
In WV, insurers must provide a minimum of 10 days for a free look period upon policy delivery.
- ANSWER-Free Look Period
a producer who has combined premiums collected with personal funds has done this act, and it is illegal - ANSWER-Commingling
A company that resides and is incorporated under the laws of the state in which its home office is located. - ANSWER-Domestic Insurance Company
a company whose home office is in ANOTHER state. - ANSWER-Foreign Insurance Company
An insurance company incorporated outside the country - ANSWER-Alien Insurance Company 2 / 3
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a qualified insurance company - ANSWER-Authorized Insurer
An insurance company that has not applied, or has applied and been denied a Certificate of Authority. - ANSWER-Unauthorized Insurer
an insurance company that is owned and controlled by stockholders. - ANSWER-Stock Insurance Company
an insurance company owned and controlled by its policyowners. - ANSWER-Mutual Life Insurance Companies
it is illegal to misrepresent any fact about an insurance policy, such as policy terms, benefits, value and cost. - ANSWER-Misrepresentation
provides claim payments of admitted, insolvent (financially incapacitated) insurers. - ANSWER- WV Life and Health Guaranty Assoc.
Insurance coverage that provides a daily monetary benefit to people who are chronically ill and who require living assistance either at home or in a residential facility, 30 day free look period is required for this policy. - ANSWER-long-term care insurance
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