WV LIFE INSURANCE LAWS AND RULES EXAM
PREP QUESTIONS AND SOLUTIONS 2026
GRADED A+
◉ 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 interest
◉ How often does the The Insurance Department have the right to
examine the affairs, transactions, accounts, records, documents and
assists of each authorized insurer or licensed producer. Answer: As ofter
as he/she deems necessary
◉ How often does the Commissioner must examine each domestic
insurer. Answer: At least once every 5 years
,◉ How often does the Insurance Commissioner must examine any
foreign or alien insurer licensed to transact insurance in this state.
Answer: At least once every 5 years
◉ When conducting and examination The Commissioner may hire
attorneys, appraisers, independent actuaries, independent certified public
accountants or other professionals and specialist as examiners. Who
must pay the cost of this. Answer: The insurance company being
examined
◉ If the Examiners are NOT granted free access to all materials
requested what would the repercussions be. Answer: The license of the
person being examined will be revoked
◉ All insurers subject to examination must pay an annual examination
assessment fee to the Commissioner by when? Answer: The first day of
July
◉ If an individual requests a hearing it must be held within how many
days of receipt of request. Answer: 45 days
◉ How many days notice does the Commissioner have to give of the
time, place and matter to be considered to all those directly involved in a
hearing. Answer: 15 days
, ◉ How is the Commissioner to send the notice of hearing. Answer:
Through the US Mail
◉ When does the time limit begin for the notice of hearing. Answer:
When the notice has been deposited in the United States mail, postage
prepaid
◉ How many days does the Commissioner have to render a decision in a
hearing. Answer: 45 days after the completion of hearing
◉ Who absorbs the cost of the held hearings by the Commissioner.
Answer: to any party against whom findings were made as a result of the
hearing
◉ If the Commissioner determines after notice and hearing that person is
transacting insurance in an illegal, improper, or unjust manner and the
Commissioner orders such person to discontinue actions and person fails
or refuses to obey such orders how many days does the Commissioner
have before revoking any licenses. Answer: 20 days after notice
◉ What will the Commissioner issue if he finds a person is in violation
of insurance code. Answer: cease and desist order
PREP QUESTIONS AND SOLUTIONS 2026
GRADED A+
◉ 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 interest
◉ How often does the The Insurance Department have the right to
examine the affairs, transactions, accounts, records, documents and
assists of each authorized insurer or licensed producer. Answer: As ofter
as he/she deems necessary
◉ How often does the Commissioner must examine each domestic
insurer. Answer: At least once every 5 years
,◉ How often does the Insurance Commissioner must examine any
foreign or alien insurer licensed to transact insurance in this state.
Answer: At least once every 5 years
◉ When conducting and examination The Commissioner may hire
attorneys, appraisers, independent actuaries, independent certified public
accountants or other professionals and specialist as examiners. Who
must pay the cost of this. Answer: The insurance company being
examined
◉ If the Examiners are NOT granted free access to all materials
requested what would the repercussions be. Answer: The license of the
person being examined will be revoked
◉ All insurers subject to examination must pay an annual examination
assessment fee to the Commissioner by when? Answer: The first day of
July
◉ If an individual requests a hearing it must be held within how many
days of receipt of request. Answer: 45 days
◉ How many days notice does the Commissioner have to give of the
time, place and matter to be considered to all those directly involved in a
hearing. Answer: 15 days
, ◉ How is the Commissioner to send the notice of hearing. Answer:
Through the US Mail
◉ When does the time limit begin for the notice of hearing. Answer:
When the notice has been deposited in the United States mail, postage
prepaid
◉ How many days does the Commissioner have to render a decision in a
hearing. Answer: 45 days after the completion of hearing
◉ Who absorbs the cost of the held hearings by the Commissioner.
Answer: to any party against whom findings were made as a result of the
hearing
◉ If the Commissioner determines after notice and hearing that person is
transacting insurance in an illegal, improper, or unjust manner and the
Commissioner orders such person to discontinue actions and person fails
or refuses to obey such orders how many days does the Commissioner
have before revoking any licenses. Answer: 20 days after notice
◉ What will the Commissioner issue if he finds a person is in violation
of insurance code. Answer: cease and desist order
