WEST VIRGINIA LIFE INSURANCE EXAM PREP - 300
MULTIPLE CHOICE QUESTIONS
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Question 1
The West Virginia Insurance Commissioner attains office in which of the
following ways?
A) Popular election by state residents
B) Appointment by the Governor of West Virginia
C) Selection by the State Legislature
D) Appointment by the National Association of Insurance Commissioners
Correct Answer: B
Rationale: Under West Virginia law, the Insurance Commissioner is appointed
by the Governor. This is a key distinction from some states where the
commissioner is elected or appointed by other means.
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Question 2
What is the minimum passing score required for the West Virginia Life and
Health Insurance Licensing Exam?
A) 60%
,B) 70%
C) 75%
D) 80%
Correct Answer: B
Rationale: The West Virginia Life and Health Insurance Licensing Exam
requires a passing score of 70%. Candidates must achieve this score to
successfully obtain their license.
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Question 3
Which of the following best describes the incontestability period in a life
insurance policy?
A) The insurer cannot contest the policy for any reason after 1 year
B) The insurer cannot contest the policy based on misstatements after 2 years
C) The policy cannot be canceled by the insured for 2 years
D) The insured cannot change beneficiaries for 2 years
Correct Answer: B
Rationale: The incontestability period is typically 2 years from the policy's
effective date. During this time, the insurer can contest the policy for
misrepresentations. After 2 years, the policy becomes incontestable except for
fraud or non-payment of premiums.
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Question 4
What is the free look period for life insurance policies in West Virginia?
A) 7 days
B) 10 days
C) 15 days
D) 30 days
Correct Answer: B
Rationale: West Virginia law provides a 10-day free look period for life
insurance policies. During this period, the policyholder can review the policy
and return it for a full refund if not satisfied.
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Question 5
A contract of insurance must involve which of the following elements?
A) A guaranteed profit for the insured
B) Payment of a sum of money on the happening of an uncertain event
C) Equal exchange of assets between parties
D) Government approval before issuance
, Correct Answer: B
Rationale: A contract of insurance involves payment of a sum of money or
benefit that becomes due on the happening of an event that has some degree
of uncertainty and is adverse to the interest of the person effecting the
insurance.
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Question 6
Which type of life insurance provides pure protection with no cash value
component?
A) Whole life insurance
B) Universal life insurance
C) Term life insurance
D) Variable life insurance
Correct Answer: C
Rationale: Term life insurance is sometimes called "pure life insurance"
because it provides coverage for a specific period and has no cash value
component. Once the term expires, coverage ends with no residual value.
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MULTIPLE CHOICE QUESTIONS
---
Question 1
The West Virginia Insurance Commissioner attains office in which of the
following ways?
A) Popular election by state residents
B) Appointment by the Governor of West Virginia
C) Selection by the State Legislature
D) Appointment by the National Association of Insurance Commissioners
Correct Answer: B
Rationale: Under West Virginia law, the Insurance Commissioner is appointed
by the Governor. This is a key distinction from some states where the
commissioner is elected or appointed by other means.
---
Question 2
What is the minimum passing score required for the West Virginia Life and
Health Insurance Licensing Exam?
A) 60%
,B) 70%
C) 75%
D) 80%
Correct Answer: B
Rationale: The West Virginia Life and Health Insurance Licensing Exam
requires a passing score of 70%. Candidates must achieve this score to
successfully obtain their license.
---
Question 3
Which of the following best describes the incontestability period in a life
insurance policy?
A) The insurer cannot contest the policy for any reason after 1 year
B) The insurer cannot contest the policy based on misstatements after 2 years
C) The policy cannot be canceled by the insured for 2 years
D) The insured cannot change beneficiaries for 2 years
Correct Answer: B
Rationale: The incontestability period is typically 2 years from the policy's
effective date. During this time, the insurer can contest the policy for
misrepresentations. After 2 years, the policy becomes incontestable except for
fraud or non-payment of premiums.
,---
Question 4
What is the free look period for life insurance policies in West Virginia?
A) 7 days
B) 10 days
C) 15 days
D) 30 days
Correct Answer: B
Rationale: West Virginia law provides a 10-day free look period for life
insurance policies. During this period, the policyholder can review the policy
and return it for a full refund if not satisfied.
---
Question 5
A contract of insurance must involve which of the following elements?
A) A guaranteed profit for the insured
B) Payment of a sum of money on the happening of an uncertain event
C) Equal exchange of assets between parties
D) Government approval before issuance
, Correct Answer: B
Rationale: A contract of insurance involves payment of a sum of money or
benefit that becomes due on the happening of an event that has some degree
of uncertainty and is adverse to the interest of the person effecting the
insurance.
---
Question 6
Which type of life insurance provides pure protection with no cash value
component?
A) Whole life insurance
B) Universal life insurance
C) Term life insurance
D) Variable life insurance
Correct Answer: C
Rationale: Term life insurance is sometimes called "pure life insurance"
because it provides coverage for a specific period and has no cash value
component. Once the term expires, coverage ends with no residual value.
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