Virginia Insurance License Exam Questions and Answers Already Passed

Virginia Insurance License Exam Questions and Answers Already Passed What is the maximum amount of continuing education hours for an agent who been licensed for less than 20 years in Virginia? 16 hours to include three hours of law or ethics Any agent broker or counselor is required to notify the commissioner of insurance of any change of address within how many days of change 30 days What type of report would be provided by a consumer reporting agency containing information on a consumer's character, general reputation, personal characteristics or mode of living as obtained through personal contact with neighbors, friends or associates of the consumer? Investigative consumer report Making a derogatory statement, which is intended to injure a person in the insurance business is an illegal practice known as: Defamation When can the Bureau of insurance examine an agents record? Anytime In addition to other penalties set forth in the code,the specific penalty to the agent for submitting business without the required license is: A fine equal to the first year's commission To satisfy the continuing education requirements an agent who hold only two licenses is required to complete at least 24 hours of continuing education Licensed insurance agent in Virginia are required to notify the commission of any conviction of felony within 30 days The bureau of insurance is a division of: The State Corporation commission What portion of an agent biannual continuing education requirement must be dedicated to Virginia law and ethics? At least three credit hours When must insurance agents renew their appointments in Virginia? Must be renewed annually by the insurer Any person who knowing violates a provision of the insurance code will be fined up to $5000 per occurrence with no maximum Rebating sharing something of value with the policy buyer Twisting Misrepresenting a policy in order to induce a policyholder into purchasing a new one The state law that protects the privacy rights of applicants for insurance and requires that insurance companies just close the reasons for rejecting applicant or other adverse underwriting decisions is the: The fair credit reporting act An agent paying allowing giving offering are promising to a prospective insurance buyer is called: Rebating If a Virginia P and L licensed agent who holds a nonresident license and on the other state have an administrative action taken against him by the nonresident state how long does the agent have to advise the insurance bureau of the outcome? He must inform it within 30 days What if the make up off their Virginia property and casualty insurance guaranty Association All admitted insurers