WV Life Insurance Laws and Rules Exam Guide 2024

Examination of Records - The Commissioner can examine anyone in the business of insurance in the state at anytime. A company shall be examined every 5 years. Notice and Hearing - the Commissioner may call and hold hearings for any purpose deemed necessary. Insurance Commissioner - the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. cease and desist order - the commissioner may issue this order to any person committed of an unfair or deceptive act. Insurance Transaction - solicitation or inducement to purchase insurance, negotiations towards the sale of insurance, executing a contract of insurance, advising on coverages and claims. Producer - 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 the app with fees, not intended to use the license primarily for controlled business, deemed trustworthy and competent. Continuing Education - must complete 24 hrs of continuing education every 2 years to keep their license. 3 of these hours are to be in ethics. Fingerprinting - The Commissioner requires all applicants be fingerprinted and background checked before obtaining their ins. license. Free Look Period - In WV, insurers must provide a minimum of 10 days for a free look period upon policy delivery. Commingling - a producer who has combined premiums collected with personal funds has done this act, and it is illegal Domestic Insurance Company - A company that resides and is incorporated under the laws of the state in which its home office is located. Foreign Insurance Company - a company whose home office is in ANOTHER state. Alien Insurance Company - An insurance company incorporated outside the country Authorized Insurer - a qualified insurance company