West Virginia Property
& Casualty Laws and
Regulations test
questions fully solved
& updated
Insurance commisioner - answer •Appointed by the governor
•6 year term
•must sever all ties with any insurance company except as a claimant.
Examination of insurers - answer •Must examine each domestic insurer
at least once every five years, and as often as deemed necessary.
•May examine an alien or foreign insurer licensed to transact insurance
in this state at least once every five years.
Insurance examination cost - answer The cost must be paid by the
company being examined.
, Refusal of examination penalty - answer License will be revoked.
Insurer opportunity to respond. - answer The insurer may respond to
the report within 10 days; within the following 30 days the
commissioner may enter the order.
Withhold from public inspection any examination - answer May
withhold from public inspection any examination for no longer than 90
Days.
"Insurance" - answer Is a contract whereby one undertakes to
indemnify another party or to pay a specified amount upon
determinable contingencies.
"Insurer" - answer Means every person engaged in the business of
making contracts of insurance.
"Person" - answer Means any individual, company,insurer, association,
organization, society, reciprocal, partnership, syndicate, business trust,
corporation or any other Legal entity.
"Policy" - answer Means a contract or certificate effecting insurance,
and includes all clauses, riders, endorsements and paper attached to
and a part of the contract.
& Casualty Laws and
Regulations test
questions fully solved
& updated
Insurance commisioner - answer •Appointed by the governor
•6 year term
•must sever all ties with any insurance company except as a claimant.
Examination of insurers - answer •Must examine each domestic insurer
at least once every five years, and as often as deemed necessary.
•May examine an alien or foreign insurer licensed to transact insurance
in this state at least once every five years.
Insurance examination cost - answer The cost must be paid by the
company being examined.
, Refusal of examination penalty - answer License will be revoked.
Insurer opportunity to respond. - answer The insurer may respond to
the report within 10 days; within the following 30 days the
commissioner may enter the order.
Withhold from public inspection any examination - answer May
withhold from public inspection any examination for no longer than 90
Days.
"Insurance" - answer Is a contract whereby one undertakes to
indemnify another party or to pay a specified amount upon
determinable contingencies.
"Insurer" - answer Means every person engaged in the business of
making contracts of insurance.
"Person" - answer Means any individual, company,insurer, association,
organization, society, reciprocal, partnership, syndicate, business trust,
corporation or any other Legal entity.
"Policy" - answer Means a contract or certificate effecting insurance,
and includes all clauses, riders, endorsements and paper attached to
and a part of the contract.
