WEST VIRGINIA LIFE INSURANCE LAWS AND RULES 2024
NEWEST ACTUAL EXAM COMPLETE 250 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT)
/ALREADY GRADED A+ // BRAND NEW!!
An agent does NOT need to notify the Bureau of Insurance of a? a) change of address; b) name change; c)
change in financial status; or d) felony conviction - ✔✔change in financial status
Which of these is NOT considered advertising? A policy illustration, An AM Best company rating, A
direct mailing by an insurer, or An agent's oral sales presentation? - ✔✔An AM Best company rating
A domestic insurance company in Virginia MUST - ✔✔be formed under Virginia insurance laws
Under Federal Law, which of the following actions may result in a producer becoming imprisoned? -
✔✔Producer embezzling funds from an insurer
When an insurer discovers (during the claim process) that the insured's age was accidentally misstated on
the life insurance application, the insurer will likely - ✔✔pay an amount the premiums would have
purchased at the insured's actual age?
In Virginia, which of the following records are not required to be maintained by an agent? - ✔✔Premium
quotes for policies not accepted
An agent who informs an applicant that there are no exclusions in an insurance policy has engaged in -
✔✔Misrepresentation
In Virginia, any person action as an agent for an unlicensed insurer is - ✔✔permissible only if acting as a
licensed surplus lines broker
Page 1/7
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
, If a group is considering applying for a group life policy, it MUST? - ✔✔have a minimum number of
eligible persons
An agent has indicated to a potential client that the proposed life insurance policy is covered by the
Virginia Life, Accident, and Sickness Insurance Guaranty Association. This action taken by the agent is -
✔✔prohibited by law
How often must the Commission examine each domestic insurance company? - ✔✔Every 5 years
Which is a role of the replacing insurer during a life insurance replacement transaction? - ✔✔Send notice
of the proposed replacement transaction to the existing insurer
An ____ is a person appointed by an insurer that represents the company and presents policies on its
behalf. - ✔✔agent
Which of these would likely be considered an Unfair Claims Settlement Practice? - ✔✔Offering
settlements that are less than the fair value to offset insurer expenses
Which of the following is NOT a valid reason for an insurer to contest a life insurance policy during the
policy's first two years of existence? - ✔✔Misstatement of age
A(n) _____________ settlement allows a terminally ill individual to sell their life insurance policy at a
discount to pay for medical bills. - ✔✔Viatical
According to the State Corporation Commission, the purpose of licensing prospective agents in the state
of Virginia is - ✔✔qualifying the agent to represent an authorized insurer for soliciting and negotiating
their insurance products
Which of these is NOT an Unfair Claims Settlement Practice? - ✔✔Refusing to pay persons bringing false
or fraudulent claims
Page 2/7
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
NEWEST ACTUAL EXAM COMPLETE 250 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT)
/ALREADY GRADED A+ // BRAND NEW!!
An agent does NOT need to notify the Bureau of Insurance of a? a) change of address; b) name change; c)
change in financial status; or d) felony conviction - ✔✔change in financial status
Which of these is NOT considered advertising? A policy illustration, An AM Best company rating, A
direct mailing by an insurer, or An agent's oral sales presentation? - ✔✔An AM Best company rating
A domestic insurance company in Virginia MUST - ✔✔be formed under Virginia insurance laws
Under Federal Law, which of the following actions may result in a producer becoming imprisoned? -
✔✔Producer embezzling funds from an insurer
When an insurer discovers (during the claim process) that the insured's age was accidentally misstated on
the life insurance application, the insurer will likely - ✔✔pay an amount the premiums would have
purchased at the insured's actual age?
In Virginia, which of the following records are not required to be maintained by an agent? - ✔✔Premium
quotes for policies not accepted
An agent who informs an applicant that there are no exclusions in an insurance policy has engaged in -
✔✔Misrepresentation
In Virginia, any person action as an agent for an unlicensed insurer is - ✔✔permissible only if acting as a
licensed surplus lines broker
Page 1/7
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
, If a group is considering applying for a group life policy, it MUST? - ✔✔have a minimum number of
eligible persons
An agent has indicated to a potential client that the proposed life insurance policy is covered by the
Virginia Life, Accident, and Sickness Insurance Guaranty Association. This action taken by the agent is -
✔✔prohibited by law
How often must the Commission examine each domestic insurance company? - ✔✔Every 5 years
Which is a role of the replacing insurer during a life insurance replacement transaction? - ✔✔Send notice
of the proposed replacement transaction to the existing insurer
An ____ is a person appointed by an insurer that represents the company and presents policies on its
behalf. - ✔✔agent
Which of these would likely be considered an Unfair Claims Settlement Practice? - ✔✔Offering
settlements that are less than the fair value to offset insurer expenses
Which of the following is NOT a valid reason for an insurer to contest a life insurance policy during the
policy's first two years of existence? - ✔✔Misstatement of age
A(n) _____________ settlement allows a terminally ill individual to sell their life insurance policy at a
discount to pay for medical bills. - ✔✔Viatical
According to the State Corporation Commission, the purpose of licensing prospective agents in the state
of Virginia is - ✔✔qualifying the agent to represent an authorized insurer for soliciting and negotiating
their insurance products
Which of these is NOT an Unfair Claims Settlement Practice? - ✔✔Refusing to pay persons bringing false
or fraudulent claims
Page 2/7
Crafted for Academic Insight by ©Olivia GreenWays 2025. All rights reserved.
