WV Laws and Rules Pertinent to Insurance
with Answers
Question 1
If a producer has been engaged in an administrative action by any governmental
agency, within how many days following the final deposition must the producer
report the action to the Insurance Commissioner?
Correct Answer
30
Question 2
Which of the following statements is CORRECT about the replacement of one
insurance policy with another?
Correct Answer
It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
Question 3
Which of the following actions by an insurance company or a producer is considered
rebating?
Correct Answer
Offering a prospect something of value that is not specified in a contract to induce
the purchase of that contract
Question 4
Failure of an insurance company to accept a valid Proof of Loss statement is
considered
Correct Answer
an unfair claims practice
Page 1 of 7
, Question 5
All of the following activities may result in the revocation or suspension of a
producer's license EXCEPT
Correct Answer
Representing a foreign insurance company
Question 6
If a producer tells an applicant that an insurance policy is like a share of stock, the
producer may be guilty of
Correct Answer
misrepresentation
Question 7
Continuing education is required of individuals licensed to sell which of the following
types of insurance?
Correct Answer
Life insurance
Question 8
The West Virginia Insurance Commissioner may refuse to renew a producer's license
for all of the following reasons EXCEPT
Correct Answer
filing for bankruptcy
Question 9
All of the following actions are considered rebating EXCEPT
Correct Answer
sharing commissions with other licensed and appointed agents
Page 2 of 7
with Answers
Question 1
If a producer has been engaged in an administrative action by any governmental
agency, within how many days following the final deposition must the producer
report the action to the Insurance Commissioner?
Correct Answer
30
Question 2
Which of the following statements is CORRECT about the replacement of one
insurance policy with another?
Correct Answer
It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
Question 3
Which of the following actions by an insurance company or a producer is considered
rebating?
Correct Answer
Offering a prospect something of value that is not specified in a contract to induce
the purchase of that contract
Question 4
Failure of an insurance company to accept a valid Proof of Loss statement is
considered
Correct Answer
an unfair claims practice
Page 1 of 7
, Question 5
All of the following activities may result in the revocation or suspension of a
producer's license EXCEPT
Correct Answer
Representing a foreign insurance company
Question 6
If a producer tells an applicant that an insurance policy is like a share of stock, the
producer may be guilty of
Correct Answer
misrepresentation
Question 7
Continuing education is required of individuals licensed to sell which of the following
types of insurance?
Correct Answer
Life insurance
Question 8
The West Virginia Insurance Commissioner may refuse to renew a producer's license
for all of the following reasons EXCEPT
Correct Answer
filing for bankruptcy
Question 9
All of the following actions are considered rebating EXCEPT
Correct Answer
sharing commissions with other licensed and appointed agents
Page 2 of 7
