WV Life Insurance Laws and Rules
Examination of Records - Answer-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 - Answer-the Commissioner may call and hold hearings for any purpose deemed
necessary.
Insurance Commissioner - Answer-the commissioner may conduct investigations or examinations
whenever deemed necessary, subpoena the witnesses to testify.
cease and desist order - Answer-the commissioner may issue this order to any person committed of an
unfair or deceptive act.
Insurance Transaction - Answer-solicitation or inducement to purchase insurance, negotiations towards
the sale of insurance, executing a contract of insurance, advising on coverages and claims.
Producer - Answer-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 - Answer-must complete 24 hrs of continuing education every 2 years to keep
their license. 3 of these hours are to be in ethics.
Fingerprinting - Answer-The Commissioner requires all applicants be fingerprinted and background
checked before obtaining their ins. license.
, Free Look Period - Answer-In WV, insurers must provide a minimum of 10 days for a free look period
upon policy delivery.
Commingling - Answer-a producer who has combined premiums collected with personal funds has done
this act, and it is illegal
Domestic Insurance Company - Answer-A company that resides and is incorporated under the laws of
the state in which its home office is located.
Foreign Insurance Company - Answer-a company whose home office is in ANOTHER state.
Alien Insurance Company - Answer-An insurance company incorporated outside the country
Authorized Insurer - Answer-a qualified insurance company
Unauthorized Insurer - Answer-An insurance company that has not applied, or has applied and been
denied a Certificate of Authority.
Stock Insurance Company - Answer-an insurance company that is owned and controlled by stockholders.
Mutual Life Insurance Companies - Answer-an insurance company owned and controlled by its
policyowners.
Misrepresentation - Answer-it is illegal to misrepresent any fact about an insurance policy, such as policy
terms, benefits, value and cost.
Examination of Records - Answer-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 - Answer-the Commissioner may call and hold hearings for any purpose deemed
necessary.
Insurance Commissioner - Answer-the commissioner may conduct investigations or examinations
whenever deemed necessary, subpoena the witnesses to testify.
cease and desist order - Answer-the commissioner may issue this order to any person committed of an
unfair or deceptive act.
Insurance Transaction - Answer-solicitation or inducement to purchase insurance, negotiations towards
the sale of insurance, executing a contract of insurance, advising on coverages and claims.
Producer - Answer-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 - Answer-must complete 24 hrs of continuing education every 2 years to keep
their license. 3 of these hours are to be in ethics.
Fingerprinting - Answer-The Commissioner requires all applicants be fingerprinted and background
checked before obtaining their ins. license.
, Free Look Period - Answer-In WV, insurers must provide a minimum of 10 days for a free look period
upon policy delivery.
Commingling - Answer-a producer who has combined premiums collected with personal funds has done
this act, and it is illegal
Domestic Insurance Company - Answer-A company that resides and is incorporated under the laws of
the state in which its home office is located.
Foreign Insurance Company - Answer-a company whose home office is in ANOTHER state.
Alien Insurance Company - Answer-An insurance company incorporated outside the country
Authorized Insurer - Answer-a qualified insurance company
Unauthorized Insurer - Answer-An insurance company that has not applied, or has applied and been
denied a Certificate of Authority.
Stock Insurance Company - Answer-an insurance company that is owned and controlled by stockholders.
Mutual Life Insurance Companies - Answer-an insurance company owned and controlled by its
policyowners.
Misrepresentation - Answer-it is illegal to misrepresent any fact about an insurance policy, such as policy
terms, benefits, value and cost.
