Virginia Insurance License Questions and
Answers 100% Correct Answers Already
Graded A+
QUESTIONS AND ANSWERS
What is the maximum amount of continuing education hours for an agent who been
licensed for less than 20 years in Virginia? ANSWER -16 hours to include three hours of
law or ethics
Any agent broker or counselor is required to notify the commissioner of insurance of any
change of address within how many days of change ANSWER -30 days
What type of report would be provided by a consumer reporting agency containing
information on a consumer's character, general reputation, personal characteristics or mode
of living as obtained through personal contact with neighbors, friends or associates of the
consumer? ANSWER -Investigative consumer report
Making a derogatory statement, which is intended to injure a person in the insurance
business is an illegal practice known as: ANSWER -Defamation
When can the Bureau of insurance examine an agents record? ANSWER -Anytime
In addition to other penalties set forth in the code,the specific penalty to the agent for
submitting business without the required license is: ANSWER -A fine equal to the first
year's commission
To satisfy the continuing education requirements an agent who hold only two licenses is
required to complete at least ANSWER -24 hours of continuing education
, Licensed insurance agent in Virginia are required to notify the commission of any
conviction of felony within ANSWER -30 days
The bureau of insurance is a division of: ANSWER -The State Corporation commission
What portion of an agent biannual continuing education requirement must be dedicated to
Virginia law and ethics? ANSWER -At least three credit hours
When must insurance agents renew their appointments in Virginia? ANSWER -Must be
renewed annually by the insurer
Any person who knowing violates a provision of the insurance code will be fined up to
ANSWER -$5000 per occurrence with no maximum
Rebating ANSWER -sharing something of value with the policy buyer
Twisting ANSWER -Misrepresenting a policy in order to induce a policyholder into
purchasing a new one
The state law that protects the privacy rights of applicants for insurance and requires that
insurance companies just close the reasons for rejecting applicant or other adverse
underwriting decisions is the: ANSWER -The fair credit reporting act
An agent paying allowing giving offering are promising to a prospective insurance buyer is
called: ANSWER -Rebating
If a Virginia P and L licensed agent who holds a nonresident license and on the other state
have an administrative action taken against him by the nonresident state how long does the
agent have to advise the insurance bureau of the outcome? ANSWER -He must inform it
within 30 days
What if the make up off their Virginia property and casualty insurance guaranty Association
ANSWER -All admitted insurers
Answers 100% Correct Answers Already
Graded A+
QUESTIONS AND ANSWERS
What is the maximum amount of continuing education hours for an agent who been
licensed for less than 20 years in Virginia? ANSWER -16 hours to include three hours of
law or ethics
Any agent broker or counselor is required to notify the commissioner of insurance of any
change of address within how many days of change ANSWER -30 days
What type of report would be provided by a consumer reporting agency containing
information on a consumer's character, general reputation, personal characteristics or mode
of living as obtained through personal contact with neighbors, friends or associates of the
consumer? ANSWER -Investigative consumer report
Making a derogatory statement, which is intended to injure a person in the insurance
business is an illegal practice known as: ANSWER -Defamation
When can the Bureau of insurance examine an agents record? ANSWER -Anytime
In addition to other penalties set forth in the code,the specific penalty to the agent for
submitting business without the required license is: ANSWER -A fine equal to the first
year's commission
To satisfy the continuing education requirements an agent who hold only two licenses is
required to complete at least ANSWER -24 hours of continuing education
, Licensed insurance agent in Virginia are required to notify the commission of any
conviction of felony within ANSWER -30 days
The bureau of insurance is a division of: ANSWER -The State Corporation commission
What portion of an agent biannual continuing education requirement must be dedicated to
Virginia law and ethics? ANSWER -At least three credit hours
When must insurance agents renew their appointments in Virginia? ANSWER -Must be
renewed annually by the insurer
Any person who knowing violates a provision of the insurance code will be fined up to
ANSWER -$5000 per occurrence with no maximum
Rebating ANSWER -sharing something of value with the policy buyer
Twisting ANSWER -Misrepresenting a policy in order to induce a policyholder into
purchasing a new one
The state law that protects the privacy rights of applicants for insurance and requires that
insurance companies just close the reasons for rejecting applicant or other adverse
underwriting decisions is the: ANSWER -The fair credit reporting act
An agent paying allowing giving offering are promising to a prospective insurance buyer is
called: ANSWER -Rebating
If a Virginia P and L licensed agent who holds a nonresident license and on the other state
have an administrative action taken against him by the nonresident state how long does the
agent have to advise the insurance bureau of the outcome? ANSWER -He must inform it
within 30 days
What if the make up off their Virginia property and casualty insurance guaranty Association
ANSWER -All admitted insurers
