WV STATE LIFE INSURANCE COMPLETE
REVIEW 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
◉An insurance company may NOT reject a prospective insured's life
application on the basis of which the following factors? Answer:
Gender
◉In order for coverage on a non-medical insurance application to
take effect the same day, the producer must collect a signed
application and Answer: the initial premium
◉What is the underlying concept regarding level premiums?
Answer: The early years are charged more than what is needed
◉Before a life insurance policy is issued, which of these components
of the contract is required? Answer: Applicant's signature on
application
◉An applicant's medical information received from the Medical
Information Bureau (MIB) may be furnished to the: Answer:
applicant's physician
,◉P is a producer who notices 5 questions on a life application were
not answered. What actions should P take? Answer: Set up a
meeting with the applicant to answer the remaining questions
◉When an insurance application is taken by a producer, which of
these statements is true? Answer: Any changes made on the
application require the applicant's initials
◉___________ ___________ insurance is life or health insurance offered
through direct-response solicitation by a sponsoring organization
Answer: Mass marketed
◉A(n) ________ insurance company is one formed in a country other
than the United States Answer: Alien
◉If a life insurance policy's cash value is subject to loans exceeding
______, replacement is said to have occurred Answer: 25%
◉One definition of replacement is "the act of replacing an existing
insurance policy with another." Replacement is Answer: Closely
regulated and requires full disclosure
◉A life policy loan in WV cannot charge a fixed rate of interest
higher than Answer: 8%
, ◉What must be signed by both the producer and applicant when an
existing life insurance policy is being reissued with a reduction in
cash value? Answer: Notice regarding replacement
◉What does the West Virginia Life and Health Insurance Guaranty
Association provide? Answer: claim payments of admitted, insolvent
insurance companies
◉When recommending a purchase or exchange of an annuity, the
producer or insurer must have a reasonable basis for believing that
a recommendation is suitable based on all the following facts
disclosed by an applicant EXCEPT the applicant's Answer: county of
residence
◉When an employee is terminated, how long does this employee
have to convert group life coverage to an individual plan? Answer:
31 days
◉Which of these contracts fall under replacement regulations?
Answer: Ordinary life
◉ABC Insurance company failed to accept a valid proof of loss
statement. This is considered to be a(n) Answer: Unfair claims
practice
REVIEW 2026 QUESTIONS WITH
SOLUTIONS GRADED A+
◉An insurance company may NOT reject a prospective insured's life
application on the basis of which the following factors? Answer:
Gender
◉In order for coverage on a non-medical insurance application to
take effect the same day, the producer must collect a signed
application and Answer: the initial premium
◉What is the underlying concept regarding level premiums?
Answer: The early years are charged more than what is needed
◉Before a life insurance policy is issued, which of these components
of the contract is required? Answer: Applicant's signature on
application
◉An applicant's medical information received from the Medical
Information Bureau (MIB) may be furnished to the: Answer:
applicant's physician
,◉P is a producer who notices 5 questions on a life application were
not answered. What actions should P take? Answer: Set up a
meeting with the applicant to answer the remaining questions
◉When an insurance application is taken by a producer, which of
these statements is true? Answer: Any changes made on the
application require the applicant's initials
◉___________ ___________ insurance is life or health insurance offered
through direct-response solicitation by a sponsoring organization
Answer: Mass marketed
◉A(n) ________ insurance company is one formed in a country other
than the United States Answer: Alien
◉If a life insurance policy's cash value is subject to loans exceeding
______, replacement is said to have occurred Answer: 25%
◉One definition of replacement is "the act of replacing an existing
insurance policy with another." Replacement is Answer: Closely
regulated and requires full disclosure
◉A life policy loan in WV cannot charge a fixed rate of interest
higher than Answer: 8%
, ◉What must be signed by both the producer and applicant when an
existing life insurance policy is being reissued with a reduction in
cash value? Answer: Notice regarding replacement
◉What does the West Virginia Life and Health Insurance Guaranty
Association provide? Answer: claim payments of admitted, insolvent
insurance companies
◉When recommending a purchase or exchange of an annuity, the
producer or insurer must have a reasonable basis for believing that
a recommendation is suitable based on all the following facts
disclosed by an applicant EXCEPT the applicant's Answer: county of
residence
◉When an employee is terminated, how long does this employee
have to convert group life coverage to an individual plan? Answer:
31 days
◉Which of these contracts fall under replacement regulations?
Answer: Ordinary life
◉ABC Insurance company failed to accept a valid proof of loss
statement. This is considered to be a(n) Answer: Unfair claims
practice
