WV Life Insurance Laws and Rules Latest Update Graded A+

WV Life Insurance Laws and Rules Latest Update Graded A+ Examination of Records 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 the Commissioner may call and hold hearings for any purpose deemed necessary. Insurance Commissioner the commissioner may conduct investigations or examinations whenever deemed necessary, subpoena the witnesses to testify. cease and desist order the commissioner may issue this order to any person committed of an unfair or deceptive act. Insurance Transaction solicitation or inducement to purchase insurance, negotiations towards the sale of insurance, executing a contract of insurance, advising on coverages and claims. Producer 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 must complete 24 hrs of continuing education every 2 years to keep their license. 3 of these hours are to be in ethics. Fingerprinting The Commissioner requires all applicants be fingerprinted and background checked before obtaining their ins. license. Free Look Period In WV, insurers must provide a minimum of 10 days for a free look period upon policy delivery. Commingling a producer who has combined premiums collected with personal funds has done this act, and it is illegal Domestic Insurance Company A company that resides and is incorporated under the laws of the state in which its home office is located. Foreign Insurance Company a company whose home office is in ANOTHER state. Alien Insurance Company An insurance company incorporated outside the country Authorized Insurer a qualified insurance company Unauthorized Insurer An insurance company that has not applied, or has applied and been denied a Certificate of Authority. Stock Insurance Company an insurance company that is owned and controlled by stockholders. Mutual Life Insurance Companies an insurance company owned and controlled by its policyowners. Misrepresentation it is illegal to misrepresent any fact about an insurance policy, such as policy terms, benefits, value and cost. WV Life and Health Guaranty Assoc. provides claim payments of admitted, insolvent (financially incapacitated) insurers. long-term care insurance Insurance coverage that provides a daily monetary benefit to people who are chronically ill and who require living assistance either at home or in a residential facility, 30 day free look period is required for this policy. Notice to buyer must be on the first page of the long term care policy. Outline of Coverage Required for Long Term Care insurance. Considered a summary of coverage. Shopper's Guide each prospective client is entitled to receive this guide. Limits and Exclusions these are NOT permitted on the basis of Alzheimer's and Dementia. Model Health Plan For "uninsurable"