West Virginia Laws and Rules Pertinent to Insurance Questions and Answers Already Passed

West Virginia Laws and Rules Pertinent to Insurance Questions and Answers Already Passed The West Virginia Insurance Commissioner attains office in which of the following ways? Gubernatorial appointment (Governor of WV) An offer of life insurance by an insurance company in West Virginia to individuals who are personally invited to apply on the basis of the offer is known as what type of solicitation? Direct response When a producer is soliciting a client to effect a contract of insurance, the producer is engaged in transacting insurance Courses are approvedfor continuing education credit by the Insurance Commissioner and the Board of Insurance Agent Education If a producer tells an applicant that an insurance policy is like a share of stock, the producer may be guilty of misrepresentation The West Virginia Insurance Commissioner may refuse to renew a producer's license for all of the following reasons EXCEPT - violation of an insurance law - incompetence - filing for bankruptcy - untrustworthiness filing for bankruptcy If a producer has been engaged in an administrative action by any government agency, within how many days following the final disposition must the producer report the action to the Insurance Commissioner? 30 Which of the following terms defines the authority given to a producer to transact business on behalf of the insurer? appointment An insurance company must do which of the following to terminate an producer's appointment? Send notice of termination to the Commissioner A certificate of authority does which of the following? Permits an insurance company to transact business in West Virginia Which of the following statements is CORRECT about the replacement of one insurance policy with another? It is strictly regulated and requires full disclosure by both the producer and the replacing insurance company If the Insurance Department discovers that applicants for an insurance license intend to produce insurance principally on themselves, their family, and their property, which of the following will happen? The applicants will not be issued a license Which of the following parties must provide an insured with proper disclosure concerning the replacement of an insurance company? The producer who sells the new insurance policy The West Virginia Life and Health Guaranty Association guarantees life insurance death benefits up to $300,000 In West Virginia, the Insurance Commissioner has the power to penalize a producer for a violation in which of the following ways? A fine, only after a hearing Which activity may result in suspension or revocation of a producer's license? - Writing primarily controlled business - Using the human life value approach - Issuing a conditional receipt - Changing one's business address Writing primarily controlled business The conversion period for a terminated employee to convert group life coverage to an individual plan is 31 days