WV Insurance Law- Exam Latest Update Graded A+

WV Insurance Law- Exam Latest Update Graded A+ Insurers are limited in their ability to non-renew property Insurance policies that: have been in effect for 4 years A requirement for eligibility for approval to the WV auto Insurance Plan The applicant must have been rejected for auto ins. in the voluntary market within the last 60 days Workers Comp. is funded by the premium taxes for government agencies Property and Casualty Insurance Guaranty Association does not have to maintain Homeowners Insurance Within how many days does the Commissioner have to notify the guarantee Association of the extent of an insolvent insurer 3 days Reciprocity occurs when the state in which the person resides accords to the same privilege to residents of WV Risk Retention Group a group with similar liability exposures that form their own insurance company if an administrative action is taken against a producer he/she must report this action to the commissioner within how many days of he final dispositions 30 days A premium is: consideration for insurance An insurer can cancel an existing auto policy for: a late payment of premium on a policy that has been in force for 5 years when a risk retention group files for a charter they don't have to identify all producers who will offer the product an adjuster knowingly and willfully engages in an unfair method of trade completion. In lieu of revoking the adjusters license the commissioner may order the licensee to pay a civil fine up to $5000 After the commissioner receives a written demand for a hearing by a person aggrieved the hearing must be held in how many days? 45 days Fingerprints are valid for how many days 30 days An insurer is required to remit a renewal appointment fee no later than midnight on May 31 What is a synonym for "admitted" insurer