Elscores 8/18/2024 11:49:07 PM
WV Life Insurance Laws and Rules
Questions and Correct Answer
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.
, Elscores 8/18/2024 11:49:07 PM
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
WV Life Insurance Laws and Rules
Questions and Correct Answer
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.
, Elscores 8/18/2024 11:49:07 PM
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
