WV Life LAW Final Exam Questions And
All Correct Answers.
Length of Comissoner's Term - Answer 6 years
Commissioner must conduct an examination of every insuerer at least once every - Answer 5 years
Maximum fine for each unauthorized transaction of insurance - Answer $20,000
up to $___ civil penalty for specific producer licensing violations - Answer $5,000
Maximum fine for unfair claims settlement practices - Answer $250,000
___ hours for property or casualty insurance licensing applicants - Answer 20 hours
___hours for property and casualty insurance licensing applicants - Answer 40 hours
Producer licenses renew every ___ years - Answer 2 years
An insurer must file a notice of appointment within___ days of the agency contract date or first
insurance application - Answer 15 days
Time frame to report administrative actions or criminal prosecutions to the commissioner - Answer 30
days
Reports of suspected Fraud. insurance acts must be filed within - Answer 14 days
Licensees must report a change in address, name, or phone number within - Answer 30 days
, Binders are valid until the later of ___ days or policy insurance - Answer 90 days
Companies have how many days to make written submission or rebuttal? - Answer 30 days
noncommercial property and casualty forms must be filed with the commissioner at least ___ days prior
to use - Answer 60 days
the Guaranty associations maximum liability is as follows: - Answer -life insurance death benefit:
$300,000
-life insurance cash surrender values:100,000
-Disability or long term care insurance:$300,000
-Basic hospital, surgical, and medical expense policies or major medical polices:$500,000
-All other health insurance benefits: 100,000
-present value of annuity benefits: $250,000
Free-look for life insurance replacements - Answer 30 days
Replacement insurers must maintain copies of replacement notices for at least ___ years, or until after
the next regular department examination, whichever is later - Answer 5 years.
Maximum annual fixed rate on life insurance loans - Answer 8%
Employer group polices must cover at least ___ employees at insurance - Answer 2 employees
conversion to individual policy at termination of group policy - Answer -participants must have been in
the plan for at least 3 years
-Conversion to an individual policy must be within 31 days
-Group life plan must have been in existence for at least 5 years.
All Correct Answers.
Length of Comissoner's Term - Answer 6 years
Commissioner must conduct an examination of every insuerer at least once every - Answer 5 years
Maximum fine for each unauthorized transaction of insurance - Answer $20,000
up to $___ civil penalty for specific producer licensing violations - Answer $5,000
Maximum fine for unfair claims settlement practices - Answer $250,000
___ hours for property or casualty insurance licensing applicants - Answer 20 hours
___hours for property and casualty insurance licensing applicants - Answer 40 hours
Producer licenses renew every ___ years - Answer 2 years
An insurer must file a notice of appointment within___ days of the agency contract date or first
insurance application - Answer 15 days
Time frame to report administrative actions or criminal prosecutions to the commissioner - Answer 30
days
Reports of suspected Fraud. insurance acts must be filed within - Answer 14 days
Licensees must report a change in address, name, or phone number within - Answer 30 days
, Binders are valid until the later of ___ days or policy insurance - Answer 90 days
Companies have how many days to make written submission or rebuttal? - Answer 30 days
noncommercial property and casualty forms must be filed with the commissioner at least ___ days prior
to use - Answer 60 days
the Guaranty associations maximum liability is as follows: - Answer -life insurance death benefit:
$300,000
-life insurance cash surrender values:100,000
-Disability or long term care insurance:$300,000
-Basic hospital, surgical, and medical expense policies or major medical polices:$500,000
-All other health insurance benefits: 100,000
-present value of annuity benefits: $250,000
Free-look for life insurance replacements - Answer 30 days
Replacement insurers must maintain copies of replacement notices for at least ___ years, or until after
the next regular department examination, whichever is later - Answer 5 years.
Maximum annual fixed rate on life insurance loans - Answer 8%
Employer group polices must cover at least ___ employees at insurance - Answer 2 employees
conversion to individual policy at termination of group policy - Answer -participants must have been in
the plan for at least 3 years
-Conversion to an individual policy must be within 31 days
-Group life plan must have been in existence for at least 5 years.
