CHAPTER EXAM - LATEST
WEST VIRGINIA
LAWS AND RULES
In West Virginia, an insurer licensed to conduct business in West
Virginia, but domiciled in New Jersey, is called a(n) - ANSWERS-
foreign company
Assignment of group life insurance benefits is allowed in the State of
West Virginia. However, assignment is NOT allowed to the insured's -
ANSWERS-employer
Individuals in West Virginia are personally invited to apply for life
insurance on the basis of the offer. This type solicitation made by the
insurer is called - ANSWERS-Direct response
A life policy loan in West Virginia charge a fixed rate of interest higher
than - ANSWERS-8%
A producer who intentionally violates an Unfair Trade Practice law
could receive a fine of up to ## per violation - ANSWERS-$5,000
Which of the following provides funding for the West Virginia Life and
Health Guaranty? - ANSWERS-Member company assessments
END OF
PAGE 1
, CHAPTER EXAM - LATEST
WEST VIRGINIA
LAWS AND RULES
Which of these contracts fall under replacement regulations? -
ANSWERS-Ordinary Life
All of the following could result in the revocation of a producer's license
EXCEPT - ANSWERS-Being charged with a misdemeanor for a driving
incident
Which of these is NOT a valid reason for the Insurance Commissioner to
deny a producer's license renewal? - ANSWERS-Bankruptcy
The Insurance Commissioner must give at least ## days notice prior to
holding a hearing regarding a producer's license. - ANSWERS-15
Which of the following is a requirement to attain a West Virginia
resident producer license? - ANSWERS-Trustworthiness and
competence
A producer's license may be suspended or revoked if the licensee -
ANSWERS-writes primarily controlled business
END OF
PAGE 2
WEST VIRGINIA
LAWS AND RULES
In West Virginia, an insurer licensed to conduct business in West
Virginia, but domiciled in New Jersey, is called a(n) - ANSWERS-
foreign company
Assignment of group life insurance benefits is allowed in the State of
West Virginia. However, assignment is NOT allowed to the insured's -
ANSWERS-employer
Individuals in West Virginia are personally invited to apply for life
insurance on the basis of the offer. This type solicitation made by the
insurer is called - ANSWERS-Direct response
A life policy loan in West Virginia charge a fixed rate of interest higher
than - ANSWERS-8%
A producer who intentionally violates an Unfair Trade Practice law
could receive a fine of up to ## per violation - ANSWERS-$5,000
Which of the following provides funding for the West Virginia Life and
Health Guaranty? - ANSWERS-Member company assessments
END OF
PAGE 1
, CHAPTER EXAM - LATEST
WEST VIRGINIA
LAWS AND RULES
Which of these contracts fall under replacement regulations? -
ANSWERS-Ordinary Life
All of the following could result in the revocation of a producer's license
EXCEPT - ANSWERS-Being charged with a misdemeanor for a driving
incident
Which of these is NOT a valid reason for the Insurance Commissioner to
deny a producer's license renewal? - ANSWERS-Bankruptcy
The Insurance Commissioner must give at least ## days notice prior to
holding a hearing regarding a producer's license. - ANSWERS-15
Which of the following is a requirement to attain a West Virginia
resident producer license? - ANSWERS-Trustworthiness and
competence
A producer's license may be suspended or revoked if the licensee -
ANSWERS-writes primarily controlled business
END OF
PAGE 2
