WV Laws and Rules Pertinent to
Insurance
If a producer has been engaged in an administrative action by any governmental agency, within how
many days following the final deposition must the producer report the action to the Insurance
Commissioner? - Answer-30
Which of the following statements is CORRECT about the replacement of one insurance policy with
another? - Answer-It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
Which of the following actions by an insurance company or a producer is considered rebating? - Answer-
Offering a prospect something of value that is not specified in a contract to induce the purchase of that
contract
Failure of an insurance company to accept a valid Proof of Loss statement is considered - Answer-an
unfair claims practice
All of the following activities may result in the revocation or suspension of a producer's license EXCEPT -
Answer-Representing a foreign insurance company
If a producer tells an applicant that an insurance policy is like a share of stock, the producer may be
guilty of - Answer-misrepresentation
Continuing education is required of individuals licensed to sell which of the following types of insurance?
- Answer-Life insurance
The West Virginia Insurance Commissioner may refuse to renew a producer's license for all of the
following reasons EXCEPT - Answer-filing for bankruptcy
Insurance
If a producer has been engaged in an administrative action by any governmental agency, within how
many days following the final deposition must the producer report the action to the Insurance
Commissioner? - Answer-30
Which of the following statements is CORRECT about the replacement of one insurance policy with
another? - Answer-It is strictly regulated and requires full disclosure by both the producer and the
replacing insurance company
Which of the following actions by an insurance company or a producer is considered rebating? - Answer-
Offering a prospect something of value that is not specified in a contract to induce the purchase of that
contract
Failure of an insurance company to accept a valid Proof of Loss statement is considered - Answer-an
unfair claims practice
All of the following activities may result in the revocation or suspension of a producer's license EXCEPT -
Answer-Representing a foreign insurance company
If a producer tells an applicant that an insurance policy is like a share of stock, the producer may be
guilty of - Answer-misrepresentation
Continuing education is required of individuals licensed to sell which of the following types of insurance?
- Answer-Life insurance
The West Virginia Insurance Commissioner may refuse to renew a producer's license for all of the
following reasons EXCEPT - Answer-filing for bankruptcy
