West Virginia Laws And Rules Pertinent To
Insurance Exam Newest /West Virginia Laws And
Rules Pertinent To Insurance Exam Preparation/
West Virginia Laws And Rules Pertinent To
Insurance Practice Exam With 200 Complete
Questions And Correc
A client would like to purchase an annuity from an agent. The agent does NOT need to
make reasonable efforts to obtain information from the client on which of the following?
A) Client's financial status
B) Client's tax status
C) Client's marital status
D) Client's investment objectives Correct Answer-:C) Client's marital status
J is an insurance agent who maintains premiums in a fiduciary account. Which of the
following expenses may NOT be paid using funds withdrawn from this account
A) Return on premiums due to insureds
B) Personal medical expenses
,C) Commissions due to other licensees
D) Premiums due to insurers Correct Answer-:B) Personal medical expenses
Life insurance and annuity replacement can be BEST described as Correct Answer-
:exchanging an existing policy for a new policy
The Rules Governing Life Insurance and Annuity Replacements do NOT apply to
A) Whole life
B) Universal life
C) Increasing Term Life
D) Credit Life Correct Answer-:D) Credit Life
An example of an Adverse Underwriting Decision is Correct Answer-:Terminating
insurance coverage
All of these are unfair trade practices EXCEPT
A) Rebating
B) Coercion
C) Reinsurance
D) Twisting Correct Answer-:C) Reinsurance
, An agent has returned part of his commission to the insured as an inducement to
purchase the insurance. This illegal action is called Correct Answer-:Rebating
Which of these statements accurately reflects Virginia law regarding life insurance
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A) An insurance agency is responsible for advertisements placed by its insurance agents
B) The commission must approve advertisements before they are used
C) Testimonials may not be used
D) Guaranteed dividends may be advertised Correct Answer-:A) An insurance agency
is responsible for advertisements placed by its insurance agents
A Medicare Supplement policy can be cancelled by the insurer for Correct Answer-
:nonpayment
An example of rebating would be Correct Answer-:offering a client something of
value not stated in the contract in exchange for their business
T circulated false statements the were maliciously critical of an insurer's financial
condition. T may be found guilty of Correct Answer-:defamation
According to Virginia law, a Group Life insurance policy requires a minimum of how
many insureds Correct Answer-:2
After passing the State exam, an applicant is required to obtain the appropriate license
within ___ calendar days Correct Answer-:183
Insurance Exam Newest /West Virginia Laws And
Rules Pertinent To Insurance Exam Preparation/
West Virginia Laws And Rules Pertinent To
Insurance Practice Exam With 200 Complete
Questions And Correc
A client would like to purchase an annuity from an agent. The agent does NOT need to
make reasonable efforts to obtain information from the client on which of the following?
A) Client's financial status
B) Client's tax status
C) Client's marital status
D) Client's investment objectives Correct Answer-:C) Client's marital status
J is an insurance agent who maintains premiums in a fiduciary account. Which of the
following expenses may NOT be paid using funds withdrawn from this account
A) Return on premiums due to insureds
B) Personal medical expenses
,C) Commissions due to other licensees
D) Premiums due to insurers Correct Answer-:B) Personal medical expenses
Life insurance and annuity replacement can be BEST described as Correct Answer-
:exchanging an existing policy for a new policy
The Rules Governing Life Insurance and Annuity Replacements do NOT apply to
A) Whole life
B) Universal life
C) Increasing Term Life
D) Credit Life Correct Answer-:D) Credit Life
An example of an Adverse Underwriting Decision is Correct Answer-:Terminating
insurance coverage
All of these are unfair trade practices EXCEPT
A) Rebating
B) Coercion
C) Reinsurance
D) Twisting Correct Answer-:C) Reinsurance
, An agent has returned part of his commission to the insured as an inducement to
purchase the insurance. This illegal action is called Correct Answer-:Rebating
Which of these statements accurately reflects Virginia law regarding life insurance
advertisements
A) An insurance agency is responsible for advertisements placed by its insurance agents
B) The commission must approve advertisements before they are used
C) Testimonials may not be used
D) Guaranteed dividends may be advertised Correct Answer-:A) An insurance agency
is responsible for advertisements placed by its insurance agents
A Medicare Supplement policy can be cancelled by the insurer for Correct Answer-
:nonpayment
An example of rebating would be Correct Answer-:offering a client something of
value not stated in the contract in exchange for their business
T circulated false statements the were maliciously critical of an insurer's financial
condition. T may be found guilty of Correct Answer-:defamation
According to Virginia law, a Group Life insurance policy requires a minimum of how
many insureds Correct Answer-:2
After passing the State exam, an applicant is required to obtain the appropriate license
within ___ calendar days Correct Answer-:183
