final exam west virginia life only
Question and answers correctly
solved 2025/2026
variable life products require a producer to - correct answer ✔hold a life insurance license and a
securities license
which of these actions is NOT required when a producer replaces an existing individual life insurance
policy - correct answer ✔obtain the beneficiary's signature
which of the following correctly explains the actions an agent should take if a customer wants to apply
for a life insurance policy - correct answer ✔complete the application and review the information with
the customer prior to obtaining the customers signature, then send the application off to the insurance
company
which is true concerning a variable universal life policy - correct answer ✔policyowner controls where
the investment will go and selects the amount of premium payment
according to west virginia law, a group life insurance policy requires at LEAST ____ insureds - correct
answer ✔two
A Life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life
policy. The interest rate applied to this loan may vary over time. This is referred to as a ______ rate loan.
- correct answer ✔Variable
S the producer is charged a fee for placing an insurance policy. Under West Virginia law, S must - correct
answer ✔report the placement to his primary insurer
A domestic insurance company in West Virginia MUST - correct answer ✔be incorporated and formed
in west virginia
,M had an annual life insurance premium payment due January 1. She died January 10 without making
the premium payment. What action will the insurer take? - correct answer ✔pay face amount minus
the past due premium
The reason for backdating a policy is - correct answer ✔to obtain a premium rate based on an earlier
age
K owns a whole life policy. If K wants an increasing death benefit to protect against inflation, which
dividend option should she choose? - correct answer ✔Paid-up additional insurance
All of the following could result in the revocation of a producer's license EXCEPT - correct answer
✔being charged with a misdemeanor for a driving incident
life insurance death benefits up to _____ are guaranteed by the west virginia life and health guaranty
association - correct answer ✔300,000
A stock insurance company - correct answer ✔is owned exclusively by its shareholders
what is considered to be a characteristic of an immediate annuity - correct answer ✔benefit payments
start within one payment period of purchase
B the producer sold an insurance contract to a client. B has engaged in - correct answer ✔transacting
insurance
A policy of adhesion can only be modified by whom - correct answer ✔the insurance company
, P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries
for 20 years after he dies in a lump sum of 20,000 at the end of that 20 year period. What type of policy
should P purchase? - correct answer ✔family maintence policy
who approves continuing education courses in west virginia - correct answer ✔insurance commissioner
and the board of insurance agent education
B owns a whole life policy with a guaranteed insurability option that allows him to purchase, without
evidence of insurability, stated amounts of - correct answer ✔additional whole life coverage at
specified times
what is the initial source of underwriting for an insurance policy - correct answer ✔application
containing statements from the insured
What type of life policy has a death benefit that adjusts periodically and is written for a specific period of
time? - correct answer ✔decreasing term
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile
accident, where would the death proceeds be directed? - correct answer ✔daughter
a 45 year-old woman won $100,000 in a scratch of lottery ticket. she purchased an annuity that will pay
her $1,500 per month beginning at age 60. which of these annuities did this woman purchase? - correct
answer ✔deferred fixed annuity
a contract where one party either accepts or rejects the terms of a contract written by another party is
called a contract of - correct answer ✔adhesion
Variable annuities may invest premiums in each of the following, EXCEPT: - correct answer ✔insurers
corporate business account
Question and answers correctly
solved 2025/2026
variable life products require a producer to - correct answer ✔hold a life insurance license and a
securities license
which of these actions is NOT required when a producer replaces an existing individual life insurance
policy - correct answer ✔obtain the beneficiary's signature
which of the following correctly explains the actions an agent should take if a customer wants to apply
for a life insurance policy - correct answer ✔complete the application and review the information with
the customer prior to obtaining the customers signature, then send the application off to the insurance
company
which is true concerning a variable universal life policy - correct answer ✔policyowner controls where
the investment will go and selects the amount of premium payment
according to west virginia law, a group life insurance policy requires at LEAST ____ insureds - correct
answer ✔two
A Life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life
policy. The interest rate applied to this loan may vary over time. This is referred to as a ______ rate loan.
- correct answer ✔Variable
S the producer is charged a fee for placing an insurance policy. Under West Virginia law, S must - correct
answer ✔report the placement to his primary insurer
A domestic insurance company in West Virginia MUST - correct answer ✔be incorporated and formed
in west virginia
,M had an annual life insurance premium payment due January 1. She died January 10 without making
the premium payment. What action will the insurer take? - correct answer ✔pay face amount minus
the past due premium
The reason for backdating a policy is - correct answer ✔to obtain a premium rate based on an earlier
age
K owns a whole life policy. If K wants an increasing death benefit to protect against inflation, which
dividend option should she choose? - correct answer ✔Paid-up additional insurance
All of the following could result in the revocation of a producer's license EXCEPT - correct answer
✔being charged with a misdemeanor for a driving incident
life insurance death benefits up to _____ are guaranteed by the west virginia life and health guaranty
association - correct answer ✔300,000
A stock insurance company - correct answer ✔is owned exclusively by its shareholders
what is considered to be a characteristic of an immediate annuity - correct answer ✔benefit payments
start within one payment period of purchase
B the producer sold an insurance contract to a client. B has engaged in - correct answer ✔transacting
insurance
A policy of adhesion can only be modified by whom - correct answer ✔the insurance company
, P is looking to purchase a life insurance policy that will pay a stated monthly income to his beneficiaries
for 20 years after he dies in a lump sum of 20,000 at the end of that 20 year period. What type of policy
should P purchase? - correct answer ✔family maintence policy
who approves continuing education courses in west virginia - correct answer ✔insurance commissioner
and the board of insurance agent education
B owns a whole life policy with a guaranteed insurability option that allows him to purchase, without
evidence of insurability, stated amounts of - correct answer ✔additional whole life coverage at
specified times
what is the initial source of underwriting for an insurance policy - correct answer ✔application
containing statements from the insured
What type of life policy has a death benefit that adjusts periodically and is written for a specific period of
time? - correct answer ✔decreasing term
K has a life insurance policy where her husband is beneficiary and her daughter is contingent
beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile
accident, where would the death proceeds be directed? - correct answer ✔daughter
a 45 year-old woman won $100,000 in a scratch of lottery ticket. she purchased an annuity that will pay
her $1,500 per month beginning at age 60. which of these annuities did this woman purchase? - correct
answer ✔deferred fixed annuity
a contract where one party either accepts or rejects the terms of a contract written by another party is
called a contract of - correct answer ✔adhesion
Variable annuities may invest premiums in each of the following, EXCEPT: - correct answer ✔insurers
corporate business account
