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Insurance Latest Update -

exam bundles Dec 14, 2025 ★★★★★ (5.0/5)
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West Virginia Laws and Rules Pertinent to Insurance Latest Update - 150 Questions and 100% Verified Correct Answers

A certificate of authority does which of the following? - CORRECT ANSWER: Permits an insurance company to transact business in West Virginia

A licensee may not transact insurance business in West Virginia until: - CORRECT

ANSWER: the licensee is appointed by an insurer

A producer is suggesting replacement if a prospective insured is given all of the

following advice EXCEPT:

  • "Discontinue premiums and put them into a new policy"
  • "Take Reduced Paid-Up insurance and use present premiums for a new policy"
  • "Borrow all of your cash value from your current policy to purchase a new policy"
  • "Convert your Term insurance to Whole Life" - CORRECT ANSWER: "Convert your
  • Term insurance to Whole Life"

A producer who allows his or her license to lapse: - CORRECT ANSWER: may within 12 months from the renewal date reinstate the license without retaking the state licensing exam. However, a penalty of double the unpaid renewal fee will be required

A producer who holds a resident license in a different state may apply for a nonresident license in West Virginia as long as: - CORRECT ANSWER: both states have a reciprocal agreement

Alien insurance company - CORRECT ANSWER: A company that is chartered and

organized in any country other than the United States.

Ex: A company chartered in Canada would be an alien company in West Virginia

An applicant for a resident producer license in West Virginia must: - CORRECT

ANSWER: -Be at least 18 years of age

  • Not have committed any act that is grounds for denial, suspension, or revocation
  • Completed a prelicensing course
  • Have passed the state exam for the lines of authority in which licensure is sought
  • Submit application with fees
  • Not intend to use the license primarily to write controlled business
  • Be deemed trustworthy and competent

An insurance company must do which of the following to terminate an producer's

appointment? - CORRECT ANSWER: Send notice of termination to the Commissioner

  • / 2

An insured or insurer must ask for a rehearing based on a decision by the Insurance

Commissioner within ___ days - CORRECT ANSWER: 30

An insured who is covered under an employer's Group Life policy for $15,000 has resigned. All of the following statements about conversion privileges are true EXCEPT:

  • the insured must apply for conversion within 31 days after the date of resignation
  • conversion is guaranteed by the insurance company if applied for
  • the insured can convert to a $15,000, 15-Year Level term policy
  • the premiums will depend on the insured's age and the type of policy - CORRECT

ANSWER: the insured can convert to a $15,000, 15-Year Level term policy

An insurer that terminates an agent appointment must notify the Commissioner when? -

CORRECT ANSWER: within 30 days of the date of termination

An offer of life insurance by an insurance company in West Virginia to individuals who are personally invited to apply on the basis of the offer is known as what type of

solicitation? - CORRECT ANSWER: Direct response

An producer that sells an insurance policy for an unauthorized insurer: - CORRECT

ANSWER: runs the risk of being responsible for unpaid claims

At the very least, a company shall be examined once every ___ years by the

Commissioner - CORRECT ANSWER: 5

Authorized insurer / admitted insurance company - CORRECT ANSWER: An insurance

company that has qualified and received a Certificate of Authority from Insurance Department to sell insurance in this state

Boycott, coersian, and intimidation - CORRECT ANSWER: It is an illegal practice to commit or coordinatie any act or boycott, coercion, or intimidation in order it restrain or monopolize the business of insurance

Commingling - CORRECT ANSWER: A producer who had combined premiums

collected with personal funds. PROHIBITED

Commissions rule - CORRECT ANSWER: No person shall pay or accept commissions

to/from an unlicensed individual for the purpose of selling or negotiating insurance business

Controlled Business - CORRECT ANSWER: policies written on people that the licensed producer has direct influence over (family, employers, a company where producer has stock control)

Conversion period from group life to individual - CORRECT ANSWER: 31 days

  • / 2

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Category: exam bundles
Added: Dec 14, 2025
Description:

West Virginia Laws and Rules Pertinent to Insurance Latest Update - 150 Questions and 100% Verified Correct Answers A certificate of authority does which of the following? - CORRECT ANSWER: Permits...

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