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WV Life Insurance Laws and Rules Questions And Answers Rated A+ New Update Assured Satisfaction
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WV Life Insurance Laws and Rules Questions And Answers Rated A+ New Update Assured Satisfaction
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WV Life Insurance Laws and Rules$5,000. - ANS-A producer who intentionally violates Unfair Trade Practice law could receive a
fine of up to:
30 days - ANS-A producer must notify the Insurance Commissioner within ____ days following
the final deposition of an admin action by any government agency.
10
20
30
40
A company that resides and is incorporated under the laws of the state in which its home office
is located. - ANS-Domestic Insurance Company
a company whose home office is in ANOTHER state. - ANS-Foreign Insurance Company
a producer who has combined premiums collected with personal funds has done this act, and it
is illegal - ANS-Commingling
A producer who has combined premiums collected with personal funds has engaged in
commingling, which is a prohibited act. - ANS-Commingling
a qualified insurance company - ANS-Authorized Insurer
an applicant for a West Virginia insurer must be: 18 years of age, not committed any act that is
grounds for suspension etc., completed a pre licensing course, passed the state exam, submit
the app with fees, not intended to use the license primarily for controlled business, deemed
trustworthy and competent. - ANS-Producer
An insurance company incorporated outside the country - ANS-Alien Insurance Company
an insurance company owned and controlled by its policyowners. - ANS-Mutual Life Insurance
Companies
An insurance company that has not applied, or has applied and been denied a Certificate of
Authority. - ANS-Unauthorized Insurer
an insurance company that is owned and controlled by stockholders. - ANS-Stock Insurance
Company
, Certificate of authority - ANS-Which of the following permits an insurance company to transact
business in WV?
Coercion. - ANS-In WV, which of the following is considered an Unfair Trade Practice?
Replacement
Coercion
Aleatory
Subrogation
Convert term coverage to a whole life policy. - ANS-Which of these actions does NOT constitute
life insurance policy replacement?
Discontinue premiums on an existing policy and apply the payments to a new policy,
take Reduced Paid-Up insurance and purchase a new policy with another insurer,
Cash surrender an existing policy and purchase a new policy,
Convert term coverage to a whole life policy
county of residence - ANS-When recommending a purchase or exchange of an annuity, the
producer or insurer must have a reasonable basis for believing that a recommendation is
suitable based on all of the following facts disclosed by an applicant EXCEPT the applicant's:
net worth,
present income,
intended use,
county of residence
Credit Accident and Sickness insurance. - ANS-Which of these products does NOT require
continuing education for the producer selling them?
Property and Causality (P&C),
Credit Accident and Sickness Insurance,
Health insurance,
Life insurance
develops the continuation education program and submits the proposal to the insurance
commissioner for approval - ANS-The Boarding of Insurance Agent Education:
Direct Response - an offer to persons in this state, either directly or through a third party. -
ANS-Individuals in WV are personally invited to apply for life insurance on the basis of the offer.
This type of solicitation made by the insurer is called:
Batch Response,
Direct response,
Bracket response,
Bundle response
each prospective client is entitled to receive this guide. - ANS-Shopper's Guide
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