CH 10 VA State Health and Insurance Exam (Virginia Statutes and Regulations Common to All Lines) Q&A.
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Course
State Health and Insurance
Institution
State Health And Insurance
CH 10 VA State Health and Insurance Exam (Virginia Statutes and Regulations Common to All Lines) Q&A. Terms like:
What governing body issues rules and regulations for the administration of the Insurance Code?
A) The State Corporation Commission
B) The Virginia Department of Insurance
C) The ...
CH 10 VA State Health and Insurance Exam
(Virginia Statutes and Regulations Common to
All Lines) Q&A.
What governing body issues rules and regulations for the administration of the
Insurance Code?
A) The State Corporation Commission
B) The Virginia Department of Insurance
C) The Life and Health Guarantee Association
D) The Joint Legislative Audit and Review Commission - Answer: A) The State
Corporation Commission
The State Corporation Commission, referred to as "the Commission," issues the
rules and regulations for the administration for the Insurance Code.
Page 1 of 25
,Notice of a hearing for cease-and-desist order must be given at least how many
days in advance?
A) 7
B) 10
C) 30
D) 90 - Answer: B) 10
Notice of a hearing for a cease-and-desist order must be given at least 10 days in
advance of the hearing and include the time and place of hearing
What is the minimum age for obtaining an agent license in this state?
A) 18
B) 19
C) 21
D) 25 - Answer: A) 18
What authority issues a Cease and Desist Order?
A) Commission
B) Law Enforcement Officials
C) NAIC
D) Federal Board of Insurance Fraud. - Answer: A) Commission
Whenever it appears that any person is violating an insurance law of Virginia or
any rule or regulation made by the Commission, the Commission may issue a
cease and desist order.
Page 2 of 25
, The State Corporate Commission (SCC) has the authority to do all of the following
EXCEPT
A) Issue cease and desist orders
B) Issue licenses and certificated of authority.
C) Impose fines or other penalties for violations of insurance laws.
D) Have interest in insurance companies regulated by the Commission. - Answer:
D) Have interest in insurance companies regulated by the Commission.
The Commission may not have ownership of, interest in, or any transaction in any
capacity with any financial institution or insurance company licensed or regulated
by the SEC.
Which of the following represents an insurer?
A) Agent
B) Insured
C) Commissioner
D) Non-resident - Answer: A) Agent
How often will the Commission examine an insurer's books and records?
A) Every 3 years
B) Annually
C) Only upon a request from the insurer or a complaint from a customer
D) At least once every 5 years - Answer: D) At least once every 5 years
Page 3 of 25
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