WEST VIRGINIA INSURANCE LAW EXAM
WITH CORRECT 120+ QUESTIONS WITH
CORRECTRY ANALYZED ANSWERS (ACTUAL
EXAM) ALREADY GRADED A+ LATEST 2024
– 2025
Medicare Supplement Policies must place a notice prominently printed
on the first page stating that the insured person shall have the right to
return the policy within ____ days of delivery and have all charges and
premiums refunded if, after examination of the policy, the person is not
satisfied for any reason. - ANSWERS-30
No Medicare supplement policy may exclude or limit benefits for losses
incurred more than ____ months from the effective date of coverage
because it involves a preexisting condition. - ANSWERS-six
HMOs receive premiums on a prepaid _____ ______ basis, excluding
copayments. - ANSWERS-per capita
,Insurance Commissioner must hold a hearing within ____ days of a
written demand, unless delayed by mutual agreement. - ANSWERS-45
days
The Commissioner must give at least ____ days notice of the time,
place and scope of matters of the hearing to all directly affected
persons. - ANSWERS-15 days
The Commissioner must enter an order pertaining to a hearing within
____ days after its completion unless extended by mutual consent. -
ANSWERS-45 days
Insurance Commissioner: (Appointment & Duties) - ANSWERS-*
Appointed by Governor for a 6-year term
* Enforces Insurance Code
Insurance Commissioner: (Powers) - ANSWERS-* Examine / investigate
insurers and producers
* Hold hearing - take depositions - compel witness to testify
Insurance Commissioner must inspect each insurer every ____ years. -
ANSWERS-Every 5 years
,If after notice and a hearing, the Commissioner determines a person or
insurer has violated any insurance law, regulation, rule, or order, he
may issue a ___________ to that person to discontinue the violation. -
ANSWERS-cease and desist order
If the person or insurer does not comply with the order within _____
days, the Commissioner may revoke the license and assess a penalty of
up to $________. - ANSWERS-20 days / $10,000
The Commissioner may also require insurers to pay a penalty up $____
per violation. If an insurer commits unfair claim settlement practices,
the Commissioner may assess a penalty of up to $_____, as well as
restitution to the claimant. - ANSWERS-$10,000 / $250,000
After notice and a hearing, the Commissioner may place on probation,
suspend, revoke, or refuse to renew the license of any insurer for: -
ANSWERS-* Violation of any insurance law, regulation, rule, or order of
the Commissioner;
* Providing incorrect, misleading, or untrue information in the license
application or obtaining a license through misrepresentation or fraud;
Improperly withholding or misappropriating money or property
received in the course of doing insurance business;
, * Intentionally misrepresenting the terms of an insurance contract or
application;
* Conviction or pleading no contest to any felony or a misdemeanor in
connection with insurance transactions;
* Committing any unfair trade practice or insurance fraud;
* Fraudulent, coercive, or dishonest practices demonstrating
incompetence, untrustworthiness or financial irresponsibility;
* Denial, suspense, or revocation of license in any other state;
* Forging any document related to an insurance transaction;
* Cheating on the license examination;
* Knowingly accepting business from an unlicensed individual;
* Failure to pay child support obligation;
* Failure to pay any West Virginia taxes, fees, charges or penalties.
The Commissioner may also require payment of a penalty up to $____
per violation, up to $____ total, unless the person knew or had reason
to know he was in violation, then up to $____ per violation, $____total.
- ANSWERS-$1,000 / $10,000
$5,000 / $100,000
Any person required to have a license, who is found acting without a
license, constitutes an unauthorized transaction of insurance and may
