100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
CH 10 VA State Health and Insurance Exam (Virginia Statutes and Regulations Common to All Lines) Questions with Definitive Solutions/ .$9.99
Add to cart
CH 10 VA State Health and Insurance Exam
(Virginia Statutes and Regulations Common to
All Lines) Questions with Definitive Solutions/
2024-2025.
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 1 of 25
,The Commission may examine books or records of each insurer as seen fit, but at
least once every 5 years.
An agent willfully violates an insurance law. What is the maximum fine for reach
offence?
A) $1,500
B) $2,000
C) $5,000
D) $7,500 - Answer: C) $5,000
The Commissioner may fine a person committing a willful violation of any Virginia
insurance code up to $5,000 for each offense.
Which of the following is NOT a duty of the Commission of Insurance?
A) Enforcing the Insurance Code
B) Suspending or revoking licenses of Insurance Code violators
C) Examining each domestic insurer at least once a year
D) Appointing the Commissioner of Insurance - Answer: C) Examining each
domestic insurer at least once a year
The Commission is required to examine every insurer license in Virginia at least
once in every 5 years.
Page 2 of 25
, What is the maximum penalty that could be imposed on agent for an
unintentional violation of Virginia insurance law?
A) $500
B) $1,000
C) $2,000
D) $5,000 - Answer: B) $1,000
Any person who violates without knowledge or intent the insurance code of
Virginia may be punished for each violation by a penalty of not more than $1,000.
Willful violations may result in a fine up to $5,000.
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.
Notice of a hearing for cease-and-desist order must be given at least how many
days in advance?
A) 7
Page 3 of 25
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller docmickey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
