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Chapter Exam - West Virginia Laws and Rules with correct answers
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Chapter Exam - West Virginia Laws and Rules with correct answers
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Chapter Exam - West Virginia Laws andRules with correct answers
How long may an insurer defer granting a policy loan after receiving the loan application? - correct
answer ✔✔6 months
Which Unfair Trade Practice involves a producer suggesting that an insurance policy is like a share of
stock? - correct answer ✔✔Misrepresentation
Which of these statements may a producer make to a client about a Whole Life policy? - correct answer
✔✔"Nonforfeiture benefits will be available after a period of time"
Which of the following is NOT considered rebating? - correct answer ✔✔Sharing commission with an
agent licensed in the same line of business
J is a producer who recently told a claimant that his rights might be impaired if he does not complete a
release form within a specified time. What could this producer be found guilty of? - correct answer
✔✔Coercion
A producer must notify the Insurance Commissioner within ## days following final deposition of an
administrative action by any government agency. - correct answer ✔✔30
What is the purpose of the West Virginia Life and Health Insurance Guaranty Association? - correct
answer ✔✔Ensures that claims filed against insolvent insurance companies will be paid
Which of these actions does NOT constitute life insurance policy replacement? - correct answer
✔✔Convert term coverage to a whole life policy
Which of these is a requirement for obtaining a resident insurance producer license in this state? -
correct answer ✔✔Complete a prelicensing examination
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