WV STATE LIFE INSURANCE PRACTICE
EXAMINATION 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ Estate Creation VS Estate Conservation.
Answer: Creation is when proceeds are paid to survivors, Conservation is
when proceeds are used to pay the estate
◍ Length of Comissoner's Term.
Answer: 6 years
◍ In ordinary whole life, when is face value paid.
Answer: When insurer reaches 100 or at death
◍ Are employer paid life premiums deductible.
Answer: Yes
◍ Who determines if Insured is an acceptable risk.
Answer: Home office underwriter
◍ Who manufactures insurance policies.
Answer: Insurers
◍ Who sells policies to applicants.
Answer: Producers
◍ Would a stroke be considered AD&D.
Answer: No
◍ Commissioner must conduct an examination of every insuerer at least once
every.
Answer: 5 years
◍ Would murder be considered AD&D.
, Answer: Yes
◍ If producer charges extra fee for consideration, this would be considered
what.
Answer: Discrimination
◍ Maximum fine for each unauthorized transaction of insurance.
Answer: $20,000
◍ up to $___ civil penalty for specific producer licensing violations.
Answer: $5,000
◍ When replacing a policy, who signs a copy of the statement.
Answer: The agent
◍ Maximum fine for unfair claims settlement practices.
Answer: $250,000
◍ For a mass market life policy, cooperation's must exist how many years and
must have how many employees.
Answer: 2 years with 61 employees min.
◍ ___ hours for property or casualty insurance licensing applicants.
Answer: 20 hours
◍ In the HMO Act, violating enrollment causes what.
Answer: held liable for 1 years subscription rate
◍ ___hours for property and casualty insurance licensing applicants.
Answer: 40 hours
◍ Who needs sent a copy of the accident and sickness insurance sale
replacement.
Answer: The Insurer
◍ What is required to determine Annuity.
Answer: Tax records, finances, Investments
◍ Claims must be acknowledged by agent in how many days.
Answer: 15
, ◍ If applicant makes a false statement, but is not aware statement is false, it is
considered what.
Answer: a representation
◍ What insurance policy pays immediate lump sum.
Answer: Life insurance
◍ What is the max benefit from guaranty association on one life.
Answer: 300,000
◍ Do replacement requirements for individual life insurance apply to group
life insurance.
Answer: no
◍ Producer licenses renew every ___ years.
Answer: 2 years
◍ An insurer must file a notice of appointment within___ days of the agency
contract date or first insurance application.
Answer: 15 days
◍ Time frame to report administrative actions or criminal prosecutions to the
commissioner.
Answer: 30 days
◍ What is the max interest rate of a policy loan.
Answer: 8%
◍ who qualifies for waiver of premium.
Answer: totally disabled person
◍ Reports of suspected Fraud. insurance acts must be filed within.
Answer: 14 days
◍ What is a Viatical Settlement.
Answer: When 3rd party agrees to pay 60-80% of life insurance policy from
terminal ill insured
◍ What is hospital indemnity.
EXAMINATION 2026 QUESTIONS
WITH ANSWERS GRADED A+
◍ Estate Creation VS Estate Conservation.
Answer: Creation is when proceeds are paid to survivors, Conservation is
when proceeds are used to pay the estate
◍ Length of Comissoner's Term.
Answer: 6 years
◍ In ordinary whole life, when is face value paid.
Answer: When insurer reaches 100 or at death
◍ Are employer paid life premiums deductible.
Answer: Yes
◍ Who determines if Insured is an acceptable risk.
Answer: Home office underwriter
◍ Who manufactures insurance policies.
Answer: Insurers
◍ Who sells policies to applicants.
Answer: Producers
◍ Would a stroke be considered AD&D.
Answer: No
◍ Commissioner must conduct an examination of every insuerer at least once
every.
Answer: 5 years
◍ Would murder be considered AD&D.
, Answer: Yes
◍ If producer charges extra fee for consideration, this would be considered
what.
Answer: Discrimination
◍ Maximum fine for each unauthorized transaction of insurance.
Answer: $20,000
◍ up to $___ civil penalty for specific producer licensing violations.
Answer: $5,000
◍ When replacing a policy, who signs a copy of the statement.
Answer: The agent
◍ Maximum fine for unfair claims settlement practices.
Answer: $250,000
◍ For a mass market life policy, cooperation's must exist how many years and
must have how many employees.
Answer: 2 years with 61 employees min.
◍ ___ hours for property or casualty insurance licensing applicants.
Answer: 20 hours
◍ In the HMO Act, violating enrollment causes what.
Answer: held liable for 1 years subscription rate
◍ ___hours for property and casualty insurance licensing applicants.
Answer: 40 hours
◍ Who needs sent a copy of the accident and sickness insurance sale
replacement.
Answer: The Insurer
◍ What is required to determine Annuity.
Answer: Tax records, finances, Investments
◍ Claims must be acknowledged by agent in how many days.
Answer: 15
, ◍ If applicant makes a false statement, but is not aware statement is false, it is
considered what.
Answer: a representation
◍ What insurance policy pays immediate lump sum.
Answer: Life insurance
◍ What is the max benefit from guaranty association on one life.
Answer: 300,000
◍ Do replacement requirements for individual life insurance apply to group
life insurance.
Answer: no
◍ Producer licenses renew every ___ years.
Answer: 2 years
◍ An insurer must file a notice of appointment within___ days of the agency
contract date or first insurance application.
Answer: 15 days
◍ Time frame to report administrative actions or criminal prosecutions to the
commissioner.
Answer: 30 days
◍ What is the max interest rate of a policy loan.
Answer: 8%
◍ who qualifies for waiver of premium.
Answer: totally disabled person
◍ Reports of suspected Fraud. insurance acts must be filed within.
Answer: 14 days
◍ What is a Viatical Settlement.
Answer: When 3rd party agrees to pay 60-80% of life insurance policy from
terminal ill insured
◍ What is hospital indemnity.
