WV Property and Casualty Insurance

The Insurance Commissioner may perform all the following duties except: A- Conduct hearings B- Adopt rules and regulations C- Pass insurance laws D- Suspend or Revoke Licenses - Answer- C- Pass Insurance Laws The WV Insurance Guaranty Association may do all the following EXCEPT A- lend money to an impaired insurer B- assume the businesses of insolvent insurers C- reinsure the policies of WV residents D- Invest the assets of troubled insurers - Answer- D- Invest the assets of troubled insurers If it is determined that a licensee knew, or reasonable should have known, that he was in violation of the Insurance Code, the Commissioner may levy a fine of up to how much per violation? A- 500 B- 1,000 C- 2,500 D- 5,000 - Answer- D- 5,000 The insurance Commissioner may impose all of the following penalties when a person has violated a cease and desist order EXCEPT A-suspend his license B-revoke his license C-levy a fine of up to 10,000 D-imprison the person for up to five years - Answer- D- Imprison the person for up to five years In WV, an insurer formed under the laws of Massachusetts and authorized to do business in WV is considered A- domestic company B- foreign company C-alien company D- reinsuring company - Answer- B- A foreign company An insurer incorporated in WV with its capital divided into shares and owned by its stockholders is known as A- stock insurer B- mutual insurer C- foreign company D- parent corporation - Answer- A- Stock Insurer T