insurance
When an existing life insurance policy is being reissued with a reduction in cash value, the
producer must sign the - ANSNotice Regarding Replacement of Life Insurance or Annuity".
When a policy has been reissued with any reduction in cash value, that is considered a
replacement. A Notice Regarding Replacement must be signed by both the producer and
applicant
The life insurance and annuity replacement regulation defines replacement as - ANSexchanging
an existing policy for a new policy
The Replacement of Life Insurance and Annuities regulation is designed to protect the interest
of the - ANSpolicyowner
Which of the following statements is CORRECT if an insured converts his Life policy to Paid-Up
Insurance and buys new insurance? - ANSThe transaction is considered replacement
Which of the following violations is considered an unfair trade practice? - ANSCoercion
Which of the following statements is CORRECT about the replacement of one insurance policy
with another? - ANSIt is strictly regulated and requires full disclosure by both the producer and
the replacing insurance company
Continuing education requirements in West Virginia apply to which of the following persons? -
ANSResident producers
A replacement of an existing Life insurance policy occurs when the cash value is subjected to
loans exceeding - ANS25%
Under a Group Life insurance policy, an insured may assign a MAXIMUM of what percentage of
the insured's coverage? - ANS100%
Individual Life and Accident & Sickness insurance policies other than Medicare Supplements
and direct-response policies, must state that the policyholder has a right to return the policy
within a MAXIMUM of how many days after policy delivery? - ANSTen
An insurance policy has the right to defer granting a policy loan for a maximum of how many
months after receiving the loan application? - ANS6
Replacement is involved in all of the following situations EXCEPT when - ANSa Term policy is
converted to a permanent plan with the same insurance company
, Under West Virginia law, a group life policy must cover a minimum of how many employees? -
ANSTwo
An insurance company licensed in West Virginia and domiciled in Pennsylvania is known as -
ANSa foreign company
Which of the following parties must provide an insured with proper disclosure concerning the
replacement of an insurance company? - ANSThe producer who sells the new insurance policy
If a producer knowingly violates the Unfair Trade Practices laws of West Virginia, the Office of
the Insurance Commissioner may fine the producer a MAXIMUM of which of the following
amounts per violation? - ANS$5,000
When a producer is replacing an existing ordinary life insurance policy, the producer must take
all of the following actions EXCEPT - ANSobtain the beneficiary's signature on a summary of all
policies to be replaced
In West Virginia, an individual producer is considered to represent - ANSan insurance company
If a producer sells an insurance policy for an insurer not licensed in this state, which of the
following is responsible for unpaid claims? - ANSThe selling producer
In West Virginia, an insurance company that publishes misleading information about insurance
coverage may be found guilty of - ANSfalse advertising
When a producer reports a final disposition of an administrative action against the producer to
the Insurance Commissioner, the report must include - ANSa copy of the order
Which of the following qualifications is required for a producer's license in West Virginia? -
ANSTrustworthiness and competence
In West Virginia, an alien insurance company is defined as one formed in - ANSa country other
than the United States
If a producer has been engaged in an administrative action by any government agency, within
how many days following the final deposition must the producer report the action to the
Insurance Commissioner? - ANS30
Which of the following statements is correct about the Insurance Commissioner's authority to
examine the business records of a producer? - ANSThe Commissioner may examine them
whenever it's deemed necessary
Policyholders elect the governing bodies of which of the following types of insurance
companies? - ANSMutual
When an existing life insurance policy is being reissued with a reduction in cash value, the
producer must sign the - ANSNotice Regarding Replacement of Life Insurance or Annuity".
When a policy has been reissued with any reduction in cash value, that is considered a
replacement. A Notice Regarding Replacement must be signed by both the producer and
applicant
The life insurance and annuity replacement regulation defines replacement as - ANSexchanging
an existing policy for a new policy
The Replacement of Life Insurance and Annuities regulation is designed to protect the interest
of the - ANSpolicyowner
Which of the following statements is CORRECT if an insured converts his Life policy to Paid-Up
Insurance and buys new insurance? - ANSThe transaction is considered replacement
Which of the following violations is considered an unfair trade practice? - ANSCoercion
Which of the following statements is CORRECT about the replacement of one insurance policy
with another? - ANSIt is strictly regulated and requires full disclosure by both the producer and
the replacing insurance company
Continuing education requirements in West Virginia apply to which of the following persons? -
ANSResident producers
A replacement of an existing Life insurance policy occurs when the cash value is subjected to
loans exceeding - ANS25%
Under a Group Life insurance policy, an insured may assign a MAXIMUM of what percentage of
the insured's coverage? - ANS100%
Individual Life and Accident & Sickness insurance policies other than Medicare Supplements
and direct-response policies, must state that the policyholder has a right to return the policy
within a MAXIMUM of how many days after policy delivery? - ANSTen
An insurance policy has the right to defer granting a policy loan for a maximum of how many
months after receiving the loan application? - ANS6
Replacement is involved in all of the following situations EXCEPT when - ANSa Term policy is
converted to a permanent plan with the same insurance company
, Under West Virginia law, a group life policy must cover a minimum of how many employees? -
ANSTwo
An insurance company licensed in West Virginia and domiciled in Pennsylvania is known as -
ANSa foreign company
Which of the following parties must provide an insured with proper disclosure concerning the
replacement of an insurance company? - ANSThe producer who sells the new insurance policy
If a producer knowingly violates the Unfair Trade Practices laws of West Virginia, the Office of
the Insurance Commissioner may fine the producer a MAXIMUM of which of the following
amounts per violation? - ANS$5,000
When a producer is replacing an existing ordinary life insurance policy, the producer must take
all of the following actions EXCEPT - ANSobtain the beneficiary's signature on a summary of all
policies to be replaced
In West Virginia, an individual producer is considered to represent - ANSan insurance company
If a producer sells an insurance policy for an insurer not licensed in this state, which of the
following is responsible for unpaid claims? - ANSThe selling producer
In West Virginia, an insurance company that publishes misleading information about insurance
coverage may be found guilty of - ANSfalse advertising
When a producer reports a final disposition of an administrative action against the producer to
the Insurance Commissioner, the report must include - ANSa copy of the order
Which of the following qualifications is required for a producer's license in West Virginia? -
ANSTrustworthiness and competence
In West Virginia, an alien insurance company is defined as one formed in - ANSa country other
than the United States
If a producer has been engaged in an administrative action by any government agency, within
how many days following the final deposition must the producer report the action to the
Insurance Commissioner? - ANS30
Which of the following statements is correct about the Insurance Commissioner's authority to
examine the business records of a producer? - ANSThe Commissioner may examine them
whenever it's deemed necessary
Policyholders elect the governing bodies of which of the following types of insurance
companies? - ANSMutual
