WV LIFE INSURANCE LAWS AND RULES
Examination of Records - Answers -The Commissioner can examine anyone in the
business of insurance in the state at anytime. A company shall be examined every 5
years.
Notice and Hearing - Answers -the Commissioner may call and hold hearings for any
purpose deemed necessary.
Which type of insurance company allows their policyowners to elect a governing body?
Stock,
Mixed,
Admitted,
Mutual - Answers -Mutual
When recommending a purchase or exchange of an annuity, the producer or insurer
must have a reasonable basis for believing that a recommendation is suitable based on
all of the following facts disclosed by an applicant EXCEPT the applicant's:
net worth,
present income,
intended use,
county of residence - Answers -county of residence
Commissioner of Insurance - Answers -enforces the insurance laws of WV. This
executive position is appointed by the Governor of West Virginia
The Boarding of Insurance Agent Education: - Answers -develops the continuation
education program and submits the proposal to the insurance commissioner for
approval
Producer Appointments - Answers -if cancelled, notify the Commissioner within 15 days
Commingling - Answers -A producer who has combined premiums collected with
personal funds has engaged in commingling, which is a prohibited act.
Insurance Commissioner - Answers -the commissioner may conduct investigations or
examinations whenever deemed necessary, subpoena the witnesses to testify.
cease and desist order - Answers -the commissioner may issue this order to any person
committed of an unfair or deceptive act.
Insurance Transaction - Answers -solicitation or inducement to purchase insurance,
negotiations towards the sale of insurance, executing a contract of insurance, advising
on coverages and claims.
Examination of Records - Answers -The Commissioner can examine anyone in the
business of insurance in the state at anytime. A company shall be examined every 5
years.
Notice and Hearing - Answers -the Commissioner may call and hold hearings for any
purpose deemed necessary.
Which type of insurance company allows their policyowners to elect a governing body?
Stock,
Mixed,
Admitted,
Mutual - Answers -Mutual
When recommending a purchase or exchange of an annuity, the producer or insurer
must have a reasonable basis for believing that a recommendation is suitable based on
all of the following facts disclosed by an applicant EXCEPT the applicant's:
net worth,
present income,
intended use,
county of residence - Answers -county of residence
Commissioner of Insurance - Answers -enforces the insurance laws of WV. This
executive position is appointed by the Governor of West Virginia
The Boarding of Insurance Agent Education: - Answers -develops the continuation
education program and submits the proposal to the insurance commissioner for
approval
Producer Appointments - Answers -if cancelled, notify the Commissioner within 15 days
Commingling - Answers -A producer who has combined premiums collected with
personal funds has engaged in commingling, which is a prohibited act.
Insurance Commissioner - Answers -the commissioner may conduct investigations or
examinations whenever deemed necessary, subpoena the witnesses to testify.
cease and desist order - Answers -the commissioner may issue this order to any person
committed of an unfair or deceptive act.
Insurance Transaction - Answers -solicitation or inducement to purchase insurance,
negotiations towards the sale of insurance, executing a contract of insurance, advising
on coverages and claims.
