VA LIFE AND HEALTH INSURANCE STATE EXAM 2024
ACTUAL EXAM AND PRACTICE QUESTIONS EXAM
COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)/ALREADY
GRADED A+
What governing body issues rules and regulations for the administration of the
Insurance Code?
A) The State Corporation Commission
B) The Virginia Department of Insurance
C) The Life and Health Guarantee Association
D) The Joint Legislative Audit and Review Commission - ANSWER: A) The State
Corporation Commission
The State Corporation Commission, referred to as "the Commission," issues the rules
and regulations for the administration for the Insurance Code.
Notice of a hearing for cease and desist order must be given at least how many days
in advance?
A) 7
B) 10
C) 30
D) 90 - ANSWER: B) 10
Notice of a hearing for a cease and desist order must be given at least 10 days in
advance of the hearing and include the time and place of hearing
What is the minimum age for obtaining an agent license in this state?
A) 18
B) 19
C) 21
D) 25 - ANSWER: A) 18
What authority issues a Cease and Desist Order?
A) Commission
B) Law Enforcement Officials
C) NAIC
D) Federal Board of Insurance Fraud. - ANSWER: A) Commission
Whenever it appears that any person is violating an insurance law of Virginia or any
rule or regulation made by the Commission, the Commission may issue a cease and
desist order.
The State Corporate Commission (SCC) has the authority to do all of the following
EXCEPT
, A) Issue cease and desist orders
B) Issue licenses and certificated of authority.
C) Impose fines or other penalties for violations of insurance laws.
D) Have interest in insurance companies regulated by the Commission. - ANSWER: D)
Have interest in insurance companies regulated by the Commission.
The Commission may not have ownership of, interest in, or any transaction in any
capacity with any financial institution or insurance company licensed or regulated by
the SEC.
Which of the following represents an insurer?
A) Agent
B) Insured
C) Commissioner
D) Non-resident - ANSWER: A) Agent
How often will the Commission examine an insurer's books and records?
A) Every 3 years
B) Annually
C) Only upon a request from the insurer or a complaint from a customer
D) At least once every 5 years - ANSWER: D) At least once every 5 years
The Commission may examine books or records of each insurer as seen fit, but at
least once every 5 years.
An agent willfully violates an insurance law. What is the maximum fine for reach
offence?
A) $1,500
B) $2,000
C) $5,000
D) $7,500 - ANSWER: C) $5,000
The Commissioner may fine a person committing a willful violation of any Virginia
insurance code up to $5,000 for each offense.
Which of the following is NOT a duty of the Commission of Insurance?
A) Enforcing the Insurance Code
B) Suspending or revoking licenses of Insurance Code violators
C) Examining each domestic insurer at least once a year
D) Appointing the Commissioner of Insurance - ANSWER: C) Examining each
domestic insurer at least once a year
The Commission is required to examine every insurer license in Virginia at least once
in every 5 years.
What is the maximum penalty that could be imposed on agent for an unintentional
violation of Virginia insurance law?
ACTUAL EXAM AND PRACTICE QUESTIONS EXAM
COMPLETE 400 QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS)/ALREADY
GRADED A+
What governing body issues rules and regulations for the administration of the
Insurance Code?
A) The State Corporation Commission
B) The Virginia Department of Insurance
C) The Life and Health Guarantee Association
D) The Joint Legislative Audit and Review Commission - ANSWER: A) The State
Corporation Commission
The State Corporation Commission, referred to as "the Commission," issues the rules
and regulations for the administration for the Insurance Code.
Notice of a hearing for cease and desist order must be given at least how many days
in advance?
A) 7
B) 10
C) 30
D) 90 - ANSWER: B) 10
Notice of a hearing for a cease and desist order must be given at least 10 days in
advance of the hearing and include the time and place of hearing
What is the minimum age for obtaining an agent license in this state?
A) 18
B) 19
C) 21
D) 25 - ANSWER: A) 18
What authority issues a Cease and Desist Order?
A) Commission
B) Law Enforcement Officials
C) NAIC
D) Federal Board of Insurance Fraud. - ANSWER: A) Commission
Whenever it appears that any person is violating an insurance law of Virginia or any
rule or regulation made by the Commission, the Commission may issue a cease and
desist order.
The State Corporate Commission (SCC) has the authority to do all of the following
EXCEPT
, A) Issue cease and desist orders
B) Issue licenses and certificated of authority.
C) Impose fines or other penalties for violations of insurance laws.
D) Have interest in insurance companies regulated by the Commission. - ANSWER: D)
Have interest in insurance companies regulated by the Commission.
The Commission may not have ownership of, interest in, or any transaction in any
capacity with any financial institution or insurance company licensed or regulated by
the SEC.
Which of the following represents an insurer?
A) Agent
B) Insured
C) Commissioner
D) Non-resident - ANSWER: A) Agent
How often will the Commission examine an insurer's books and records?
A) Every 3 years
B) Annually
C) Only upon a request from the insurer or a complaint from a customer
D) At least once every 5 years - ANSWER: D) At least once every 5 years
The Commission may examine books or records of each insurer as seen fit, but at
least once every 5 years.
An agent willfully violates an insurance law. What is the maximum fine for reach
offence?
A) $1,500
B) $2,000
C) $5,000
D) $7,500 - ANSWER: C) $5,000
The Commissioner may fine a person committing a willful violation of any Virginia
insurance code up to $5,000 for each offense.
Which of the following is NOT a duty of the Commission of Insurance?
A) Enforcing the Insurance Code
B) Suspending or revoking licenses of Insurance Code violators
C) Examining each domestic insurer at least once a year
D) Appointing the Commissioner of Insurance - ANSWER: C) Examining each
domestic insurer at least once a year
The Commission is required to examine every insurer license in Virginia at least once
in every 5 years.
What is the maximum penalty that could be imposed on agent for an unintentional
violation of Virginia insurance law?
