West Virginia Insurance Law questions with verified
answers
Insurance Commissioner: (Appointment & Duties) Ans✔✔-* Appointed
by Governor for a 6-year term
* Enforces Insurance Code
Insurance Commissioner: (Powers) Ans✔✔-* Examine / investigate
insurers and producers
* Hold hearing - take depositions - compel witness to testify
Insurance Commissioner must inspect each insurer every ____ years.
Ans✔✔-Every 5 years
Insurance Commissioner must hold a hearing within ____ days of a
written demand, unless delayed by mutual agreement. Ans✔✔-45 days
The Commissioner must give at least ____ days notice of the time, place
and scope of matters of the hearing to all directly affected persons.
Ans✔✔-15 days
The Commissioner must enter an order pertaining to a hearing within
____ days after its completion unless extended by mutual consent.
Ans✔✔-45 days
If after notice and a hearing, the Commissioner determines a person or
insurer has violated any insurance law, regulation, rule, or order, he may
,issue a ___________ to that person to discontinue the violation. Ans✔✔-
cease and desist order
If the person or insurer does not comply with the order within _____
days, the Commissioner may revoke the license and assess a penalty of
up to $________. Ans✔✔-20 days / $10,000
The Commissioner may also require insurers to pay a penalty up $____
per violation. If an insurer commits unfair claim settlement practices, the
Commissioner may assess a penalty of up to $_____, as well as
restitution to the claimant. Ans✔✔-$10,000 / $250,000
After notice and a hearing, the Commissioner may place on probation,
suspend, revoke, or refuse to renew the license of any insurer for:
Ans✔✔-* Violation of any insurance law, regulation, rule, or order of the
Commissioner;
* Providing incorrect, misleading, or untrue information in the license
application or obtaining a license through misrepresentation or fraud;
Improperly withholding or misappropriating money or property received
in the course of doing insurance business;
* Intentionally misrepresenting the terms of an insurance contract or
application;
* Conviction or pleading no contest to any felony or a misdemeanor in
connection with insurance transactions;
* Committing any unfair trade practice or insurance fraud;
* Fraudulent, coercive, or dishonest practices demonstrating
incompetence, untrustworthiness or financial irresponsibility;
, * Denial, suspense, or revocation of license in any other state;
* Forging any document related to an insurance transaction;
* Cheating on the license examination;
* Knowingly accepting business from an unlicensed individual;
* Failure to pay child support obligation;
* Failure to pay any West Virginia taxes, fees, charges or penalties.
The Commissioner may also require payment of a penalty up to $____
per violation, up to $____ total, unless the person knew or had reason to
know he was in violation, then up to $____ per violation, $____total.
Ans✔✔-$1,000 / $10,000
$5,000 / $100,000
Any person required to have a license, who is found acting without a
license, constitutes an unauthorized transaction of insurance and may be
fined by the Commissioner a penalty not to exceed $____. Ans✔✔-
$20,000
Any person or insurer may seek appeal of any action by the Commission
in ______. Likewise, the Commissioner may seek a ________ to enforce
an order. Ans✔✔-state court / court order
An insurer formed under the laws of West Virginia. Ans✔✔-Domestic
Insurer
answers
Insurance Commissioner: (Appointment & Duties) Ans✔✔-* Appointed
by Governor for a 6-year term
* Enforces Insurance Code
Insurance Commissioner: (Powers) Ans✔✔-* Examine / investigate
insurers and producers
* Hold hearing - take depositions - compel witness to testify
Insurance Commissioner must inspect each insurer every ____ years.
Ans✔✔-Every 5 years
Insurance Commissioner must hold a hearing within ____ days of a
written demand, unless delayed by mutual agreement. Ans✔✔-45 days
The Commissioner must give at least ____ days notice of the time, place
and scope of matters of the hearing to all directly affected persons.
Ans✔✔-15 days
The Commissioner must enter an order pertaining to a hearing within
____ days after its completion unless extended by mutual consent.
Ans✔✔-45 days
If after notice and a hearing, the Commissioner determines a person or
insurer has violated any insurance law, regulation, rule, or order, he may
,issue a ___________ to that person to discontinue the violation. Ans✔✔-
cease and desist order
If the person or insurer does not comply with the order within _____
days, the Commissioner may revoke the license and assess a penalty of
up to $________. Ans✔✔-20 days / $10,000
The Commissioner may also require insurers to pay a penalty up $____
per violation. If an insurer commits unfair claim settlement practices, the
Commissioner may assess a penalty of up to $_____, as well as
restitution to the claimant. Ans✔✔-$10,000 / $250,000
After notice and a hearing, the Commissioner may place on probation,
suspend, revoke, or refuse to renew the license of any insurer for:
Ans✔✔-* Violation of any insurance law, regulation, rule, or order of the
Commissioner;
* Providing incorrect, misleading, or untrue information in the license
application or obtaining a license through misrepresentation or fraud;
Improperly withholding or misappropriating money or property received
in the course of doing insurance business;
* Intentionally misrepresenting the terms of an insurance contract or
application;
* Conviction or pleading no contest to any felony or a misdemeanor in
connection with insurance transactions;
* Committing any unfair trade practice or insurance fraud;
* Fraudulent, coercive, or dishonest practices demonstrating
incompetence, untrustworthiness or financial irresponsibility;
, * Denial, suspense, or revocation of license in any other state;
* Forging any document related to an insurance transaction;
* Cheating on the license examination;
* Knowingly accepting business from an unlicensed individual;
* Failure to pay child support obligation;
* Failure to pay any West Virginia taxes, fees, charges or penalties.
The Commissioner may also require payment of a penalty up to $____
per violation, up to $____ total, unless the person knew or had reason to
know he was in violation, then up to $____ per violation, $____total.
Ans✔✔-$1,000 / $10,000
$5,000 / $100,000
Any person required to have a license, who is found acting without a
license, constitutes an unauthorized transaction of insurance and may be
fined by the Commissioner a penalty not to exceed $____. Ans✔✔-
$20,000
Any person or insurer may seek appeal of any action by the Commission
in ______. Likewise, the Commissioner may seek a ________ to enforce
an order. Ans✔✔-state court / court order
An insurer formed under the laws of West Virginia. Ans✔✔-Domestic
Insurer
