WEST VIRGINIA LATEST
LAWS AND RULES
PERTINENT TO
INSURANCE
In West Virginia, if an insurance producer charges a fee for placing an
insurance policy, which of the following statements is CORRECT? -
ANSWERS-The producer must report the placement to his primary
insurance company
Individual life insurance proceeds are exempt from creditor's claims
when they are payable to any of the following entities EXCEPT the
insured's:
- children
- spouse
- estate
- business partner - ANSWERS-estate
During a sales presentation for an ordinary life insurance policy, a
producer may legally state that the insurance company guarantees:
- dividends
- cash values
END OF
PAGE
1
, WEST VIRGINIA LATEST
LAWS AND RULES
PERTINENT TO
INSURANCE
- cost indexes
- future interest rates - ANSWERS-cash values
In West Virginia, life or health insurance offered through direct-
response solicitation by a sponsoring organization, under which the
insured person pays all of his insurance costs, is known as - ANSWERS-
mass marketed insurance
An insured who is covered under an employer's Group Life policy for
$15,000 has resigned. All of the following statements about conversion
privileges are true EXCEPT:
- the insured must apply for conversion within 31 days after the date of
resignation
- conversion is guaranteed by the insurance company if applied for
- the insured can convert to a $15,000, 15-Year Level term policy
- the premiums will depend on the insured's age and the type of policy -
ANSWERS-the insured can convert to a $15,000, 15-Year Level term
policy
END OF
PAGE
2
, WEST VIRGINIA LATEST
LAWS AND RULES
PERTINENT TO
INSURANCE
A producer is suggesting replacement if a prospective insured is given
all of the following advice EXCEPT:
- "Discontinue premiums and put them into a new policy"
- "Take Reduced Paid-Up insurance and use present premiums for a new
policy"
- "Borrow all of your cash value from your current policy to purchase a
new policy"
- "Convert your Term insurance to Whole Life" - ANSWERS-"Convert
your Term insurance to Whole Life"
The West Virginia Insurance Commissioner attains office in which of
the following ways? - ANSWERS-Gubernatorial appointment
(Governor of WV)
An offer of life insurance by an insurance company in West Virginia to
individuals who are personally invited to apply on the basis of the offer
is known as what type of solicitation? - ANSWERS-Direct response
END OF
PAGE
3
LAWS AND RULES
PERTINENT TO
INSURANCE
In West Virginia, if an insurance producer charges a fee for placing an
insurance policy, which of the following statements is CORRECT? -
ANSWERS-The producer must report the placement to his primary
insurance company
Individual life insurance proceeds are exempt from creditor's claims
when they are payable to any of the following entities EXCEPT the
insured's:
- children
- spouse
- estate
- business partner - ANSWERS-estate
During a sales presentation for an ordinary life insurance policy, a
producer may legally state that the insurance company guarantees:
- dividends
- cash values
END OF
PAGE
1
, WEST VIRGINIA LATEST
LAWS AND RULES
PERTINENT TO
INSURANCE
- cost indexes
- future interest rates - ANSWERS-cash values
In West Virginia, life or health insurance offered through direct-
response solicitation by a sponsoring organization, under which the
insured person pays all of his insurance costs, is known as - ANSWERS-
mass marketed insurance
An insured who is covered under an employer's Group Life policy for
$15,000 has resigned. All of the following statements about conversion
privileges are true EXCEPT:
- the insured must apply for conversion within 31 days after the date of
resignation
- conversion is guaranteed by the insurance company if applied for
- the insured can convert to a $15,000, 15-Year Level term policy
- the premiums will depend on the insured's age and the type of policy -
ANSWERS-the insured can convert to a $15,000, 15-Year Level term
policy
END OF
PAGE
2
, WEST VIRGINIA LATEST
LAWS AND RULES
PERTINENT TO
INSURANCE
A producer is suggesting replacement if a prospective insured is given
all of the following advice EXCEPT:
- "Discontinue premiums and put them into a new policy"
- "Take Reduced Paid-Up insurance and use present premiums for a new
policy"
- "Borrow all of your cash value from your current policy to purchase a
new policy"
- "Convert your Term insurance to Whole Life" - ANSWERS-"Convert
your Term insurance to Whole Life"
The West Virginia Insurance Commissioner attains office in which of
the following ways? - ANSWERS-Gubernatorial appointment
(Governor of WV)
An offer of life insurance by an insurance company in West Virginia to
individuals who are personally invited to apply on the basis of the offer
is known as what type of solicitation? - ANSWERS-Direct response
END OF
PAGE
3
