WV insurance State Exam 2025 -2026\LATEST UPDATE
\COMPLETE QUESTIONS AND ACCURATE DETAILED
ANSWERS GRADED A+
When making a recommendation to a consumer to purchase an
annuity, the
producer must make reasonable efforts to obtain
suitability information. Suitability information includes
d
-gender, place of employment, credit score
-credit score, age, health history
-annual income, gender, criminal background
-age, annual income, financial experience
A labor union must have at LEAST _ members to be issued a
group life policy
a -25
-45
-35
-55
Which premium schedule results in the lowest cost to the
policyowner?
d -Semi-annual
-Monthly
-Quarterly
-Annual
A policyowner would like to change the beneficiary on a Life
insurance policy and make the change permanent. Which type of
designation would fulfill this need?
c -Revocable
-Contingent
-Irrevocable
-Primary
, How often must an insurance producer's license in West Virginia
be renewed?
a -every two years
-every year
-every three years
-every five years
Replacement can be defined as
-converting term coverage to an individual whole life policy
d -cash surrendering an existing policy
-accepting a reduced paid-up policy
-exchanging an existing policy for a new policy
P the producer reports to the Insurance Commissioner a
final disposition of an administrative action taken
against him. This report must
a
-include a copy of the order
-include a written apology
-include a $500 fee
-be prepared by an attorney
When an employee is terminated, how long does this
employee have to convert group life coverage to an
individual plan?
b
-30 days
-31 days
-60 days
-90 davs
_ can be defined as "making an unfair comparison of two
insurance policies".
d -Rebating
-Twisting
-Coercion
-Misrepresentation
The West Virginia Life and Health Insurance Guaranty Association
is
b -an entity that assists in underwriting large insurance policies
-funded by insurance companies through assessments
-funded by the state government
-administered by the Federal government
, A life insurance policyowner recently died. The proceeds
from this policy are NOT exempt from a creditor's
claims when they are payable to
c
-the insured's spouse
-the insured's children
-the insured's estate
-the insured's business associates
Which of the following is a requirement to attain a West
Virginia resident producer license?
-Graduate from high school
c -U.S. citizen
-Trustworthiness and competence
-Live in this state at least 5 years
A group life insurance policy insured may assign up to of
insured's coverage
d -25%
-50%
-75%
-100%
P, age 50, purchased an annuity that P will fund with $500/
month for 15 years. The annuity will then pay P retirement
payments after the 15 years. Which type of annuity did P
purchase?
c -Immediate
-Retroactive
-Deferred
-Universal
Which of these statements concerning an Individual Straight Life
annuity is accurate?
-Life expectancy of the annuitant is not a factor
d -The payments are received tax-free
-Only available to employees of nonprofit charitable,
educational, and religious organizations
-Payments are made to an annuitant for life
\COMPLETE QUESTIONS AND ACCURATE DETAILED
ANSWERS GRADED A+
When making a recommendation to a consumer to purchase an
annuity, the
producer must make reasonable efforts to obtain
suitability information. Suitability information includes
d
-gender, place of employment, credit score
-credit score, age, health history
-annual income, gender, criminal background
-age, annual income, financial experience
A labor union must have at LEAST _ members to be issued a
group life policy
a -25
-45
-35
-55
Which premium schedule results in the lowest cost to the
policyowner?
d -Semi-annual
-Monthly
-Quarterly
-Annual
A policyowner would like to change the beneficiary on a Life
insurance policy and make the change permanent. Which type of
designation would fulfill this need?
c -Revocable
-Contingent
-Irrevocable
-Primary
, How often must an insurance producer's license in West Virginia
be renewed?
a -every two years
-every year
-every three years
-every five years
Replacement can be defined as
-converting term coverage to an individual whole life policy
d -cash surrendering an existing policy
-accepting a reduced paid-up policy
-exchanging an existing policy for a new policy
P the producer reports to the Insurance Commissioner a
final disposition of an administrative action taken
against him. This report must
a
-include a copy of the order
-include a written apology
-include a $500 fee
-be prepared by an attorney
When an employee is terminated, how long does this
employee have to convert group life coverage to an
individual plan?
b
-30 days
-31 days
-60 days
-90 davs
_ can be defined as "making an unfair comparison of two
insurance policies".
d -Rebating
-Twisting
-Coercion
-Misrepresentation
The West Virginia Life and Health Insurance Guaranty Association
is
b -an entity that assists in underwriting large insurance policies
-funded by insurance companies through assessments
-funded by the state government
-administered by the Federal government
, A life insurance policyowner recently died. The proceeds
from this policy are NOT exempt from a creditor's
claims when they are payable to
c
-the insured's spouse
-the insured's children
-the insured's estate
-the insured's business associates
Which of the following is a requirement to attain a West
Virginia resident producer license?
-Graduate from high school
c -U.S. citizen
-Trustworthiness and competence
-Live in this state at least 5 years
A group life insurance policy insured may assign up to of
insured's coverage
d -25%
-50%
-75%
-100%
P, age 50, purchased an annuity that P will fund with $500/
month for 15 years. The annuity will then pay P retirement
payments after the 15 years. Which type of annuity did P
purchase?
c -Immediate
-Retroactive
-Deferred
-Universal
Which of these statements concerning an Individual Straight Life
annuity is accurate?
-Life expectancy of the annuitant is not a factor
d -The payments are received tax-free
-Only available to employees of nonprofit charitable,
educational, and religious organizations
-Payments are made to an annuitant for life
