Virginia Insurance License
Comprehensive Questions and
Answers
What is the maximum amount of continuing education hours for an agent who been licensed
for less than 20 years in Virginia? - <CORRECT ANSWER >>16 hours to include three hours of
law or ethics
Any agent broker or counselor is required to notify the commissioner of insurance of any
change of address within how many days of change - <CORRECT ANSWER >>30 days
What type of report would be provided by a consumer reporting agency containing information
on a consumer's character, general reputation, personal characteristics or mode of living as
obtained through personal contact with neighbors, friends or associates of the consumer? -
<CORRECT ANSWER >>Investigative consumer report
Making a derogatory statement, which is intended to injure a person in the insurance business
is an illegal practice known as: - <CORRECT ANSWER >>Defamation
When can the Bureau of insurance examine an agents record? - <CORRECT ANSWER >>Anytime
In addition to other penalties set forth in the code,the specific penalty to the agent for
submitting business without the required license is: - <CORRECT ANSWER >>A fine equal to the
first year's commission
To satisfy the continuing education requirements an agent who hold only two licenses is
required to complete at least - <CORRECT ANSWER >>24 hours of continuing education
Licensed insurance agent in Virginia are required to notify the commission of any conviction of
felony within - <CORRECT ANSWER >>30 days
, The bureau of insurance is a division of: - <CORRECT ANSWER >>The State Corporation
commission
What portion of an agent biannual continuing education requirement must be dedicated to
Virginia law and ethics? - <CORRECT ANSWER >>At least three credit hours
When must insurance agents renew their appointments in Virginia? - <CORRECT ANSWER
>>Must be renewed annually by the insurer
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II<CORRECTIIANSWERII>>HeIImustIIinformIIitIIwithinII30IIdays
Comprehensive Questions and
Answers
What is the maximum amount of continuing education hours for an agent who been licensed
for less than 20 years in Virginia? - <CORRECT ANSWER >>16 hours to include three hours of
law or ethics
Any agent broker or counselor is required to notify the commissioner of insurance of any
change of address within how many days of change - <CORRECT ANSWER >>30 days
What type of report would be provided by a consumer reporting agency containing information
on a consumer's character, general reputation, personal characteristics or mode of living as
obtained through personal contact with neighbors, friends or associates of the consumer? -
<CORRECT ANSWER >>Investigative consumer report
Making a derogatory statement, which is intended to injure a person in the insurance business
is an illegal practice known as: - <CORRECT ANSWER >>Defamation
When can the Bureau of insurance examine an agents record? - <CORRECT ANSWER >>Anytime
In addition to other penalties set forth in the code,the specific penalty to the agent for
submitting business without the required license is: - <CORRECT ANSWER >>A fine equal to the
first year's commission
To satisfy the continuing education requirements an agent who hold only two licenses is
required to complete at least - <CORRECT ANSWER >>24 hours of continuing education
Licensed insurance agent in Virginia are required to notify the commission of any conviction of
felony within - <CORRECT ANSWER >>30 days
, The bureau of insurance is a division of: - <CORRECT ANSWER >>The State Corporation
commission
What portion of an agent biannual continuing education requirement must be dedicated to
Virginia law and ethics? - <CORRECT ANSWER >>At least three credit hours
When must insurance agents renew their appointments in Virginia? - <CORRECT ANSWER
>>Must be renewed annually by the insurer
AnyIIpersonIIwhoIIknowingIIviolatesIIaIIprovisionIIofIItheIIinsuranceIIcodeIIwillIIbeIIfinedIIupIItoII-
II<CORRECTIIANSWERII>>$5000IIperIIoccurrenceIIwithIInoIImaximum
RebatingII-II<CORRECTIIANSWERII>>sharingIIsomethingIIofIIvalueIIwithIItheIIpolicyIIbuyer
TwistingII-
II<CORRECTIIANSWERII>>MisrepresentingIIaIIpolicyIIinIIorderIItoIIinduceIIaIIpolicyholderIIintoIIpurchasi
ngIIaIInewIIone
TheIIstateIIlawIIthatIIprotectsIItheIIprivacyIIrightsIIofIIapplicantsIIforIIinsuranceIIandIIrequiresIIthatIIinsu
ranceIIcompaniesIIjustIIcloseIItheIIreasonsIIforIIrejectingIIapplicantIIorIIotherIIadverseIIunderwritingIId
ecisionsIIisIIthe:II-II<CORRECTIIANSWERII>>TheIIfairIIcreditIIreportingIIact
AnIIagentIIpayingIIallowingIIgivingIIofferingIIareIIpromisingIItoIIaIIprospectiveIIinsuranceIIbuyerIIisIIcalle
d:II-II<CORRECTIIANSWERII>>Rebating
IfIIaIIVirginiaIIPIIandIILIIlicensedIIagentIIwhoIIholdsIIaIInonresidentIIlicenseIIandIIonIItheIIotherIIstateIIhav
eIIanIIadministrativeIIactionIItakenIIagainstIIhimIIbyIItheIInonresidentIIstateIIhowIIlongIIdoesIItheIIagentI
IhaveIItoIIadviseIItheIIinsuranceIIbureauIIofIItheIIoutcome?II-
II<CORRECTIIANSWERII>>HeIImustIIinformIIitIIwithinII30IIdays
