Page 1 of 23
Virginia Insurance License EXAM ALL QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR
Virginia Insurance Licensing, Regulations, and Ethical
QUESTION: 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? - ANSWER-Investigative consumer report
QUESTION: Making a derogatory statement, which is intended to injure a person in the
insurance business is an illegal practice known as: - ANSWER-Defamation
QUESTION: When can the Bureau of insurance examine an agents record? - ANSWER-Anytime
QUESTION: In addition to other penalties set forth in the code,the specific penalty to the agent
for submitting business without the required license is: - ANSWER-A fine equal to the first year's
commission
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, Page 2 of 23
QUESTION: To satisfy the continuing education requirements an agent who hold only two
licenses is required to complete at least - ANSWER-24 hours of continuing education
QUESTION: Licensed insurance agent in Virginia are required to notify the commission of any
conviction of felony within - ANSWER-30 days
Q;What is the maximum amount of continuing education hours for an agent who been licensed
for less than 20 years in Virginia? - ANSWER-16 hours to include three hours of law or ethics
QUESTION: Any agent broker or counselor is required to notify the commissioner of insurance
of any change of address within how many days of change - ANSWER-30 days
QUESTION: The bureau of insurance is a division of: - ANSWER-The State Corporation
commission
2
, Page 3 of 23
QUESTION: What portion of an agent biannual continuing education requirement must be
dedicated to Virginia law and ethics? - ANSWER-At least three credit hours
QUESTION: When must insurance agents renew their appointments in Virginia? - ANSWER-
Must be renewed annually by the insurer
QUESTION: Any person who knowing violates a provision of the insurance code will be fined up
to - ANSWER-$5000 per occurrence with no maximum
QUESTION: Rebating - ANSWER-sharing something of value with the policy buyer
QUESTION: Twisting - ANSWER-Misrepresenting a policy in order to induce a policyholder into
purchasing a new one
QUESTION: The state law that protects the privacy rights of applicants for insurance and
requires that insurance companies just close the reasons for rejecting applicant or other
adverse underwriting decisions is the: - ANSWER-The fair credit reporting act
3
Virginia Insurance License EXAM ALL QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE THIS
YEAR
Virginia Insurance Licensing, Regulations, and Ethical
QUESTION: 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? - ANSWER-Investigative consumer report
QUESTION: Making a derogatory statement, which is intended to injure a person in the
insurance business is an illegal practice known as: - ANSWER-Defamation
QUESTION: When can the Bureau of insurance examine an agents record? - ANSWER-Anytime
QUESTION: In addition to other penalties set forth in the code,the specific penalty to the agent
for submitting business without the required license is: - ANSWER-A fine equal to the first year's
commission
1
, Page 2 of 23
QUESTION: To satisfy the continuing education requirements an agent who hold only two
licenses is required to complete at least - ANSWER-24 hours of continuing education
QUESTION: Licensed insurance agent in Virginia are required to notify the commission of any
conviction of felony within - ANSWER-30 days
Q;What is the maximum amount of continuing education hours for an agent who been licensed
for less than 20 years in Virginia? - ANSWER-16 hours to include three hours of law or ethics
QUESTION: Any agent broker or counselor is required to notify the commissioner of insurance
of any change of address within how many days of change - ANSWER-30 days
QUESTION: The bureau of insurance is a division of: - ANSWER-The State Corporation
commission
2
, Page 3 of 23
QUESTION: What portion of an agent biannual continuing education requirement must be
dedicated to Virginia law and ethics? - ANSWER-At least three credit hours
QUESTION: When must insurance agents renew their appointments in Virginia? - ANSWER-
Must be renewed annually by the insurer
QUESTION: Any person who knowing violates a provision of the insurance code will be fined up
to - ANSWER-$5000 per occurrence with no maximum
QUESTION: Rebating - ANSWER-sharing something of value with the policy buyer
QUESTION: Twisting - ANSWER-Misrepresenting a policy in order to induce a policyholder into
purchasing a new one
QUESTION: The state law that protects the privacy rights of applicants for insurance and
requires that insurance companies just close the reasons for rejecting applicant or other
adverse underwriting decisions is the: - ANSWER-The fair credit reporting act
3
