VA State Life, Annuities, and Health exam, 2nd part only

Any person who violates the Insurance Code without knowledge or intent may be subject to a penalty of not more than ________ for each violation.

$1,000

A series of similar violations resulting from the same act will be limited to a total penalty of not more than ________.

$10,000

Any person who knowingly and willfully obtains information about an individual from an insurance institution, agent or insurance-support organization under false pretenses will be fined a maximum of ________ or punished by confinement in jail for not more than ________, or both.

$10,000, 12 months

Any person who knowingly or willfully violates the Insurance Code of this state will be subject to a penalty up to _______ for each violation.

$5,000

Each applicant for an insurance consultant's license must submit a nonrefundable application processing fee of ________ at the time of initial application.

$50

Should the insurer fail to remit the annual renewal fees by the due date, the Commission may impose a penalty of ________ per day for each calendar day between the date due and the date full payment, including the penalty, is received by the Commission.

$50

The Commission may examine every insurer authorized to transact business in Virginia as often as deemed necessary, but at least once every...

... 5 years.

If an agent's appointment is terminated, suspended or revoked, the agent must cease selling or soliciting on behalf of the insurer within ________calendar days.

10

Replacing insurers must provide a policyowner notice of the right to return the policy within ________ days of the delivery and receive an unconditional full refund of all premiums (free-look provision)

10

The Commission will notify the applicant in writing, at least ________ calendar days in advance, of the time and place of the hearing.

10

Notice of a hearing for a cease and desist order must include the time and place of the hearing and give at least ________ in advance.

10 days

If the request for waiver involves a situation that manifests itself within ________ days of the due date, only a portion of the required hours may be waived.

120

Within ________ calendar days after notifying the Commission of an agent's appointment termination, the insurer must mail a copy of the notification to the agent at his last known address.

15

Any agent who holds one type of license must complete ________ hours of continuing education (CE).

16

Minimum licensing age

18

Small employer

2-50 employees

Insurers may provide commissions to insurance producers for the sale of Medicare supplement policies only if the first year commission does not exceed ________ of the commission or other compensation paid for the sale or servicing of policy in the second year.

200%

HMOs are required to provide emergency care services to members on a ________ hour basis

24

Any agent who holds more than one type of licenses must complete ________ hours of CE, with a minimum of ________ hours in each category (for example, a life and a property license).

24, 8

Agents licensed Long-Term Care must undergo ongoing training every ________ months. Initial training will be ________ hours, while ongoing training will be at least ________ hours.

24, 8, 4

All advertisements related to long-term care policies must be retained by the insurer for at least ________ years from the date the advertisement was first used.

3

All individual life insurance policies, with the exception of extended term policies, must have a provision that allows policyholders to borrow any cash values up to the cash surrender value amount, after the policy has been in force for ________ years.

3

Every licensee must retain all records pertaining to insurance transactions for the previous ________ calendar years.

3

Of the total required CE hours, ________ credit hours must be in ethics

3

Record retention period

3 years

A licensed agent may sell or solicit insurance on behalf of an insurer if the agent has not yet been appointed as long as the appointing insurer files a notice of appointment within ________ calendar days from the first insurance application or policy was submitted.

30

Any individual or business entity conducting the business of insurance under an assumed or fictitious name must notify the Bureau of Insurance either at the time of application for licensure or within ________ calendar days from the date the assumed or fictitious name is adopted.

30

Every agent licensed in Virginia must report a change of residential or business name or address in writing to the Commission within ________ calendar days.

30

Every licensed agent convicted of a felony and/or any administrative action taken against him/her in another jurisdiction or by another governmental agency in this Commonwealth must report all the facts and circumstances to the Commission within ________ days.

30

The accelerated benefit provision must be effective for accidents on the effective date of the policy or rider, and for illness no more than ________ days following the effective date of the policy or rider.

30

Upon the termination of the appointment of an agent by an insurer, the insurer must notify the Commission within ________ calendar days

30

Within ________ calendar days after the agent has received notification, the agent may file written comments with the Commission.

30

free-look

30 days

The Board must approve or disapprove the waiver request within ________ calendar days of receipt of request, and will provide written notice to the applicant for waiver within ________ calendar days a decision.

30, 5

When converting group life insurance to individual, application and the first premium payment are made within ________ days of termination of employment;

31

All advertisements must be maintained by the insurer on file for either ________ years or until the next scheduled report on examination, whichever is longer.

4

All advertisements must be kept on file for ________ years after the company has stopped using or publishing the advertisement.

5

An agent whose license has been denied or revoked cannot reapply for a new license for ________ years.

5

Commissions provided in subsequent (renewal) years must be the same as that in the second year, and must be provided for at least ________ renewal years.

5

HMOs are subject to examination by the Commission every ________ years.

5

If the Commission determines the appointment is invalid, the appointing insurer will be notified within ________ business days.

5

Records regarding agent training must be maintained for ________ years.

5

Replacing insurers must maintain copies of the notifications regarding replacement for at least ________ years.

5

Replacing insurers must notify any existing insurer within ________ business days that a replacement may be in order for an existing policy, and mail a copy of the illustration or policy summary for the replacement policy;

5

Upon the termination of the appointment of an agent by an insurer, the insurer must notify the agent within ________ calendar days

5

A Medicare supplement policy may not exclude or limit benefits for losses incurred more than ________ months from the effective date of coverage because it involved a pre-existing condition.

6

Pre-existing condition

6 months

Applicant must apply for and obtain a license within ________ of passing the state prelicensing exam.

6 months (183 calendar days)

Agents may not receive more than ________ of their required credits from courses provided by insurance companies or agencies.

75%

Requests for waivers must be submitted no later than ________ calendar days prior to the end of the biennium for which a waiver is requested.

90

The Bureau will automatically terminate all insurance licenses within ________ calendar days of receiving notification that a domestic or foreign corporation is no longer operating.

90

Suspension of license for noncompliance with CE

90 days

Every insurer must remit a renewal appointment fee for each active appointment before ________ of each year

August 10

After November 30, agents who have failed to complete the education, or submit a required waiver or payment may be provided a final opportunity to complete the requirements, as long as proof of compliance is received by the Continuing Education Board by ________.

December 31

an oral or written statement is made that is intended to injure a person engaged in the insurance business.

Defamation

any untrue, deceptive, or misleading advertisement statements that apply to the business of insurance or anyone who conducts it.

False Advertising

HMOs

Health Maintenance Organizations

issue, publish, or circulate any illustration or sales material that is false, misleading, or deceptive as to policy benefits or terms, the payment of dividends, etc. This also refers to oral statements.

Misrepresentation

NAIC

National Association of Insurance Commissioners

All CE courses must be completed by ________ (or the next working day) of each even-numbered year.

November 30

any inducement offered to the insured in the sale of insurance products that is not specified in the policy.

Rebating

________ is a misrepresentation, or incomplete or fraudulent comparison of insurance policies that persuades an insured/owner, to his or her detriment, to cancel, lapse, or switch policies. It is prohibited.

Twisting

In this state, continuing education (CE) is required ________ (every 2 years) of every resident and nonresident agent

biennially

If an agent has moved the place of residence from this Commonwealth, the license authority terminates ________, whether or not the Commission has been notified.

immediately