Exam
Exam
Under a dwelling policy, which of the following is NOT a factor in determining a loss? a) The policy limit b) The amount reflecting the insured's interest in the property at the time of loss c) The amount necessary to repair or replace the property d) The amount negotiated by the insured The value of a loss is decided according to the actual cash value of the property, the policy limit, the amount needed to repair or replace the property, or the amount reflective of the insured's interest in the property. #11. The section of an insurance policy that details what perils are not insured against and what persons are not insured is known as the a) Declarations. b) Endorsements. c) Conditions. d) Exclusions. The exclusions section of an insurance policy details what perils are not insured against and what persons are not insured. #14. Because an insured owns a lot of expensive jewelry, her insurance agent has advised her to purchase a scheduled personal property endorsement. If the insured adds this endorsement to her homeowners policy, which of the following statements would be correct? a) Coverage C limits will no longer apply to the jewelry insured by the endorsement. b) The amount of coverage will be doubled. c) The endorsement becomes excess coverage. d) The endorsement becomes primary coverage and the HO contract is secondary. When items are scheduled, they are excluded from Coverage C as insured items, and are covered only under the scheduled personal property endorsement. #15. An insured has $5,000 of medical coverage on a personal auto policy at the time of a covered accident. The insured and two passengers are injured. Medical treatment costs $7,000 for the insured, $4,000 for the first passenger, and $8,000 for the second passenger. How much will the policy pay under medical payments coverage? a) $5,000 minus the policy deductible b) $14,000 c) $15,000 d) $5,000 maximum for the accident The limit is not more than $5,000 per person, per accident. #16. Business personal property coverage form covers all of the following EXCEPT a) Furniture and fixtures. b) Machinery that is not permanently installed. c) Stock. d) Automobiles held for sale. Automobiles held for sale are among the exclusions in the BPP form. The rest are covered types of property. #18. Which of the following IS covered under the theatrical property floater of an Inland Marine policy? a) Admission tickets b) Animals c) Jewelry made with precious stones d) Vehicles used on stage Covered property includes the following: scenery; costumes; theatrical property; and similar property of others. Vehicles are also covered if they are actually used on stage. #20. A business using its own trucks to move its own cargo would insure the cargo using a) Motor truck cargo - owners form. b) Motor truck cargo - truckers form. c) Motor carrier form. d) Trip transit coverage. A business using its own trucks to move its own cargo would insure the cargo using the owners form. #21. Workers compensation rating is developed by applying a rating bureau job classification rate to each a) $500 of payroll. b) $1,000 of payroll. c) $100 of payroll. d) $250 of payroll. Workers compensation rating is developed by applying a rating bureau job classification rate to each $100 of payroll. #23. Peril is most easily defined as a) Something that increases the chance of loss. b) The cause of loss insured against. c) An unhealthy attitude about safety. d) The chance of a loss occurring. Perils are the causes of loss insured against in an insurance policy. #24. Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? a) Motor truck cargo policy - owners form b) Trip transit policy c) Truckers coverage form d) Motor truck cargo policy - truckers form The motor trucker cargo truckers is liability insurance and the owners form is property coverage. #26. Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned automobile is a) Shared on a pro rata basis. b) Provided by the insured's policy on a primary basis. c) Provided by the insured's policy on an excess basis. d) Not covered. Automobile insurance follows the insured auto, so the coverage written on the auto is primary. Automobile insurance also follows the insured as excess over other collectible insurance. #29. Which of the following types of valuation works best for property whose value does not fluctuate much? a) Inflation guard b) Agreed value c) Market value d) Stated amount Agreed value works best for items whose value does not fluctuate much. When a loss occurs, the policy pays the agreed value as specified on the policy schedule, regardless of the insured item's appreciation or depreciation. #32. The insured's house is located one mile from the county's new landfill and across the road from the entrance of a rock quarry. It would cost $150,000 to rebuild the house if something happened to it, but when the insured tried to sell it, the best offer he received was $80,000. The insurance company will insure the house for only $80,000. What method of valuation is used to insure this property? a) Market value b) Actual cost value c) Replacement cost d) Functional replacement cost When insured for market value, it is insured for what a willing buyer would pay prior to a loss. This is different from actual cash value or replacement cost. #33. An uninsured motor vehicle includes all of the following EXCEPT a) The vehicle has no liability bond or insurance in force. b) A vehicle being used for public livery. c) The accident was a hit-and-run. d) The insurance company denies coverage. A vehicle being used for public livery is a standard exclusion in uninsured motorist coverage, not a category or type of uninsured motor vehicle. #34. For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become a) More active. b) Larger. c) Smaller. d) Older. According to the law of large numbers, the larger a group becomes, the easier it is to predict losses. Insurers use this law in order to predict certain types of losses and set appropriate premiums. #37. Which of the following liability exposures is most likely for a small specialty clothing retail boutique? a) Product liability exposure b) Completed operations liability exposure c) Premises liability exposure d) Operations liability exposure The premises liability exposure exists when there is use of the premises. Operations liability exposure relates to activities in addition to use. Product liability exposure is the possibility that the public might be injured by the product. Completed operations liability refers to liability for work already performed or completed. For a boutique retail store, the only possible liability would arise from customer injury while on the premises. #39. Individuals in the business of selling construction equipment and mobile equipment should insure with a/an a) Contractors equipment floater. b) Installation floater. c) Personal property floater. d) Equipment dealers coverage form. An equipment dealer's coverage form covers a dealer's stock in trade consisting primarily of mobile agricultural equipment and construction equipment. It also covers property of others in the dealer's care, custody, or control. It excludes coverage for autos, motorcycles, aircraft, and watercraft. #43. The insured has violated the contract without the knowledge of the mortgage holder. After a loss a) The insured cannot collect but the mortgage holder will still be paid. b) Neither the insured nor the mortgage holder will be paid. c) Both the insured and mortgage holder will be paid. d) The pro rata liability clause applies. Mortgagees have insurable interest in the property for which they loaned the money for purchase. Therefore, they will still be paid their interest in the loss even though the insured does not get paid because they violated the contract. #44. Which of the following risks would NOT be eligible for coverage under a homeowners policy? a) An applicant who lives in a duplex that she does not own b) An applicant who owns and lives in a duplex c) An applicant who owns and lives in a single-family dwelling that also contains incidental business activities d) An applicant who owns and lives on a commercial farm Risks that contain a farming exposure are not eligible for homeowners insurance. #45. What is the deductible of a personal liability umbrella policy called? a) The PIL b) The CGL c) The CPP d) The SIR The self-insured retention (SIR) is an initial part of a loss the insured pays before the umbrella pays if no other policy covers the loss. #46. All of the following are true regarding physical damage coverage EXCEPT a) The limit of liability is the greater of the actual cash value of the vehicle at the time of loss or the amount necessary to repair or replace the vehicle. b) Losses to nonowned autos will be covered the same as the broadest coverage available for any covered auto, except nonowned trailers are limited to $1,500. c) The policy will pay up to $20 per day up to a maximum of $600 for rental transportation. d) The insurer will pay for direct and accidental loss to a covered auto minus any applicable deductible. The limit of liability is the lesser of the actual cash value of the vehicle at the time of loss or the amount necessary to repair or replace the vehicle. #47. What is a material misrepresentation? a) Any misstatement by the producer b) Concealment c) A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company d) Any misstatement made by an applicant for insurance A material misrepresentation is a statement that, if discovered, would alter the underwriting decision of the insurance company. #50. Persons covered under an insurance policy, whether named or not, are known as the a) Additional insureds. b) Insureds. c) Named insureds. d) First named insureds. The insureds are persons covered under a policy, whether named or not. #55. How long is the waiting period after the application has been accepted before flood coverage goes into effect? a) 30 days b) 6 months c) 12:01 am the next day d) 5 days The waiting period is 30 days as required by the National Flood Insurance Program. #61. Which of the following is NOT covered under accounts receivable coverage form? a) Expenses to reestablish the records, if possible, and collection expenses that are in excess of normal costs b) Any loans required to offset uncollectible amounts c) Interest on loans required to offset uncollectible amounts pending payment of the insurance proceeds d) Sums due the insured that are uncollectible due to a covered loss Loan principal amounts are not covered under the form. However, other expenses, such as interest on necessary loans, are covered. #68. A specific coverage part is listed on the commercial package policy declarations page, but there is no premium shown. What does that mean? a) Coverage is automatic. b) There is no coverage. c) Coverage applies without premium. d) This must be a misprint on the form. If no premium amount is shown, there is no coverage for that coverage part. #69. The policy conditions define a) How parties to the contract must act following a loss. b) The basic underwriting information. c) The excluded perils. d) The amount of coverage. Conditions is an essential part of a policy structure. Conditions define what each party to the policy is required to do contractually in the event of a loss. #72. A meteorite hits the insured's car, causing damage. Under which of the following coverages in a personal auto policy would this loss be paid? a) Liability b) Uninsured motorist c) Collision d) Other-than-collision Damage caused by a falling object would be covered under other-than-collision. #73. A bond is written for a set limit, and the surety will be liable only for this amount of the limit. This limit is known as the a) Limit of liability. b) Penalty. c) Face value. d) Stated amount. A bond is written for a set limit, sometimes called the penalty. If the principal's obligation exceeds the limit, the surety will be liable only for the amount of the limit. #76. Who is NOT an insured for liability on a BAP? a) The owner of a car the insured borrows b) Anyone using a covered auto with permission c) Anyone liable for the conduct of the insured d) The named insured in any covered auto A business auto policy defines who is not an insured; the owner of a car the insured borrows is one of them. #77. Valuable papers and records form provides coverage for the reconstruction of all of the following types of records EXCEPT a) Blueprints. b) Deeds. c) Historical records. d) Prepackaged software. Coverage for reconstructing prepackaged software is specifically excluded. #78. In the personal auto policy, owned trailers being towed by an insured auto are automatically covered for a) Towing coverage. b) Comprehensive (other-than-collision) coverage. c) Collision coverage. d) Uninsured motorist coverage. Trailers, while being towed by an insured auto, are covered automatically for bodily injury (BI), property damage (PD) and uninsured motorist (U/M) under Part A of a personal auto policy. #79. An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 This insured only carried 75% of the amount of insurance he had agreed to carry ($120,000 of the agreed $160,000), so the insurer will pay only 75% of the loss, or $30,000. If the insured had carried the required amount of insurance, partial losses would be paid in full. In the event of a total loss, the face of the policy would be paid. If the full amount is not carried, divide the actual amount carried by the amount that should be carried (the coinsurance amount), and multiply it by the loss. #83. The liability coverage of the businessowners policy is written on a a) Businessowners liability coverage form. b) Policyowners liability coverage form. c) Aggregate liability coverage form. d) Homeowners liability coverage form. The liability coverage of the businessowners policy is written on a businessowners liability coverage form and generally applies to all operations and premises owned or operated by the insured. #84. Which of the following policies does NOT contain an automatic reinstatement provision? a) Business automobile liability b) Personal automobile liability with split limits c) Homeowners d) General liability written with an aggregate limit An aggregate limit is reduced by the payment of claims. It is possible for an insured to run out of coverage before the expiration of the policy. Aggregate limits are restored on the anniversary date of the policy. #86. Duties of the insurer found in property policy conditions include all of the following EXCEPT a) Return any premiums to the insured. b) Notify the insured in the event of financial difficulty. c) Pay covered losses. d) Provide advance notice of cancellation. The insurance department monitors the financial conditions of insurers. The insurers report to the state, not to policyholders. #87. Which of the following best expresses the purpose of a stated value contract? a) To pre-establish the amount of coverage available for property items that are difficult to value b) To ensure that the principle of indemnification applies c) To establish the value of property subject to loss by theft or robbery d) To provide a maximum limit for which the insurance company may become liable in casualty losses The value of the insured items is determined at the time the policy is written, not at the time of loss. #88. When an umbrella policy is broader than underlying insurance and it pays a loss that is not covered by the underlying policy, it usually only pays a) The amount specified in the policy under the additional coverage provisions. b) The amount in excess of the underlying policy deductible. c) A percentage of the loss as described on the declarations. d) The excess over the self-insured retention. Retention is the equivalent of a deductible in property insurance. #89. Which of the following dwelling coverage forms would pay replacement cost for the dwelling? a) DP-2 and DP-3 b) DP-3 only c) All dwelling property coverage forms d) DP-1 DP-2 and DP-3 pay replacement cost as long as the house is insured for at least 80% of its value on the date of loss. #91. In the event of a loss covered by the policy, if the insurer requests a signed sworn proof of loss, the named insured is required to submit it within a) 1 year. b) 5 business days. c) 30 days. d) A specified time. In the event of a loss covered by the policy, the named insured is required to submit to the insurer a signed sworn proof of loss within the allotted time (usually 60 days, but may vary). #94. Which of the following would NOT be considered a flood? a) Sewer backup b) Overflow of tidal waters c) Mudslides d) Runoff of surface waters Flood is defined by the National Flood Insurance Program. It does not include sewer backup. #95. Which of the following liability policies is usually written on a "claims-made" form? a) Personal liability b) Umbrella liability c) Professional liability insurance d) Automobile liability Most professional liability policies are written on a claims-made form which means that coverage may not be provided for claims arising from acts that occurred prior to the inception of the policy and for claims arising for acts that occur during the coverage period, but where the claim is not made until after the expiration of the policy, will not be covered, unless an "extended reporting period" (tail-coverage) is purchased. #100. All of the following statements concerning coinsurance are true EXCEPT a) The insured agrees to maintain insurance equal to some specified percentage of the value of the property. b) If the insurance carried is less than required, the insurance may not cover the whole loss. c) The coinsurance formula will also be applied to total losses. d) It is used to help adequacy and equity in rates. In the event of a total loss, the coinsurance clause does not operate and the face amount of the policy is paid. #101. An insured has a personal auto policy with both comprehensive (other-than-collision) and collision coverage. His car is stolen and recovered five days later. If the insured claims transportation expenses of $20 per day, how much will his policy pay? a) $45 b) $60 c) $75 d) $100 The policy will pay $20 per day after 48 hours, not to exceed 30 days in total. #103. All of the following are supplemental payments found in liability policies EXCEPT a) Reasonable expenses incurred by the insured. b) Limited amounts for bail bonds and other bonds related to a claim. c) Costs the insured incurred in hiring an attorney. d) All expenses and defense costs incurred by the insurer. Supplemental payments pay the insurance company's expenses and will not pay expenses incurred by the insured unless incurred at the insurer's request. #104. Which of the following homeowners policies covers those who rent their dwelling? a) HO-2 b) HO-4 c) HO-6 d) HO-1 The personal property of a tenant is covered by the HO-4 policy. #108. There are only 3 reasons an Auto Policy may be cancelled after the first 60 days of a new policy. There are many reasons a policy may be nonrenewed. Which of the following is a legitimate reason for nonrenewing an Auto Policy? a) The insured has had 4 comprehensive claims within the last 6 months b) One of the primary operators had 3 not at fault accidents within the last 3 years c) Drunk driving conviction 4 ½ years ago d) The named insured has enlisted in a branch of the U.S. armed forces An Auto Policy can be non-renewed for an accumulation of accidents even if they are not the insured's fault. #114. The State Corporate Commission (SCC) has the authority to do all of the following EXCEPT a) Impose fines or other penalties for violations of insurance laws. b) Have interest in insurance companies regulated by the Commission. c) Issue cease and desist orders. d) Issue licenses and certificates of authority. The Commission may not have ownership of, interest in, or any transactions in any capacity with any financial institution or insurance company licensed or regulated by the SCC. #115. Which of the following authorities determines whether an insurer's appointment of an agent is valid? a) Federal Association of Insurers b) NAIC c) Commission d) Guaranty Association If the Commission determines the appointment is invalid, it will notify the insurer within 5 business days of receipt of notice. If the appointment is valid, the Commission will issue an acknowledgement of appointment to the agent and insurer within 5 business days. #116. Giving a client an inducement to a sale not stated in the policy is an unlawful practice known as a) Unlawful distribution of dividends. b) Coercion. c) Rebating. d) Twisting. Rebating is defined as any inducement offered to the insured in the sale of insurance products that is not specified in the policy. Both the offer and acceptance of a rebate are illegal. #118. All of the following must be included in the report to the Commissioner after any felony conviction or administrative action is taken against a licensed insurance agent EXCEPT a) General facts and circumstances surrounding the conviction/action. b) Specific facts and circumstance surrounding the conviction/action. c) A copy of the agent's license. d) Consent to the order. 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 30 days. The report must include a copy of the order, consent to order or other relevant legal documents. #119. Which of the following is responsible for establishing standards for owner-occupied dwelling policies? a) The NAIC b) The insurer c) The policyowner d) The Commission Standards for the content of owner-occupied dwelling policies, riders, endorsements, or other supplemental agreements or provisions are established by the Commission. Policies cannot be issued or renewed without first being submitted to the Commission to determine said standards are met. #120. An unlicensed person who refers a customer to a licensed agent can receive compensation for the referral provided all of the statements are true EXCEPT a) The person provides policy details and guarantees the price to the customer. b) The compensation is in the form of a one-time nominal fixed-amount fee. c) The referral does not include a discussion of specific insurance policy terms and conditions. d) The compensation does not depend on whether the customer purchases an insurance policy. A person who refers a customer to a licensed agent can receive compensation provided compensation does not depend on the customer purchasing the insurance, compensation is a one-time nominal fee of a fixed amount, and the referral does not include specific policy terms and conditions. #121. An insured has a Homeowners policy with an insurance company that declares bankruptcy about the time the insured's home burns down. The insurance policy limit was $375,000 and the property was declared a total loss. What will be the result of the insured's claim? a) The insured will have to sue the insurance company and hope the bankruptcy court awards him the money. b) The insured is entitled to $300,000 from the Virginia Property and Casualty Insurance Guaranty Association. c) The insured will collect nothing. d) The insured is entitled to $375,000 from the Virginia Property and Casualty Insurance Guaranty Association. The Virginia Property and Casualty Insurance Guaranty Association covers claims for bankrupt admitted insurers up to a maximum of $300,000 for other than Workers Compensation claims. #122. If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered a) A required disclosure. b) A legal representation of the Association. c) An unfair trade practice. d) A misrepresentation. It is an unfair trade practice to make any statement that an insurer's policies are guaranteed by the existence of the Insurance Guaranty Association. Though it is illegal to advertise, the statement is still true and would not be considered a misrepresentation. #127. An insurance agent changes his residential address. Within what time period must the agent notify the Commission of the change? a) Immediately b) 10 business days c) 30 calendar days d) There is no requirement for residential addresses. Every agent licensed in Virginia must report a change of residential or business name or address in writing to the Commission within 30 calendar days. #128. Once the agent's appointment with the insurer has been terminated, how soon must the insurer mail a notice of termination to the agent? a) 10 days b) 15 calendar days c) 30 days d) 5 business days Within 15 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. #129. When an insurance producer is to charge an administrative fee to an insured, all of the following must be done EXCEPT a) The agent must disclose the fees in writing. b) The insured must provide a signature on any fee disclosure. c) A schedule of fees must be posted in the office. d) A copy of any fee disclosure must be provided to the insured. All fees and charges for insurance must be stated in the premium. Agents are permitted to charge certain administrative fees provided the agent posts a schedule of the fees in the office, discloses the fees to the client in writing and the client signs the disclosure. #130. Which of the following coverages must be accompanied by optional Ordinance or Law coverage? a) Professional liability b) Homeowners c) Equipment breakdown d) Fire Insurers issuing fire insurance must offer a provision that property will be repaired or replaced in accordance with ordinances and laws regulating construction, repair or demolition. #131. Which of the following best describes a misrepresentation? a) Making a maliciously critical statement that is intended to injure another person b) Discriminating among individuals of the same insuring class c) Issuing sales material with exaggerated statements about policy benefits d) Making a deceptive or untrue statement about a person engaged in the insurance business Misrepresentation is issuing, publishing or circulating any illustration or sales material that is false, misleading or deceptive as to policy benefits or terms, the payment of dividends, etc. This includes oral statements. #132. Insurance companies may NOT base a nonrenewal solely on claims information that is more than a) 7 years old. b) 5 years old. c) 6 months old. d) 120 days old. Insurance companies may not base a nonrenewal solely on claims information that is more than 60 months (5 years) old. #133. What governing body issues rules and regulations for the administration of the Insurance Code? a) The Virginia Department of Insurance b) The Life and Health Guarantee Association c) The Joint Legislative Audit and Review Commission d) The State Corporation Commission The State Corporation Commission, referred to as "the Commission," issues the rules and regulations for the administration of the Insurance Code. #134. What is the maximum penalty that could be imposed on an agent for an unintentional violation of Virginia insurance law? a) $2,000 b) $5,000 c) $500 d) $1,000 Any person who violates without knowledge or intent the insurance code of Virginia may be punished for each violation by a penalty of not more than $1,000. Willful violations may result in a fine up to $5,000. #135. If an insurer chooses to cancel an automobile insurance policy for an allowable reason, the named insured must receive written notice at least a) 10 days in advance if the reason is for nonpayment; 30 days for any other reason. b) 10 days for any reason. c) 45 days for any reason. d) 15 days in advance if the reason is nonpayment; 45 days for any other reason. As established by the Insurance Code, an automobile insurance policy cancellation for non-payment of premium requires 15 days advance notice. If a policy is cancelled for any other reason, a 45-day advance notice is required. #136. How often will the Commissioner examine an insurer's books and records? a) Annually b) Only upon a request from the insurer or a complaint from a customer c) At least once every 5 years d) Every 3 years The Commission may examine books or records of each insurer as seen fit, but at least once every 5 years. #137. All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT a) An offer to share in commissions generated by the sale. b) Dividends from a mutual insurer. c) An offer of employment. d) Stocks, securities, or bonds. Dividends paid to policyholders of a mutual insurer are not considered to be a rebate because the policy specifies that they might be paid. #138. An agent is licensed for life and property insurance. How many hours of CE is the agent required to earn every 2 years? a) 10 b) 16 c) 24 d) 40 Any agent who holds one type of license must complete 16 hours of continuing education. Any agent who holds more than one type (such as life and property) must complete 24 hours of continuing education. #139. What authority issues a Cease and Desist Order? a) NAIC b) Federal Board of Insurance Fraud c) Commission d) Law Enforcement Officials Whenever it appears that any person is violating an insurance law of Virginia or any rule or regulation made by the Commission, the Commission may issue a cease and desist order. #140. If an agent's appointment is terminated, suspended or revoked, the agent must cease selling or soliciting on behalf of the insurer within a) 10 calendar days. b) 15 calendar days. c) 30 calendar days. d) 5 calendar days. If an agent's appointment is terminated, suspended or revoked, the agent must cease selling or soliciting on behalf of the insurer within 10 calendar days. If the agent does not cease selling or soliciting, he or she may be subject to penalty. #141. What is the term most specifically associated with the fact that an agent is in a position of financial trust, and must be held accountable for handling premiums or other funds? a) Express authority b) Utmost good faith c) Legal duty d) Fiduciary capacity An agent is in a position of financial trust and must be held accountable for receipt of premiums, return premiums, or other funds. This responsibility is referred to as the agent's fiduciary capacity. #142. An agent is convicted of a felony in another jurisdiction. Within what period of time must the agent report the felony charge to the Commission? a) Immediately b) 5 days c) 10 days d) 30 days 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 30 days. #143. What kind of insurance would someone be able to find through the FAIR plan? a) Low cost b) Group coverage c) Property and casualty d) Blanket coverage The FAIR Plan assists applicants in finding basic property and casualty insurance. The Plan is comprised of insurers in the state who issue policies on a direct basis. #144. An adverse underwriting decision may be based on which of the following? a) Information obtained from an insurance institution responsible for a previous adverse underwriting decision b) Personal information received from an insurance-support organization whose primary source of information is insurance institutions c) That an individual previously obtained insurance coverage from a particular insurance agent d) That an individual previously obtained insurance coverage through a residual market mechanism An agent may receive information from an insurance institution responsible for a previous adverse underwriting decision that enhances his or her decision to make an adverse underwriting decision. If the decision is make an adverse underwriting decision, he or she must give the Commission notice. #145. An agent has moved from Virginia to another state. When will his license authority be terminated? a) 30 days after the Commission receives the notification of the move b) 30 days after the change of residence c) Within 10 business days d) Immediately If an agent has moved the place of residence from this Commonwealth, the license authority terminates immediately, whether or not the Commission has been notified ablsfdgf
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