Insurance Chapter 10
The West Virginia life and health insurance guarantee association is
Funded by admitted insurance companies through assessments
Long-term care policies issued in West Virginia must be
Guaranteed renewable
___ ____ Insurance is life or health insurance offer through direct response solicitation by sponsoring organization.
Mass marketed
Which of these individuals would require continuing education?
Resident producers
In order to terminate a producers appointment the insurer must
Send notice of the termination to the commissioner
Which of the following is a requirement to attain a non-resident producer license?
The producers state of residence must have reciprocity with this state
While taking an application for an accident and sickness policy, and producer miss list any other health insurance policies have sold to the applicant is the sale involves
Replacement
As the producer charged a fee for placing an insurance policy. Under West Virginia law, S must
Report the placement to his primary insurer
In West Virginia, the required free look. For individual health insurance policies is ___ days.
10
The insurance commissioner must give at least ___ days notice prior to holding a hearing regarding a producers license.
15
Once the insurance commissioner makes a ruling after hearing and insured or insurance may request a re-hearing within ___ days.
30
Newborn children must initially be provided health care coverage for ____ days.
31
____ Is the authority given to a producer to transact business on behalf of the insurer.
Appointment
At what point does a producer deliver a notice to applicant regarding the placement of accident in sickness insurance?
At the time of application
B is up with you sir it is not licensed to sell insurance in West Virginia. If he sells an insurance policy in West Virginia, who was responsible for unpaid claims on that policy?
B the producer
A domestic insurance company in West Virginia must
Be incorporated in formed in West Virginia
Which of the following permits an insurance company to transact business in West Virginia?
Certificate of authority
What does the West Virginia life and health insurance guarantee association provide?
Claim payments of admitted, insolvent insurance companies
Which of these products does not require continuing education for the producer selling them?
Credit accident and sickness insurance
A _____ _____ is the signed document that starts the free look period.
Delivery receipt
How often mustn't insurance producers license in West Virginia be renewed?
Every 2 years
Who approves continuing education courses in West Virginia?
Insurance commissioner in the board of insurance agent education
A for an insurance company doing business in West Virginia
Is a company that was formed under the laws of another state
Which of the following is considered to be a nonstop, nonprofit corporation
Medical service corporation
An insurance applicant made a fraudulent statement on the application for the purpose of obtaining money benefits from a nature. The applicant is guilty of
Misrepresentation
Which type of insurance company allows her policy owners to elect a governing bodies?
Mutual
A producer who is a resident in another state but license to transact insurance in West Virginia is called a ____ producer.
Nonresident
A producer has replace an existing accident and sickness policy with a new one for a client. which of the following forms must be provided to the client prior to policy delivery?
Notice regarding replacement
Which of the following statements is correct about the insurance commissioner is authority to examine the business records of a producer?
The commissioner may examine them whenever it's deemed necessary
Why would the insurance commissioner exam in the records of an insurance company?
To determine the solvency of the company
Which of the following is a requirement to attain a West Virginia resident producer license?
Trustworthiness competence
And example of an unfair claim settlement practice is
Turning down the claims that providing the basis of denial
Jay is a producer who is induced and insured through misrepresentation to surrender an existing insurance policy. What is Jake else he have?
Twisting
Jasmine applies for accident and sickness coverage in a policy is leader issued wanna basis other than he originally applied for. Under West Virginia wall, a new disclosure statement must be delivered to Jasmine
With the policy
A producers license may be suspended or both if the licensee
Writes primarily controlled business
A stock insurance company
is owned exclusively by its shareholders