Free Insurance Regulation Practice Questions
Virginia Casualty exam — 169 practice questions.
Subtopics: Commission authority, Emergency orders, Knowing violations, Unknowing violations, Equipment malfunction, Restitution, Cease and desist hearing, Violating C&D order, License hearing notice, Reapplying after revocation, Surrendered license, Business entity license action, License discipline grounds, Exam retake wait, Exam registration, Passing score validity, Prior home-state license, Moving to Virginia, Fingerprinting, Service of process, Minimum age, Business entity license, Designated producer change, Revocation and appointments, Referral fees, Licensing exceptions, Assumed names, Acting as agent, Revoked licensee employment, Unlicensed submission penalty, Appointment types, Appointment scope, P&C includes personal lines, License renewal date, Failure to renew, Agency renewal, Felony reporting, Other-state actions, Moving out of Virginia, Nonresident licensing, Nonresident moves, Nonresident termination, Temporary license, Temporary license exam, Appointment deadline, Appointment verification, Invalid appointment, Appointment records, Termination of appointment, Cease solicitation, Termination for cause, Agent response, Reporting immunity, Agent of insurer, Premium paid to agent, Unlicensed insurer, Ocean marine placement, Record retention, Commission examinations, Insurer examinations, Commission payments, Renewal commissions, Sharing commissions, Agent of record change, Service fees, Fees in policy, Fiduciary account, Larceny reporting, Misrepresentation, False advertising, Defamation, Boycott and coercion, Unfair discrimination, Domestic violence status, Rebating exceptions, Receiving a rebate, Unauthorized signatures, Trade practice investigations, Privacy notices, Insurance consultants, Consultant exemptions, Consultant exam, Consultant contract, Public bodies, CE hours, CE multiple licenses, CE sponsor limit, CE extensions, CE exemption, CE nonresidents, CE carryover, CE termination, Exam requirement, Residency proof, Guaranty limit, Guaranty WC, Guaranty unearned premium, Guaranty time limit, Guaranty exclusions, Guaranty assessments, Guaranty residency, Surplus lines license, Surplus lines bond, Surplus lines placement, Surplus lines notice, Surplus lines notice timing, Surplus lines records, Surplus broker license, Fair Credit Reporting Act, Fraud and false statements, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Motor Carrier Act, Do Not Call, McCarran-Ferguson Act, NAIC role, Rebating, Twisting, CAN-SPAM Act, Guaranty association, Federal Insurance Office, Risk retention groups, Purchasing groups, Surplus lines (NRRA), Surplus lines insurers, Rate regulation, Rating laws, Advisory organizations, Unfair claims practices, Unfair trade practices, Misappropriation of premiums, Fraud reporting, Motor carrier financial responsibility, ERISA bonding, Producer licensing concepts, Agent vs broker, Gap insurance licensing, Federal regulation
Read the Insurance Regulation study guide
Sample questions & answers
1. Under Virginia law, all licenses granting authority to transact insurance in the Commonwealth are issued by:
The State Corporation Commission, under its seal
Va. Code 38.2-200(B) provides that all licenses granting authority to transact insurance are granted and issued by the Commission under its seal.
2. During a declared emergency, the Commission may waive or extend licensing requirements by order. Unless renewed, such an order may last no longer than:
120 days
An emergency order must state its duration, which may not exceed 120 days unless renewed by the Commission.
3. A person who knowingly or willfully violates the Virginia insurance title may be penalized up to how much per violation?
$5,000
Knowing or willful violations carry a penalty of not more than $5,000 for each violation.
4. For violations committed without knowledge or intent, Virginia caps the aggregate penalty for a series of similar violations resulting from the same act at:
$10,000
Each unknowing violation may draw up to $1,000, but a series of similar violations from the same act is limited to $10,000 in the aggregate.
Practice: Insurance Regulation
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
