Free Insurance Regulation Practice Questions
Virginia Life exam (series 11-05) — 160 practice questions.
Subtopics: Regulatory authority, Commissioner status, Producer licensing, Exam requirement, License term, Continuing education, CE exemptions, Appointment, Termination notice, Address change, Reciprocity, Unfair trade practices, Rebating, Twisting, Fiduciary duty, Guaranty association, Guaranty association advertising, License denial, Replacement notice, Examination of agents, Producer recordkeeping, Temporary license, Commissions, Fraud, Cease and desist, Exam retake wait, Exam registration validity, Exam score validity, Prelicensing education, Fingerprinting, Minimum age, Service of process, Definition of solicit, Definition of negotiate, License creates no authority, Limited lines life and health, Exceptions to licensing, Referral fees, Group enrollers, Cease solicitation, Appointment verification, Invalid appointment, Appointment record, Separate appointments, Revocation and appointments, Moving to Virginia, Nonresident license moving, Resident moves away, Nonresident change of state, Reporting felonies, Reporting other actions, Assumed names, Business entity producer, CE hours, CE multiple categories, CE carryover, CE credit hour, CE board, CE extensions, CE waivers, License reinstatement, CE renewal notices, Grounds for discipline, Hearing notice, Reapplying after revocation, Non-willful penalties, Unlicensed submission, Unlicensed insurers, Restitution, Emergency powers, Federal 1033 consent, Fees beyond premium, Change of agent of record, Renewal commissions, Fiduciary account, Premium payments to agents, Agent of insurer, Insurance consultants, Consultant exams, Consultant contracts, False advertising, Boycott and coercion, False statements and entries, Rebating exceptions, Domestic violence, Living organ donors, Military members, Prohibited life underwriting, Blindness, Twisting and misrepresentation, Notice of information practices, Adverse underwriting decisions, Guaranty association limits, Guaranty association summary, Senior designations, Reporting duties, Temporary licenses, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act, Investigative report notice, Investigative report disclosure, Obsolete information, FCRA purpose, Consumer rights, False pretenses penalty, 18 USC 1033 consent, 18 USC 1033 penalties, Embezzlement by insurance persons, False statements to regulators, AML covered products, Suspicious activity reports, Cash reporting, AML program elements, Money laundering red flags, Do Not Call hours, Established business relationship, GLBA opt-out, GLBA initial notice, Nonpublic personal information, McCarran-Ferguson, South-Eastern Underwriters, Boycott exception, NAIC role, Federal securities regulation, Prospectus delivery, Producer license required, Certificate of authority, Commissioner powers, Misrepresentation, Boycott coercion intimidation, Unfair discrimination, Commingling, License revocation causes, Nonresident licensing, National Producer Number, Replacement definition, Replacing insurer duty, Replacement free look, Annuity best interest, Best interest obligations, Consumer profile information, Annuity training, Insurer supervision, Illustration signatures, Illustration prohibitions, Buyer's guide timing, Viatical settlement, Viatical broker duty, Settlement provider, Settlement vs surrender
Read the Insurance Regulation study guide
Sample questions & answers
1. Which body regulates the business of insurance in Virginia?
The State Corporation Commission, through its Bureau of Insurance
Insurance in Virginia is administered by the State Corporation Commission (SCC) through its Bureau of Insurance, the division established to administer the insurance laws.
2. How is the official who heads Virginia's insurance regulation chosen?
Appointed by the State Corporation Commission to head the Bureau
The person the SCC places at the head of the Bureau of Insurance is designated the Commissioner of Insurance and is appointed by the Commission; Virginia has no elected insurance commissioner.
3. Before selling, soliciting, or negotiating life insurance in Virginia, an individual must:
Obtain a Virginia agent license for that class of insurance
No person may act as an agent of a licensed insurer in Virginia without first obtaining a license; an appointment does not substitute for the license.
4. To obtain a resident life producer license in Virginia an applicant generally must:
Pass the life and annuities licensing examination
A Virginia resident must pass the examination prescribed by the Commission to obtain a life and annuities agent license; Virginia requires a prelicensing course only for the title license.
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.
