Free Insurance Regulation Practice Questions
Virginia Property & Casualty exam (series 11-03) — 159 practice questions.
Subtopics: Regulatory authority, License authority, Examination, License renewal, CE ethics, Appointment, Unfair claims practices, Misrepresentation, Rebating, Auto cancellation notice, Homeowners nonrenewal notice, Guaranty association, Fiduciary duty, Commission penalties, Rate standards, Surplus lines, 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, 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, Federal fraud statute, Fair Credit Reporting Act, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Do Not Call, McCarran-Ferguson Act, NAIC role, Unfair claims settlement, Anti-money laundering, Fraud warning statements, Federal Insurance Office, Surplus lines regulation, Risk retention groups, Unfair trade practices, Fiduciary duties, Insurer solvency, Producer licensing, Fraud, Federal regulation
Read the Insurance Regulation study guide
Sample questions & answers
1. Which body regulates property and casualty insurance in Virginia?
The State Corporation Commission, through its Bureau of Insurance
Va. Code 38.2-200 charges the State Corporation Commission with executing all insurance laws; its Bureau of Insurance handles day-to-day regulation. The regulator is not elected.
2. To sell property and casualty insurance in Virginia, a resident individual must hold:
An agent license with property and casualty authority
No person may act as an agent without a license; the Commission issues a property and casualty agent license for these lines.
3. A Virginia resident applying for a property and casualty agent license must first:
Pass the examination prescribed by the Commission
A resident may not obtain a property and casualty license unless he has passed the Commission-prescribed examination.
4. How often must a Virginia individual agent license be renewed?
Biennially, based on the agent's birth month and year
Since 2021 individual licenses renew every two years; the expiration falls at the end of the birth month in even or odd years matching the birth year.
All Property & Casualty topics
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.
