Free Types of Life Insurance Policies Study Guide
West Virginia Life, Accident & Health exam — Types of Life Insurance Policies.
The national Types of Life Insurance Policies guide covers term, whole life, universal and variable life, group life and credit life. This guide covers the West Virginia rules for group and credit life (Article 14 of Chapter 33), conversion, juvenile policies and variable life licensing.
Group life eligibility (Article 14)
| Group | West Virginia rule |
|---|---|
| Employer (33-14-2) | At least two employees at issue. A noncontributory plan covers all eligible employees except those who decline in writing, though the insurer may limit coverage on people who aren't insurable. |
| Union (33-14-4) | At least 25 members at issue. A contributory plan needs at least 75% of eligible members. |
| Trustee (33-14-5) | At least 100 people, averaging at least five per employer unit, at issue. |
Amounts under employer, union and trustee plans follow a plan that prevents individual selection.
Credit life (33-14-3)
- Debtor group credit life is payable to the creditor to reduce or pay off the debt.
- The amount on a debtor can't exceed what the debtor owes.
Conversion (33-14-16, 33-14-17)
- When a member leaves the group, they may convert by applying and paying the first premium within 31 days.
- The new policy may be any form the insurer customarily issues except term. The insurer may offer interim term for up to one year.
- The amount can't exceed the coverage that ended. The premium is the insurer's regular rate at the person's attained age.
- When the group policy ends, conversion is available to people insured at least three years under a policy that was in force at least five years. The amount may be capped at the smaller of the lost coverage, less any new group coverage, or $2,000.
- A group insured may assign their ownership rights, including the conversion right (33-14-28).
Juvenile insurance
- A person with an insurable interest in a minor, or on whom the minor depends for support, may insure the minor's life without the minor's consent (33-6-5).
- A minor at least 15 may buy insurance on their own life (33-6-4(b)).
Variable life
The variable life and variable annuity line is earned with FINRA Series 6 or 7, not a Commissioner exam (33-12-9(a)(5)).
Common exam traps
- Employer group life needs at least 2 employees. Union groups need 25. Trustee groups need 100.
- A contributory union plan needs 75% participation.
- The conversion window is 31 days, and term isn't offered.
- On group termination, conversion requires 3 years of personal coverage under a group policy in force 5 years, and it may be capped at $2,000.
- Credit life can't exceed the debt owed.
Practice Types of Life Insurance Policies questions All Life, Accident & Health topics
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.
