Virginia State Laws and Regulations Flashcards
The Period of time for which each licensed agent must retain records related to their insurance transactions
3 years
The period of time during which the commission must conduct an examination of every authorized domestic insurer
every 5 years
Penalty for NON-WILLFUL Violations including fines, license suspension/revocation, or both.
$1,000
Penalty for willful violation includes fines, suspension / revocation, or both
$5,000
Penalty for willful violation includes fines, suspension / revocation, or both
$5,000
Applicants minimum age for licensing
18 years
The number of days from the date of the first insurance application that the insurer must either reject the application or file a notice of appointment with the commission
30 days
An insurer must notify an agent within ___ days of an appointment termination.
5
An insurer must notify the Commission within ___ days after a termination date.
30
Firms should inform DOI of any changes of principals or managers within
30 days of the change
Licensed agents must report any felony convictions, administrative actions, or changes of residence or name to the commission within how many days?
30
Agents must renew their licenses every
2 years/ biennially
An agent that holds one license must complete how many continuing education courses every 2 years?
16
An agent that holds one license must complete how many continuing education courses every 2 years?
24
What date on each even numbered year are agents required to meet the CE requirement?
December 31
The Associations maximum liability is as follows:
Life insurance death benefits - $300,000
Life insurance net cash surrender value- $100,000
Disability or long term care insurance- $300,000
Basic medical expense coverages or major medical- $500.,000
Present value of annuity benefits- $250,000
AGE THAT A MINOR IS DEEMED COMPETENT TO ENTER INTO A CONTRACT OF LIFE INSURANCE ON THE MINORS OWN LIFE
AGE 15
MAXIMUM ANNUAL FIXED INTEREST RATE ON LIFE INSURANCE LOANS
8%
CONVERSION PERIOD FOR GROUP LIFE INSURANCE
31 DAYS
MINIMUM NUMBER OF PERSONS TO HAVE AN ASSOCIATION GROUP LIFE POLICY
100 PERSONS
IF DISABILITY PERIODIC PAYMENTS ARE REDUCED DUE TO AGE AFTER AGE 62, THE AMOUNT OF DISABILITY INCOME BENEFIT PAYABLE MUST BE AT LEAST __% OF BENEFIT IMMEDIATELY PRIOR TO AGE 62.
50%
MINIMUM LONG TERM CARE PERIOD IS
12 MONTHS
BENEFIT TRIGGER: TO BE ELIGIBLE FOR LTC, THE INSURED MUST HAVE A DEFICIENCY IN THE ABILITY TO PERFORM NOT MORE THAN ____ ADLS
3
