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  2. Virginia
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  4. Insurance Regulation

Free Insurance Regulation Practice Questions

Virginia Life exam — 31 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, Examination of records, Producer recordkeeping, Temporary license, Commissions, Fraud, Cease and desist, Fair Credit Reporting Act, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act

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Sample questions & answers

1. Which body regulates the business of insurance in Virginia?

The State Corporation Commission through its Bureau of Insurance

Virginia insurance is regulated by the State Corporation Commission (SCC) through its Bureau of Insurance; Virginia does not have a separately elected insurance commissioner.

2. How is the official who heads Virginia's insurance regulation chosen?

Appointed to lead the Bureau of Insurance under the State Corporation Commission

Virginia's insurance regulator is part of the SCC; the Commissioner of Insurance leads the Bureau of Insurance and is not an elected official.

3. Before transacting life insurance in Virginia a person generally must:

Hold a valid Virginia producer license for the line of authority

A person must hold a Virginia producer license with the appropriate line of authority before soliciting or selling life insurance.

4. To obtain a resident life producer license in Virginia an applicant generally must:

Pass the applicable licensing examination

Resident applicants generally must pass the licensing examination for the line of authority sought unless an exemption applies.

All Life topics

Practice: Insurance Regulation

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.