WV Life — Information & Free Practice

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WV Life

Provider: Pearson VUE
Format: Computer-based written examination
Exam questions: Handbook: 90 questions. Published outline: 50 general scoreable + 5 general pretest; 28 state scoreable + 6 state pretest. These published figures differ; neither is replaced with an inferred count.
Time limit: 120 minutes
Passing score: 70 scaled score
Exam fee: $84

Examination outline

Life — General Knowledge: I. TYPES OF POLICIES (published scoreable-question count: 15)
- A. Traditional whole life products
- A. Traditional whole life products > 1. Ordinary whole life
- A. Traditional whole life products > 2. Limited-pay and single-premium life
- B. Interest/market-sensitive/adjustable life products
- B. Interest/market-sensitive/adjustable life products > 1. Universal life
- B. Interest/market-sensitive/adjustable life products > 2. Variable whole life
- B. Interest/market-sensitive/adjustable life products > 3. Variable universal life
- B. Interest/market-sensitive/adjustable life products > 4. Interest-sensitive whole life
- B. Interest/market-sensitive/adjustable life products > 5. Indexed life
- C. Term life
- C. Term life > 1. Types
- C. Term life > 1. Types > a. Level
- C. Term life > 1. Types > b. Decreasing
- C. Term life > 1. Types > c. Return of premium
- C. Term life > 1. Types > d. Annually renewable
- C. Term life > 2. Special features
- C. Term life > 2. Special features > a. Renewable
- C. Term life > 2. Special features > b. Convertible
- D. Annuities
- D. Annuities > 1. Single and flexible premium
- D. Annuities > 2. Immediate and deferred
- D. Annuities > 3. Fixed and variable
- D. Annuities > 4. Indexed
- D. Annuities > 5. Accumulation and Annuity Periods
- D. Annuities > 6. Payout options
- E. Combination plans and variations
- E. Combination plans and variations > 1. Joint life (first to die)
- E. Combination plans and variations > 2. Survivorship life (second to die)
Life — General Knowledge: II. LIFE PROVISIONS, RIDERS, OPTIONS, AND EXCLUSIONS (published scoreable-question count: 15)
- A. Policy riders
- A. Policy riders > 1. Waiver of premium and waiver of monthly deduction
- A. Policy riders > 2. Guaranteed insurability
- A. Policy riders > 3. Payor benefit
- A. Policy riders > 4. Accidental death and/or accidental death and dismemberment
- A. Policy riders > 5. Term riders
- A. Policy riders > 6. Other insureds
- A. Policy riders > 7. Long term care
- A. Policy riders > 8. Return of premium
- A. Policy riders > 9. Disability
- A. Policy riders > 10. Cost of Living
- B. Policy provisions and options
- B. Policy provisions and options > 1. Entire contract
- B. Policy provisions and options > 2. Insuring clause
- B. Policy provisions and options > 3. Free look
- B. Policy provisions and options > 4. Consideration
- B. Policy provisions and options > 5. Owner’s rights
- B. Policy provisions and options > 6. Beneficiary designations
- B. Policy provisions and options > 6. Beneficiary designations > a. Primary and contingent
- B. Policy provisions and options > 6. Beneficiary designations > b. Revocable and irrevocable
- B. Policy provisions and options > 6. Beneficiary designations > c. Common disaster
- B. Policy provisions and options > 6. Beneficiary designations > d. Minor beneficiaries
- B. Policy provisions and options > 6. Beneficiary designations > e. Designation by class
- B. Policy provisions and options > 7. Premium Payment
- B. Policy provisions and options > 7. Premium Payment > a. Modes
- B. Policy provisions and options > 7. Premium Payment > b. Grace period
- B. Policy provisions and options > 7. Premium Payment > c. Automatic premium loan
- B. Policy provisions and options > 7. Premium Payment > d. Level or flexible
- B. Policy provisions and options > 8. Reinstatement
- B. Policy provisions and options > 9. Policy loans, withdrawals, partial surrenders
- B. Policy provisions and options > 10. Non-forfeiture options
- B. Policy provisions and options > 11. Dividends and dividend options (e.g., participating, non- participating)
- B. Policy provisions and options > 12. Incontestability
- B. Policy provisions and options > 13. Assignments
- B. Policy provisions and options > 14. Suicide
- B. Policy provisions and options > 15. Misstatement of age or gender
- B. Policy provisions and options > 16. Settlement options
- B. Policy provisions and options > 17. Accelerated death benefits
- C. Policy exclusions
- C. Policy exclusions > 1. War
- C. Policy exclusions > 2. Aviation
- C. Policy exclusions > 3. Dangerous Occupation
Life — General Knowledge: III. COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY (published scoreable-question count: 12)
- A. Completing the application
- A. Completing the application > 1. Required signatures
- A. Completing the application > 2. Changes in the application
- A. Completing the application > 3. Consequences of incomplete applications
- A. Completing the application > 4. Warranties and representations
- A. Completing the application > 5. Collecting the initial premium and issuing the receipt
- A. Completing the application > 6. Replacement
- A. Completing the application > 7. Disclosures at point of sale (e.g., HIPAA, HIV consent)
- A. Completing the application > 8. USA PATRIOT Act/anti-money laundering
- A. Completing the application > 9. Gramm-Leach-Bliley Act (GLBA) Privacy
- B. Underwriting
- B. Underwriting > 1. Insurable interest
- B. Underwriting > 2. Medical information and consumer reports
- B. Underwriting > 3. Fair Credit Reporting Act
- B. Underwriting > 4. Risk classification
- B. Underwriting > 5. Stranger/Investor-owned life insurance (STOLI/IOLI)
- C. Delivering the policy
- C. Delivering the policy > 1. When coverage begins
- C. Delivering the policy > 2. Explaining the policy and its provisions, riders, exclusions, and ratings to the client
- D. Contract law
- D. Contract law > 1. Elements of a legal contract
- D. Contract law > 1. Elements of a legal contract > a. Consideration
- D. Contract law > 1. Elements of a legal contract > b. Offer and Acceptance
- D. Contract law > 1. Elements of a legal contract > c. Competent parties
- D. Contract law > 1. Elements of a legal contract > d. Legal purpose
- D. Contract law > 2. Unique aspects of the insurance contract
- D. Contract law > 2. Unique aspects of the insurance contract > a. Conditional
- D. Contract law > 2. Unique aspects of the insurance contract > b. Unilateral
- D. Contract law > 2. Unique aspects of the insurance contract > c. Adhesion
- D. Contract law > 2. Unique aspects of the insurance contract > d. Aleatory
Life — General Knowledge: IV. RETIREMENT AND OTHER INSURANCE CONCEPTS (published scoreable-question count: 8)
- A. Third-party ownership
- B. Life Settlements
- C. Group life insurance
- C. Group life insurance > 1. Conversion privilege
- C. Group life insurance > 2. Contributory vs. noncontributory
- D. Retirement plans
- D. Retirement plans > 1. Qualified plans
- D. Retirement plans > 2. Nonqualified plans
- E. Life insurance needs analysis/suitability
- E. Life insurance needs analysis/suitability > 1. Personal insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > a. Key person
- E. Life insurance needs analysis/suitability > 2. Business insurance needs > b. Buy sell
- F. Social Security benefits
- G. Tax treatment of insurance premiums, proceeds, and dividends
- G. Tax treatment of insurance premiums, proceeds, and dividends > 1. Individual life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 2. Group life
- G. Tax treatment of insurance premiums, proceeds, and dividends > 3. Modified Endowment Contracts (MECs)
Life — West Virginia Specific: I. WEST VIRGINIA LAWS AND RULES COMMON TO LIFE, ACCIDENT AND SICKNESS INSURANCE (published scoreable-question count: 21)
- A. Insurance Commissioner (published scoreable-question count: 2)
- A. Insurance Commissioner > 1. Broad powers
- A. Insurance Commissioner > 2. Examination of records
- A. Insurance Commissioner > 3. Notice and conduct of hearing
- A. Insurance Commissioner > 4. Penalties
- A. Insurance Commissioner > 5. Filing and approval of forms
- B. Definitions (published scoreable-question count: 4)
- B. Definitions > 1. Domestic, foreign, alien, nonadmitted, and unauthorized companies
- B. Definitions > 2. Stock and mutual
- B. Definitions > 3. Transacting insurance
- B. Definitions > 4. Producer
- C. Licensing (published scoreable-question count: 7)
- C. Licensing > 1. Purpose/Requirements
- C. Licensing > 2. Qualifications
- C. Licensing > 2. Qualifications > a. Producer
- C. Licensing > 2. Qualifications > b. Direct response
- C. Licensing > 2. Qualifications > c. Nonresident Life/A&H producer
- C. Licensing > 2. Qualifications > d. Fingerprinting
- C. Licensing > 3. Termination of license
- C. Licensing > 3. Termination of license > a. Expiration and cancellation
- C. Licensing > 3. Termination of license > b. Revocation and suspension
- C. Licensing > 3. Termination of license > c. Nonrenewal
- C. Licensing > 4. Limitation of license
- C. Licensing > 5. Appointment
- C. Licensing > 6. Education requirements
- C. Licensing > 6. Education requirements > a. Continuing education
- C. Licensing > 7. Mandatory reporting requirements
- C. Licensing > 7. Mandatory reporting requirements > a. Criminal prosecution and administrative action
- C. Licensing > 7. Mandatory reporting requirements > b. Fraud
- D. Unfair Trade Practices (published scoreable-question count: 6)
- D. Unfair Trade Practices > 1. Unfair claims methods and practices
- D. Unfair Trade Practices > 2. Excessive charges
- D. Unfair Trade Practices > 3. Rebating
- D. Unfair Trade Practices > 4. Coercion
- D. Unfair Trade Practices > 5. Misrepresentation
- D. Unfair Trade Practices > 6. Defamation
- D. Unfair Trade Practices > 7. Advertising
- D. Unfair Trade Practices > 8. Penalties
- E. Mass Marketed Life and Sickness Insurance (published scoreable-question count: 1)
- F. West Virginia Life and Health Guaranty Association (published scoreable-question count: 1)
- G. Unauthorized Insurers
Life — West Virginia Specific: II. WEST VIRGINIA LAWS AND RULES PERTINENT TO LIFE INSURANCE ONLY (published scoreable-question count: 7)
- A. Replacement (published scoreable-question count: 3)
- A. Replacement > 1. Definitions
- A. Replacement > 2. Duties of producers
- A. Replacement > 3. Duties of insurance companies
- A. Replacement > 4. Exemptions
- B. Disclosure (published scoreable-question count: 0-1)
- C. Policy Clauses and Provisions (published scoreable-question count: 1)
- C. Policy Clauses and Provisions > 1. Protection, beneficiaries, and creditors
- C. Policy Clauses and Provisions > 2. Policy loan interest rate
- D. Group Life (published scoreable-question count: 2)
- D. Group Life > 1. Assignment of proceeds
- D. Group Life > 2. Employee and debtor groups
- D. Group Life > 3. Labor union and trustee groups
- D. Group Life > 4. Conversion on termination of policy
- D. Group Life > 5. Conversion on termination of employment
- E. Suitability in Annuity Transactions (published scoreable-question count: 0-1)
- F. Insurable Interest (published scoreable-question count: 0-1)

Examination sources

West Virginia Insurance Supplement Examination Content Outlines
S1 header, effective date
West Virginia Insurance Supplement Examination Content Outlines
S1, Life general-knowledge heading
West Virginia Insurance Supplement Examination Content Outlines
S2, Life state-law heading
West Virginia Insurance Supplement Examination Content Outlines
S1, General I
West Virginia Insurance Supplement Examination Content Outlines
S2, General IV
West Virginia Insurance Supplement Examination Content Outlines
S3, final Life topic
West Virginia Insurance Candidate Handbook
p.11, InsWV-Life01 license examination row
West Virginia Insurance Candidate Handbook
p.12, Scaled Score
West Virginia Insurance Supplement Examination Content Outlines
S1, Life general scoring
West Virginia Insurance Supplement Examination Content Outlines
S2, Life state scoring
West Virginia Insurance Candidate Handbook
p.7, Electronic fingerprinting process item 2, Pearson reservation

Related license preparation

This examination may be required or accepted as an alternative, depending on the license and application pathway.

Insurance Producer — Life; Provisional Insurance Producer — Life