West Virginia State Life Insurance Practice Exam

Who has the authority to review policy forms if they will be issued for delivery in West Virginia?

1. Insurance adjuster

2. Insurance Commissioner

3. State Legislature

4. Underwriter

The correct answer is: Insurance Commissioner

The authority to review policy forms issued for delivery in West Virginia is vested in the Insurance Commissioner. The Insurance Commissioner is responsible for ensuring that the policy forms comply with state laws and regulations, thereby protecting consumers and maintaining market integrity. This role involves examining the language and provisions of insurance policies to ensure they are transparent, fair, and not misleading to policyholders. The Insurance Commissioner also has the authority to approve or reject policy forms before they can be sold to the public, which is crucial for upholding standards in the insurance industry. By reviewing these forms, the Commissioner helps to prevent deceptive practices and ensures that the insurance products available to consumers are in compliance with state statutes, thereby promoting accountability among insurance providers. This regulatory oversight is essential for fostering a stable and trustworthy insurance marketplace.