West Virginia Insurance Exam Study Guide NEWEST
2026-2027 ACTUAL EXAM COMPLETE 85
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ BRAND NEW!!
$5,000 - CORRECT ANSWER: Civil (administrative) penalty for violations imposed on an
adjuster in lieu of license suspension or revocation
$5,000 - CORRECT ANSWER: Penalty per willful violation of insurance laws
$10,000 - CORRECT ANSWER: Aggregate penalty for unintentional violations of insurance
laws
$10,000 - CORRECT ANSWER: Penalty for insurers for violation of licensing laws (in lieu of
license suspension or revocation)
$10,000 - CORRECT ANSWER: Penalty for violation of a cease and desist order of the
commissioner
$10,000 - CORRECT ANSWER: Penalty per violation of unfair claim settlement practices
$25 - CORRECT ANSWER: Adjuster license application fee
$25 - CORRECT ANSWER: Commissioners examination fee
$50,000 - CORRECT ANSWER: The ABC printing company has a policy covering their
printing press at replacement cost. The press has a current value of $35,000. It has a replacement
, cost of $50,000 and an actual cash value of $15,000. What will they recover in case of a total
loss to the press?
$55,000 - CORRECT ANSWER: The ABC Printing Company has a printing press that suffers a
total loss. The company paid $25,000 ten years ago for the press. ACV is $40,000 and the
replacement cost is $55,000. The company has had to cancel several contracts for printing due to
the loss of the press and they area anxious to resume full production. ABC Company is covered
under a Business Owner's Policy (BOP). They will receive how much from the insurer?
$100,000 - CORRECT ANSWER: A business owners policy is obtained in the amount of
$100,000. 10 days later there is a total loss. Replacement cost value is $125,000, ACV, is
$90,000. What amount does the insurer pay?
$100,000 - CORRECT ANSWER: Maximum penalty for all related intentional violations within
a six month period
$250,000 - CORRECT ANSWER: Aggregate penalty for unfair claim settlement practices
$1250 plus taxes - CORRECT ANSWER: Which of the following amounts would be paid on a
covered auto suffering a total loss?
Purchase price of vehicle- $1000
Amount similar autos sell for at a local dealer- $1500
Current official used car guide- $1250
Amount offered to the insured last week by a potential buyer- $2995
3 business days - CORRECT ANSWER: Insured can rescind a contract after the contract signing
5 years - CORRECT ANSWER: A public adjuster must maintain files for how many years?
2026-2027 ACTUAL EXAM COMPLETE 85
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+ BRAND NEW!!
$5,000 - CORRECT ANSWER: Civil (administrative) penalty for violations imposed on an
adjuster in lieu of license suspension or revocation
$5,000 - CORRECT ANSWER: Penalty per willful violation of insurance laws
$10,000 - CORRECT ANSWER: Aggregate penalty for unintentional violations of insurance
laws
$10,000 - CORRECT ANSWER: Penalty for insurers for violation of licensing laws (in lieu of
license suspension or revocation)
$10,000 - CORRECT ANSWER: Penalty for violation of a cease and desist order of the
commissioner
$10,000 - CORRECT ANSWER: Penalty per violation of unfair claim settlement practices
$25 - CORRECT ANSWER: Adjuster license application fee
$25 - CORRECT ANSWER: Commissioners examination fee
$50,000 - CORRECT ANSWER: The ABC printing company has a policy covering their
printing press at replacement cost. The press has a current value of $35,000. It has a replacement
, cost of $50,000 and an actual cash value of $15,000. What will they recover in case of a total
loss to the press?
$55,000 - CORRECT ANSWER: The ABC Printing Company has a printing press that suffers a
total loss. The company paid $25,000 ten years ago for the press. ACV is $40,000 and the
replacement cost is $55,000. The company has had to cancel several contracts for printing due to
the loss of the press and they area anxious to resume full production. ABC Company is covered
under a Business Owner's Policy (BOP). They will receive how much from the insurer?
$100,000 - CORRECT ANSWER: A business owners policy is obtained in the amount of
$100,000. 10 days later there is a total loss. Replacement cost value is $125,000, ACV, is
$90,000. What amount does the insurer pay?
$100,000 - CORRECT ANSWER: Maximum penalty for all related intentional violations within
a six month period
$250,000 - CORRECT ANSWER: Aggregate penalty for unfair claim settlement practices
$1250 plus taxes - CORRECT ANSWER: Which of the following amounts would be paid on a
covered auto suffering a total loss?
Purchase price of vehicle- $1000
Amount similar autos sell for at a local dealer- $1500
Current official used car guide- $1250
Amount offered to the insured last week by a potential buyer- $2995
3 business days - CORRECT ANSWER: Insured can rescind a contract after the contract signing
5 years - CORRECT ANSWER: A public adjuster must maintain files for how many years?
