WV Adjuster Test questions with correct answers

What is the definition of a public adjuster? CORRECT ANS An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? CORRECT ANS 30 Days Subrogation occurs when? CORRECT ANS The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? CORRECT ANS To provide additional liability coverage above and beyond that which is provided by the primary policy How is the value of personal property determined when using ACV? CORRECT ANS Replacement cost less depreciation How long does an insurance company have to furnish the insurance commissioner with a complete written response to an inquiry other than a notice of 3rd party administrative complaints? CORRECT ANS 15 days Which of the following options correctly states the effect of WVs modified comparative negligence law in a situation in which each is equally liable (each party of 50% liable) CORRECT ANS Neither party collects from the other Driver B loses control of his vehicle and strikes Driver A. Under what theory does Driver A collect damage from Driver B? CORRECT ANS Legal Liability There are 3 home owner’s policies in effect, which all apply to a single loss. The policies provide the following amounts of coverage. Company A 50,000