WV Life Insurance Exam Questions With 100% Correct Answers 2024

Up to the policy limit - ANSIf insurance fails to notify the mortgage that the policy is canceled and there is a fire loss, what could the mortgage company collect? Official Used Car Guide Amount - ANSWhich amount would be paid on a Total Loss Vehicle? No - ANSCan an adjuster give legal advice? Add up all permanently installed equipment and deduct the deductible - ANSA stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be paid on the claim? Never, unless counsel gives consent - ANSWhen can an adjuster speak with a claimant represented by counsel (an attorney)? Liability - ANSWhat does Section II of the Homeowner's Policy cover? Under the FAIR (Fair Access to Insurance Requirements) Plan, no application for insurance can be rejected simply because of environmental hazards that are beyond the control of the insured. - ANSWho does the FAIR plan cover? Replacement cost - ANSWhat are mobile home claims settled at (what value)? When they have paid for it - ANSWhen can an insurance company take salvage? The company must release information and cooperate with any official authorizations to request such information (material documents). - ANSWhat is an adjuster supposed to do if a Fire Marshal determined arson was the cause of the fire? They must notify the Fire Marshal and provide pertinent information acquired during its investigation and cooperate with the courts and administrative agencies of the State - ANSWhat is an insurance company required to do if arson is suspected? Coverage does not extend to any craft used in any form of business (including collection of goods), crafts rented to others or those that include a captain or crew (Commercial Liability). Neither does coverage apply to air-propelled craft, experimental craft, flare craft, hover craft, modified craft, or submarines. - ANSWhat does boat liability EXCLUDE? 25/50/25 - ANSWhat are West Virginia Minimum Limits? Provides coverage in excess, with higher limits, than the primary policy - ANSWhat is excess liability? A company adjuster is an adjuster representing the interests of the insurer, including independent contractors and salaried employees of the insurer. - ANSWhat is a company adjuster? The state in which the adjuster lives - ANSWhat is a home state? An application/applicant makes a statement about the good condition of a home/car. - ANSWhat is an example of a representation? No insurer may issue any policy of bodily injury or property damage liability insurance which exclude coverage to the owner or operator of a motor vehicle on account of bodily injury or property damage to any guest or invitee who is a passenger in such motor vehicle. - ANSWhat is the Guest Passenger Law? On a structure evidencing unrepaired subsidence damage - ANSWhat is the insurer's Right to Refuse Coverage for Mine Subsidence? The mortgagee would be entitled to their financial interests up to the limit of insurance. - ANSAn insurance company notifies the insured that their $100k Homeowner's Policy was cancelled. They fail to notify the mortgagee of the cancellation. There is a fire loss of $100k. What could the mortgage company collect? The applicant must be over the age of 21 - ANSThe qualifications for licensing of adjusters in West Virginia include all of the following EXCEPT: 5 years - ANSA public adjuster must maintain files for how many years? 7 days - ANSThe insurer has how many days to inspect damages prior to repair? Electrical outage to a freezer causes all the food to thaw and spoil - ANSWhat is an example of an indirect loss? 30 days - ANSAn adjuster must notify the commissioner of a change of address within? $55,000 - ANSThe 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? Theft - ANSAn item is covered on a personal articles floater. Under which circumstance would the item be covered? Legal Liability - ANSMr. Smith is in an accident with Ms. Jones. Mr. Smith is totally at fault. After Mr. Smith's limits of liability injury coverage are exhausted, Ms. Jones files suit against Mr. Smith and is able to collect damages based on what? Neither insurance company will pay for damages - ANSTwo persons are involved in an auto accident. Each person is 50% liable for damages to the other person. What amount of damages will they collect?