WEST VIRGINIA ADJUSTER
INSURANCE QUESTIONS 2025 |
GUARANTEED ACCURATE
ANSWERS
Which of the following best describes the insurance concept of
"exposure"? - ACCURATE ANSWERS✔✔ The possibility of damage
or loss.
Strict liability: - ACCURATE ANSWERS✔✔ holds a person liable for
his actions regardless of how much care he demonstrates.
John has purchased a homeowners insurance policy with a percentage
deductible based on the total limit of insurance for his home. John
insures his home for $600,000, and the policy includes a 3% deductible.
A huge thunderstorm passes through one night and blows the roof off his
house. The insurance company estimates that covered damage totals
$80,000. How much indemnification should John expect for the losses to
his roof? - ACCURATE ANSWERS✔✔ $62,000
Which of the following statements best describes the Law of Large
Numbers? - ACCURATE ANSWERS✔✔ The larger the number of units
insured, the more accurately the insurer can predict the number of claims
from that group.
,A passenger on a commercial airline flight was injured when the plane
crashed due to a mechanical problem. In court, the injured passenger's
lawyer could invoke the doctrine of: - ACCURATE ANSWERS✔✔ Res
Ipsa Loquitur.
During a violent summer storm in Tulsa, a bolt of lightning hits Mr.
Jones' house, damaging a large portion of the roof. In this case, the
insurer would call the lightning bolt a: - ACCURATE ANSWERS✔✔ a
peril. Special damages are a type of compensatory damages. They award
money for tangible, economic losses. General damages award money for
intangible losses.
Jerrod is awarded $4000 in a court case after Ollie accidentally starts a
fire and burns down his detached garage. This award is an example of: -
ACCURATE ANSWERS✔✔ special damages.
Which of the following activities is considered a speculative risk? -
ACCURATE ANSWERS✔✔ Buying a lottery ticket
To meet the 80% level of co-insurance required by his lender, Tom
discovers he must insure his home for at least $320,000. What is the
value of Tom's home? - ACCURATE ANSWERS✔✔ $400,000
Roxanne runs a red light and totals Ben's car in a t-bone collision.
Roxanne's auto policy includes liability coverage with limits of
50/100/25 and Collision coverage with a deductible of $500. Ben's car is
worth $1,800 at the time of the accident, and he files a claim against
Roxanne's liability insurance. Bearing in mind that liability coverage
, doesn't have a deductible, how much will Roxanne have to pay out-of-
pocket for the damages she caused? - ACCURATE ANSWERS✔✔ $0
What is the formula for actual cash value? - ACCURATE
ANSWERS✔✔ Replacement cost minus total depreciation
Which of the following is NOT a qualification of an insurable risk? -
ACCURATE ANSWERS✔✔ An insurable risk must have guaranteed
protection from damage.
Which of the following incidents would a liability insurance policy
cover? - ACCURATE ANSWERS✔✔ A man slips inside a grocery store
and injures himself.
ABC Masonry, Inc. has an aggregate liability policy with limits of
100,000/300,000. One day, an accident at a construction site leads to
$150,000 in damage to public property. Assuming the cause of loss is
covered under ABC Masonry's liability policy, how will this claim be
paid? - ACCURATE ANSWERS✔✔ The insurer pays $100,000; the
aggregate limit is now $200,000; and ABC Masonry must pay $50,000.
A lightning strike causes one of the storage buildings on John's farm to
burn to the ground, aided by the fuel tanks he kept in the building. John
knows he wasn't supposed to store any fuel in the building, so he keeps
that piece of information to himself when he files a claim. John's insurer
may deny his claim based on his: - ACCURATE ANSWERS✔✔
concealment.
INSURANCE QUESTIONS 2025 |
GUARANTEED ACCURATE
ANSWERS
Which of the following best describes the insurance concept of
"exposure"? - ACCURATE ANSWERS✔✔ The possibility of damage
or loss.
Strict liability: - ACCURATE ANSWERS✔✔ holds a person liable for
his actions regardless of how much care he demonstrates.
John has purchased a homeowners insurance policy with a percentage
deductible based on the total limit of insurance for his home. John
insures his home for $600,000, and the policy includes a 3% deductible.
A huge thunderstorm passes through one night and blows the roof off his
house. The insurance company estimates that covered damage totals
$80,000. How much indemnification should John expect for the losses to
his roof? - ACCURATE ANSWERS✔✔ $62,000
Which of the following statements best describes the Law of Large
Numbers? - ACCURATE ANSWERS✔✔ The larger the number of units
insured, the more accurately the insurer can predict the number of claims
from that group.
,A passenger on a commercial airline flight was injured when the plane
crashed due to a mechanical problem. In court, the injured passenger's
lawyer could invoke the doctrine of: - ACCURATE ANSWERS✔✔ Res
Ipsa Loquitur.
During a violent summer storm in Tulsa, a bolt of lightning hits Mr.
Jones' house, damaging a large portion of the roof. In this case, the
insurer would call the lightning bolt a: - ACCURATE ANSWERS✔✔ a
peril. Special damages are a type of compensatory damages. They award
money for tangible, economic losses. General damages award money for
intangible losses.
Jerrod is awarded $4000 in a court case after Ollie accidentally starts a
fire and burns down his detached garage. This award is an example of: -
ACCURATE ANSWERS✔✔ special damages.
Which of the following activities is considered a speculative risk? -
ACCURATE ANSWERS✔✔ Buying a lottery ticket
To meet the 80% level of co-insurance required by his lender, Tom
discovers he must insure his home for at least $320,000. What is the
value of Tom's home? - ACCURATE ANSWERS✔✔ $400,000
Roxanne runs a red light and totals Ben's car in a t-bone collision.
Roxanne's auto policy includes liability coverage with limits of
50/100/25 and Collision coverage with a deductible of $500. Ben's car is
worth $1,800 at the time of the accident, and he files a claim against
Roxanne's liability insurance. Bearing in mind that liability coverage
, doesn't have a deductible, how much will Roxanne have to pay out-of-
pocket for the damages she caused? - ACCURATE ANSWERS✔✔ $0
What is the formula for actual cash value? - ACCURATE
ANSWERS✔✔ Replacement cost minus total depreciation
Which of the following is NOT a qualification of an insurable risk? -
ACCURATE ANSWERS✔✔ An insurable risk must have guaranteed
protection from damage.
Which of the following incidents would a liability insurance policy
cover? - ACCURATE ANSWERS✔✔ A man slips inside a grocery store
and injures himself.
ABC Masonry, Inc. has an aggregate liability policy with limits of
100,000/300,000. One day, an accident at a construction site leads to
$150,000 in damage to public property. Assuming the cause of loss is
covered under ABC Masonry's liability policy, how will this claim be
paid? - ACCURATE ANSWERS✔✔ The insurer pays $100,000; the
aggregate limit is now $200,000; and ABC Masonry must pay $50,000.
A lightning strike causes one of the storage buildings on John's farm to
burn to the ground, aided by the fuel tanks he kept in the building. John
knows he wasn't supposed to store any fuel in the building, so he keeps
that piece of information to himself when he files a claim. John's insurer
may deny his claim based on his: - ACCURATE ANSWERS✔✔
concealment.
