WV Adjuster Test 100% Solved 2024

WV Adjuster Test 100% Solved 2024 What is the definition of a public adjuster? - Answer- 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? - Answer- 30 Days Subrogation occurs when? - Answer- 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? - Answer- 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? - Answer- 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? - Answer- 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) - Answer- Neither party collects from the other Driver B loses control of his vehicle and strikes Driver A. Under what theory does Driver A collect damages from Driver B? - Answer- Legal Liability There are 3 home owners policies in effect, which all apply to a single loss. The policies provide the following amounts of coverage. Company A 50,000 Company B 40,000 Company C 10,000 The insured suffered a $10,000 loss to his home. What amount will Company C pay? - Answer- $1,000 How long does an insurance company have to give a 3rd party claimant, who is not an attorney, nor represented by an attorney, written notice that the claimants rights may be affected by a statue of limitations or a policy or contract time limit? - Answer- 60 Days An insured has his vehicle stolen. When recovered there was $2,000 damage, due to collision and $450 in stolen hubcaps. There is a $200 collision deductible and a $100 comprehensive deductible. What is the maximum amount the insured will pay? - Answer- Add up all the damages and then subtract the comprehensive deductible. What is the purpose of WVs guaranty association? - Answer- To pay claims