WV Insurance Exam Study Guide Accurate 100%
Up to the policy limit - ANSWER If 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 - ANSWER Which amount would be paid on a Total Loss Vehicle?
No - ANSWER Can an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - ANSWER A stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be paid on the claim?
Never, unless counsel gives consent - ANSWER When can an adjuster speak with a claimant represented by counsel (an attorney)?
Liability - ANSWER What 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. - ANSWER Who does the FAIR plan cover?
Replacement cost - ANSWER What are mobile home claims settled at (what value)?
When they have paid for it - ANSWER When can an insurance company take salvage?
The company must release information and cooperate with any official authorizations to request such information (material documents). - ANSWER What 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 - ANSWER What 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. - ANSWER What does boat liability EXCLUDE?
25/50/25 - ANSWER What are West Virginia Minimum Limits? Provides coverage in excess, with higher limits, than the primary policy - ANSWER What is excess liability?
Legal Liability - ANSWER Mr. 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 - ANSWER Two 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?
$50,000 - 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?
Guarantor (surety) insures the performance of the principal under the bond - ANSWER What does the surety bond do?
Underinsured - ANSWER You are in an auto accident with another person who has liability coverage of 20/40/10. You exhaust their limits of liability. Under which section of your policy are you entitled to recover more damages?
Subrogation - ANSWER If the insurance company has paid a claim, what is known as the right of recovery?
30 days - ANSWER An adjuster is required to send __ days advance notice to a first party claimant not represented by an attorney in advance of the expiration date of the statute of limitations.
90 days - ANSWER If a nonresident adjuster wishes to become a resident adjuster he or she must apply to become one within __ of establishing legal residency in West Virginia
10 days - ANSWER How many days for a written demand for a hearing with commissioner after an application has been denied?
Collision - ANSWER Defined as an upset or rollover of a covered auto
Actual Cash Value - ANSWER The cost of replacement minus depreciation
Waiver - ANSWER The giving up of a known right
15 days - ANSWER The insurer has how many days from receipt of a claim to investigate the claim?
Up to the policy limit - ANSWER If 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 - ANSWER Which amount would be paid on a Total Loss Vehicle?
No - ANSWER Can an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - ANSWER A stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be paid on the claim?
Never, unless counsel gives consent - ANSWER When can an adjuster speak with a claimant represented by counsel (an attorney)?
Liability - ANSWER What 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. - ANSWER Who does the FAIR plan cover?
Replacement cost - ANSWER What are mobile home claims settled at (what value)?
When they have paid for it - ANSWER When can an insurance company take salvage?
The company must release information and cooperate with any official authorizations to request such information (material documents). - ANSWER What 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 - ANSWER What 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. - ANSWER What does boat liability EXCLUDE?
25/50/25 - ANSWER What are West Virginia Minimum Limits? Provides coverage in excess, with higher limits, than the primary policy - ANSWER What is excess liability?
Legal Liability - ANSWER Mr. 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 - ANSWER Two 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?
$50,000 - 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?
Guarantor (surety) insures the performance of the principal under the bond - ANSWER What does the surety bond do?
Underinsured - ANSWER You are in an auto accident with another person who has liability coverage of 20/40/10. You exhaust their limits of liability. Under which section of your policy are you entitled to recover more damages?
Subrogation - ANSWER If the insurance company has paid a claim, what is known as the right of recovery?
30 days - ANSWER An adjuster is required to send __ days advance notice to a first party claimant not represented by an attorney in advance of the expiration date of the statute of limitations.
90 days - ANSWER If a nonresident adjuster wishes to become a resident adjuster he or she must apply to become one within __ of establishing legal residency in West Virginia
10 days - ANSWER How many days for a written demand for a hearing with commissioner after an application has been denied?
Collision - ANSWER Defined as an upset or rollover of a covered auto
Actual Cash Value - ANSWER The cost of replacement minus depreciation
Waiver - ANSWER The giving up of a known right
15 days - ANSWER The insurer has how many days from receipt of a claim to investigate the claim?
