WV Insurance Exam Study Guide
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Up to the policy limit - CORRECT 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 - CORRECT ANSWER -Which amount would be paid
on a Total Loss Vehicle?
No - CORRECT ANSWER -Can an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - CORRECT
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 - CORRECT ANSWER -When can an adjuster speak
with a claimant represented by counsel (an attorney)?
Liability - CORRECT 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. -
CORRECT ANSWER -Who does the FAIR plan cover?
Replacement cost - CORRECT ANSWER -What are mobile home claims settled at (what
value)?
When they have paid for it - CORRECT 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). - CORRECT 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 - CORRECT
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. - CORRECT ANSWER -What does boat liability
EXCLUDE?
25/50/25 - CORRECT ANSWER -What are West Virginia Minimum Limits?
Provides coverage in excess, with higher limits, than the primary policy - CORRECT
ANSWER -What is excess liability?
A company adjuster is an adjuster representing the interests of the insurer, including independent
contractors and salaried employees of the insurer. - CORRECT ANSWER -What is a
company adjuster?
The state in which the adjuster lives - CORRECT ANSWER -What is a home state?
An application/applicant makes a statement about the good condition of a home/car. -
CORRECT ANSWER -What 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. - CORRECT
ANSWER -What is the Guest Passenger Law?
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Up to the policy limit - CORRECT 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 - CORRECT ANSWER -Which amount would be paid
on a Total Loss Vehicle?
No - CORRECT ANSWER -Can an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - CORRECT
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 - CORRECT ANSWER -When can an adjuster speak
with a claimant represented by counsel (an attorney)?
Liability - CORRECT 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. -
CORRECT ANSWER -Who does the FAIR plan cover?
Replacement cost - CORRECT ANSWER -What are mobile home claims settled at (what
value)?
When they have paid for it - CORRECT 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). - CORRECT 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 - CORRECT
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. - CORRECT ANSWER -What does boat liability
EXCLUDE?
25/50/25 - CORRECT ANSWER -What are West Virginia Minimum Limits?
Provides coverage in excess, with higher limits, than the primary policy - CORRECT
ANSWER -What is excess liability?
A company adjuster is an adjuster representing the interests of the insurer, including independent
contractors and salaried employees of the insurer. - CORRECT ANSWER -What is a
company adjuster?
The state in which the adjuster lives - CORRECT ANSWER -What is a home state?
An application/applicant makes a statement about the good condition of a home/car. -
CORRECT ANSWER -What 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. - CORRECT
ANSWER -What is the Guest Passenger Law?
