WV Study Exam

1.

1 point

What are WV State insurance minimums for auto?

10/20/5

25/50/25

25/100/50

50/25/50

2.

1 point

An insurance policy is purchased on a building in the amount of $100,000. A fire occurs and the loss is $125,000 to replace the building. What will the policy pay on the loss?

125,000

100,000

80,000

Ben Franklin

3.

1 point

Under what circumstance may an insurer deny mine coverage?

When there is prior repaired damage

When there is prior unrepaired damage

When there is a high risk of mine subsidence

When there has been recent mine activity

4.

1 point

How is a pair and set clause paid?

The ACV of the set

The RCV of the set

The difference between the ACV of the set before and after the loss

The amount of the lost piece

5.

1 point

You have _____ days to acknowledge and begin claim investigation?

7

10

15

30

6.

1 point

The Commissioner can issue you a maximum fine of?

500

5000

1000

100

7.

1 point

How long does a BOP allow for extra expense coverage?

6 months

12 Months

18 Months

24 Months

8.

1 point

A basic liability possibility excludes who?

Dwarves

Contractors

Funeral Homes

Grocery stores

9.

1 point

You have how many days to inspect completed repairs?

7

10

15

30

10.

1 point

Which of the following is true of the West Virginia "Guest Passenger Law"?

A. No insurer may issue a policy for bodily injury or property damage which excludes a passenger at any time.

B. No insurers may issue a policy for bodily injury (Bl) and property damage (PD) which excludes a passenger without a written waiver from the insured.

C. No insurer may issue a policy for Bl and PD which provides coverage to a passenger at any time.

D. No insurer may issue a policy to a guest passenger under any circumstance.

11.

1 point

What is WV Guaranty set up to do?

Cover losses in case of insurer insolvency

Provide coverage for people who cant find coverage

Provide coverage for Mine subsidence risks

Limit insurance companies risks

12.

1 point

Under the WV Guaranty Plan how much is paid for a mobile in case of a total loss?

Policy limits

Nothing

Replacement cost

ACV

13.

1 point

The rights of the Insured and insurer are found in what section?

Conditions

Insuring agreement

Section II

Declarations

14.

1 point

A company adjuster represents the interests of who?

Themselves

The insured

The Insurer

Dave Chappelle

15.

1 point

In property and casualty insurance at what time must a party have an insurable interest?

When claim is paid

At the time of the loss

When claim is reported

At the policy inception

16.

1 point

You have how many days to inspect a vehicle damage prior to work being done?

7

10

15

30

17.

1 point

Insurer must deny a claim in writing or make settlement within ____ days of Proof of loss or agreed amount?

10 days

15 days

10 business days

7 days

18.

1 point

Which of the following does NOT have an insurable interst?

Tenant

Vendor

Mortgagee

Owner

19.

1 point

A public adjuster represents the interests of who?

Themselves

The insured

The Insurer

Dave Chappelle

20.

1 point

A ________ is formed under the laws of another country?

Domestic Insurer

Foreign Insurer

Alien Insurer

Home Insurer

21.

1 point

You have how many days to respond to written communication>

7

10

15

30

22.

1 point

Two people are in an automobile accident. One has damages of $100,000 and the other has damages of $50,000. Each is found to be 50% negligent. How much will they recover?

No one would recover

Each would file under their own policy

Each would recover 50% from the others policy

2150

23.

1 point

Which of the following coverage apply if a vehicle is upset?

Liability

Comprehensive

Collision

Underinsured

24.

1 point

In a surety bond the principal would pay ________if a project is not performed.

obligee

Doug

contractor

Bond holder

25.

1 point

How many days do you have to report a move into WV?

30

90

60

10

26.

1 point

What is a temporary contract of insurance?

Policy

Contract

Binder

Bond

27.

1 point

How is ACV Calculated?

Ebay average selling price

Replacement cost minus depreciation

Magic 8 ball

Official used car guide

28.

1 point

When can an application be rejected?

If it is incomplete

If you are caught cheating

If the commissioner doesn't know you

If you don't provide a background check

29.

1 point

In the FAIR Plan what is the limit of liability on a residential home?

150,000

200,000

300,000

500,000

30.

1 point

How long is a binder good for?

30

60

90

120

31.

1 point

What day does your license expire?

May 31st

January 1st

Your birth month

12 months from license issue

32.

1 point

How long do you have to pay fines to the commission?

10 days

30 days

60 days

90 days

33.

1 point

What is the WV Fair Plan designed to do?

Cover losses in case of insurer insolvency

Provide coverage for people who cant find coverage

Provide coverage for Mine subsidence risks

Limit insurance companies risks

34.

1 point

The policy period is found in what section of the policy?

Conditions

Insuring agreement

Section II

Declarations

35.

1 point

Doug Llewelyn totals his car that he paid $1000 for, there is a similar vehicle for sale at a nearby dealership for $1700, the used car guide list it as $2150 and Dougs Cousin offered him $2995 for it last week. How much will Doug get?

1700

1000

1750

2150

36.

1 point

How many days do you have to report a simple move (not into WV)?

30

90

60

10

37.

1 point

How many days to reply to a claim inquiry from commissioner?

10

45

30

15

38.

1 point

What is the limit of liability on WV Guaranty Plan?

150,000

200,000

300,000

500,000

39.

1 point

How long do you have to begin an investigation?

10 days

15 days

10 business days

7 days

40.

1 point

The commissioner can issue a maximum fine of _____ to the company?

500

5000

1000

100

41.

1 point

When can an adjuster take salvage?

When claim is paid

When salvage release is signed

May 31

When the commissioner approves

42.

1 point

Upon declaration of an insurance emergency, a licensed insurer may apply for emergency adjuster license for persons to act as emergency adjusters. The Commissioner will act on these applications within____?

30 days

24 hours

a reasonable amount of time

20 days

43.

1 point

A ________ is formed under the laws of WV?

Domestic Insurer

Foreign Insurer

Alien Insurer

Home Insurer

44.

1 point

What is the number of years an adjuster must retain records?

3

5

1

7

45.

1 point

Obligations assumed by the Insurance company is found in what section?

Conditions

Insuring agreement

Section II

Declarations

46.

1 point

Which boat would be covered under HO policy?

50 hp boat

25hp inboard motor

25hp outboard motor

Speed boat

47.

1 point

A statement of fact is a ?

Warranty

Representation

Surety

Statement

48.

1 point

A ________ is formed under the laws of another US State?

Domestic Insurer

Foreign Insurer

Alien Insurer

Home Insurer

49.

1 point

What does a surety bond do?

Guarantees the performance of the principle

Protects the principle from liability claims

Protects the obligee from cancellation

Gurantees the amount of the contract

50.

1 point

DC or any other state of the U.S. in which an adjuster maintains his or her principal place of residence or business and in which he or she is licensed to act as a resident adjuster?

Domicile State

Home State

Domestic

Designated Home state