WV Insurance Exam Study Guide. 100% comprehensive. Rated A

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WV Insurance Exam Study Guide. 100% comprehensive. Rated A Up to the policy limit - ✔✔If insurance fails to notify the mortgage that the policy is canceled and there is a fire loss, what co... uld the mortgage company collect? Official Used Car Guide Amount - ✔✔Which amount would be paid on a Total Loss Vehicle? No - ✔✔Can an adjuster give legal advice? Add up all permanently installed equipment and deduct the deductible - ✔✔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 - ✔✔When can an adjuster speak with a claimant represented by counsel (an attorney)? Liability - ✔✔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. - ✔✔Who does the FAIR plan cover? Replacement cost - ✔✔What are mobile home claims settled at (what value)? When they have paid for it - ✔✔When can an insurance company take salvage? The company must release information and cooperate with any official authorizations to request such information (material documents). - ✔✔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 - ✔✔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. - ✔✔What does boat liability EXCLUDE? 25/50/25 - ✔✔What are West Virginia Minimum Limits? Provides coverage in excess, with higher limits, than the primary policy - ✔✔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. - ✔✔What is a company adjuster? The state in which the adjuster lives - ✔✔What is a home state? An application/applicant makes a statement about the good condition of a home/car. - ✔✔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. - ✔✔What is the Guest Passenger Law? On a structure evidencing unrepaired subsidence damage - ✔✔What is the insurer's Right to Refuse Coverage for Mine Subsidence? The mortgagee would be entitled to their financial interests up to the limit of insurance. - ✔✔An insurance company notifies the insured that their $100k Homeowner's Policy was cancelled. They fail to notify the mortgagee of the cancellation. There is a fire loss of $100k. What could the mortgage company collect? The applicant must be over the age of 21 - ✔✔The qualifications for licensing of adjusters in West Virginia include all of the following EXCEPT: 5 years - ✔✔A public adjuster must maintain files for how many years? 7 days - ✔✔The insurer has how many days to inspect damages prior to repair? Electrical outage to a freezer causes all the food to thaw and spoil - ✔✔What is an example of an indirect loss? 30 days - ✔✔An adjuster must notify the commissioner of a change of address within? $55,000 - ✔✔The ABC Printing Company has a printing press that suffers a total loss. The company paid $25,000 ten years ago for the press. ACV is $40,000 and the replacement cost is $55,000. The company has had to cancel several contracts for printing due to the loss of the press and they area anxious to resume full production. ABC Company is covered under a Business Owner's Policy (BOP). They will receive how much from the insurer? Theft - ✔✔An item is covered on a personal [Show More]

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