WV Licensing Test exam 2023 with 100% correct answers

1. Methods of risk management include: A. Transfer B. Sharing C. Avoidance D. All of the above. - correct answer D. All of the above. 2. An insured has suffered a fire loss to his/her dwelling. This insured is which party to the claim? A. Third party B. First party C. Second party D. Loss payee - correct answer B. First party 3. Mr. Jones, a pedestrian, was injured by Mr. Smith while driving his vehicle. Mr. Smith is insured by I Am Bogus Insurance Company. The insurance company would be which party to the claim? A. First party since they are the one that has to pay B. The second party C. The third party D. Guarantor - correct answer B. The second party 4. Which of the following is NOT included in the Declarations section of an insurance contract? A. The identity of the named insured B. The policy period C. The covered perils D. The policy premium - correct answer C. The covered perils 5. Whi