WV Adjuster Test exam 2023 with 100% correct answers

What is the definition of a public adjuster? - correct answer An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - correct answer 30 Days Subrogation occurs when? - correct answer The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - correct answer To provide additional liability coverage above and beyond that which is provided by the primary policy How is the value of personal property determined when using ACV? - correct answer Replacement cost less depreciation How long does an insurance company have to furnish the insurance commissioner with a complete written response to an inquiry other than a notice of 3rd party administrative complaints? - correct answer 15 days Which of the following options correctly states the effect of WVs modified comparative negligence law in a situation in which each is equally liable (each party of 50% liable) - correct answer Neither party collects from the other Driver B loses control of his vehicle and strikes Driver A. Under what theory does Driver A collect damages from Driver B? - correct answer Legal Liability There are 3 home owners policies in effect, which all apply to a single loss. The policies provide the following amounts of coverage. Compan