West Virginia Property & Casualty Laws
and Regulations
"Hearings" - correct answer-A demand must specify the grounds to be relied upon as a basis
for the relief to be requested, and the hearing MUST BE HELD WITHIN 45 days after the
commissioner receives written demand (unless postponed by written agreement) the
commissioner must give at least 15 days notice of the time, and place.
"Insurance" - correct answer-Is a contract whereby one undertakes to indemnify another
party or to pay a specified amount upon determinable contingencies.
"Insurer" - correct answer-Means every person engaged in the business of making contracts
of insurance.
"Person" - correct answer-Means any individual, company,insurer, association, organization,
society, reciprocal, partnership, syndicate, business trust, corporation or any other Legal
entity.
"Policy" - correct answer-Means a contract or certificate effecting insurance, and includes all
clauses, riders, endorsements and paper attached to and a part of the contract.
"Premium" - correct answer-Means the consideration for insurance, by whatever named
called.
A business entity acting as an insurance agency must? - correct answer-Is required to obtain
an insurance producer license using the uniform business entity application.
Acknowledgement of notices of claims - correct answer-Every insured, upon receiving
notification of. Claim shall, within 15 working days, acknowledge the receipts of such notice
unless full payment is made within such period of time.
Alien Insurer - correct answer-An insurer formed under the laws of a country other than the
United States
Answering inquiries from the insurance commissioner - correct answer-Within 15 working
days of the date appearing on the inquiry, furnish the commissioner with a complete written
response to the inquiry.
Approval of rates and forms - correct answer-Every filling must be made not less than 60
days in advance of any delivery. At the end of the 60 days, the filed form will be deemed
approved unless it has already been affirmatively approved or disapproved by the
commissioner.
Binders - correct answer-May not be issued covering a period over 90 days.
Cancellation of a policy - correct answer-Non payment: 10 days
Anything else: 30 days
Non-renewal: 45 days
Commissioner makes an order with the findings of fact and conclusions - correct
answer-Within 45 days
Comparative Negligence Law - correct answer-Wv follows a modified comparative fault rule,
which provides that you may not recover if you were 50% or more at fault. However, 49% or
less at fault you may recover.
Coverage limits and types - correct answer-Coverage may not exceed $100,000 for anyone
residential risk, ($75,000 on one, two, or three family buildings and $25,000 for household
content; or the maximum of $300,000 for the combination of building and contents.
Domestic insurer - correct answer-Means an insurer formed under the laws of WV.
Duty after investigation - correct answer-Within 10 working days of completing its
investigation, the insurer shall deny in writing or make a written offer, subject to policy limits
and, with respect to medical professionals liability claims.
Establishment of investigatory procedures - correct answer-Every Insurer shall establish
procedures to commence an investigation of any claim filed by a claimant, or by a claimant's
authorized representative, within 15 working days of receipt of Notice of a claim.
Examination of insurers - correct answer-•Must examine each domestic insurer at least once
every five years, and as often as deemed necessary.
•May examine an alien or foreign insurer licensed to transact insurance in this state at least
once every five years.
Expiration and renewal of license - correct answer-All licenses of producers, solicitors,
brokers and surplus line brokers expire at midnight on the next may 31st after the date of
issuance.
Foreign Insurer - correct answer-An insurer formed under the laws of the United State or
another state of the U.S.
Grounds for cancellation - correct answer-CANNOT CANCEL DUE TO # of claims
Individual insurance producers - correct answer-Must complete 24 hours of continuing
insurance education biennially(every two years) including 3 hours in the subject of ethics.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Hkane. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
