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WV Insurance Exam Study Guide with Complete Solution
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WV Insurance Exam Study Guide with Complete Solution
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WV Insurance Exam Study Guide with Complete Solution If insurance fails to notify the mortgage that the policy is canceled and there is a fire loss, what could the mortgage company collect? - Correct Answer-Up to the policy limitWhich amount would be paid on a Total Loss Vehicle? - Correct Answer-Official Used Car Guide Amount
Can an adjuster give legal advice? - Correct Answer-No
A stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be paid on the claim? - Correct Answer-Add up all permanently
installed equipment and deduct the deductible
When can an adjuster speak with a claimant represented by counsel (an attorney)? - Correct Answer-Never, unless counsel gives consent
What does Section II of the Homeowner's Policy cover? - Correct Answer-Liability Who does the FAIR plan cover? - Correct Answer-
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.
What are mobile home claims settled at (what value)? - Correct Answer-Replacement cost
When can an insurance company take salvage? - Correct Answer-When they have paid for it
What is an adjuster supposed to do if a Fire Marshal determined arson was the cause of the fire? - Correct Answer-The company must release information and cooperate with any official authorizations to request such information (material documents).
What is an insurance company required to do if arson is suspected? - Correct Answer-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
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