100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
WV Licensing Test Study Questions and answers $11.49   Add to cart

Exam (elaborations)

WV Licensing Test Study Questions and answers

 0 view  0 purchase
  • Course
  • WV Licensing Te
  • Institution
  • WV Licensing Te

WV Licensing Test Study Questions and answers

Preview 4 out of 68  pages

  • August 7, 2024
  • 68
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • WV Licensing Te
  • WV Licensing Te
avatar-seller
Waynee
WV Licensing Test Study Questions and
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

,WV Licensing Test Study Questions and
answers
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. Which of the following is the section of an insurance contract that contains the
provisions, rules of conduct, duties and obligations of the parties?

A. The Insuring Agreement

B. The Conditions

C. The Exclusions

D. The Limitations - correct answer ✅B. The Conditions



6. A loss that is a direct consequence of a particular peril is called a(n):

A. Indirect loss

B. Peril

,WV Licensing Test Study Questions and
answers
C. Hazard

D. Direct loss - correct answer ✅D. Direct loss



7. Which of the following is a clause in property and casualty contracts which
states that if policy or endorsement forms are broadened and no additional
premium is required, then all existing similar policies or endorsements will be
construed to include the broadened coverage?

A. Liberalization

B. Assignment

C. Binder

D. Coinsurance - correct answer ✅A. Liberalization



8. Which of the following provides written evidence of coverage pending the
issuance of a policy?

A. Cause of Loss Form

B. Assignment

C. Binder

D. Blanket coverage - correct answer ✅C. Binder

, WV Licensing Test Study Questions and
answers
9. Which of the following is an example of a Loss Evaluation Method?

A. Liberalization

B. Cause of Loss form

C. Stated amount

D. Conditions - correct answer ✅C. Stated amount



10. The cost of replacement minus depreciation is the definition of:

A. Valued Policy

B. Market Value

C. Replacement Cost

D. Actual Cash Value - correct answer ✅D. Actual Cash Value



11. Which of the following is a method of requiring the insured to insure at least
80% of the value of the covered commercial property?

A. Cause of Loss Form

B. Standard Mortgage clause

C. Loss Payable clause

D. Coinsurance clause - correct answer ✅D. Coinsurance clause

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Waynee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart