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Mock Exam: Property & Casualty / West Virginia Laws fully solved
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Mock Exam: Property & Casualty / West Virginia Laws fully solved
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Mock Exam: Property & Casualty / WestVirginia Laws fully solved
What is the maximum amount that the business-owners policy will pay for property damage to an
outdoor sign NOT attached to a building? - correct answer ✔✔$2,500
Which one of the following businesses would be eligible for a business-owners policy? - correct answer
✔✔Motel with 2 floors
Which policy provides coverage for professional liability? - correct answer ✔✔Errors and omissions
policy
If the shrubs in front of a house burn when the house catches fire, how much is the insured entitled to
recover for the shrubs under his HO-3? - correct answer ✔✔5% of the limit on Coverage A with a
maximum of $500 for any 1 shrub
All commercial package policies must include? - correct answer ✔✔The common policy declarations and
the common policy conditions
Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal
property coverage that would be available? - correct answer ✔✔$25,000
If it is determined that a licensee knew, or reasonably should have known, that he was in violation of the
Insurance Code, the Commissioner may levy a fine of up to how much per violation? - correct answer
✔✔$5,000
Commercial property insurance covers outdoor signs attached to the building and has a per sign payout
limit. Which form would a business purchase if it wanted to less restriction on coverage? - correct
answer ✔✔Sign coverage form
, Commercial property insurance covers outdoor signs attached to the building and has a per sign payout
limit. Which form would a business purchase if it wanted to less restriction on coverage? - correct
answer ✔✔Sign coverage form
Symbol 4 of the business automobile policy applies to only those autos owned by the business that are?
- correct answer ✔✔Not private passenger autos
When a personal automobile policy is cancelled for a reason other than nonpayment of premium, the
insurer is required to notify the insured at least how many days before the effective date of cancellation?
- correct answer ✔✔30 days
Doug, who is 7 years old, accidentally throws a baseball through the neighbors kitchen window. Which
part of the homeowners policy will pay for the damages to the window? - correct answer ✔✔Part E
Guides to insurance companies' financial integrity and claims-paying ability are published regularly by
rating services. All of the following are rating services EXCEPT - correct answer ✔✔Lloyds of london
Which one of the following statements about the standard mortgage clause is CORRECT? - correct
answer ✔✔The mortgagee may have to pay the premium if the insured fails to do so.
Which of the following is NOT an example of an insurable interest? - correct answer ✔✔A woman's
interest in property that she hopes her uncle will leave to her in his will
Which one of the following forms would be most appropriate to protect against a suspension of business
operations for an insured that cannot afford to have its operations interrupted? - correct answer
✔✔Extra business income insurance
Which one of the following dwellings would a HO-3 -- Homeowners form cover? - correct answer
✔✔Single-family home
Fire would be an example of a? - correct answer ✔✔peril
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