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WV Insurance Exam Study Guide with 100- correct answers
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WV Insurance Exam Study Guide with 100- correct answers
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WV Insurance ExamStudy Guide with
100% correct answer
Up to the policy limit - answer If insurance fails to notify the mortgage that the
policy is canceled and there is a fire loss, what could the mortgage company
collect?
Official Used Car Guide Amount - answer Which amount would be paid on a
Total Loss Vehicle?
No - answer Can an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible -
answer A stolen vehicle is recovered with $1800 in damages to the vehicle.
How much will be paid on the claim?
Never, unless counsel gives consent - answer When can an adjuster speak with
a claimant represented by counsel (an attorney)?
Liability - answer What does Section II of the Homeowner's Policy cover?
, 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. - answer Who does the FAIR plan cover?
Replacement cost - answer What are mobile home claims settled at (what
value)?
When they have paid for it - answer When can an insurance company take
salvage?
The company must release information and cooperate with any official
authorizations to request such information (material documents). - answer
What is an adjuster supposed to do if a Fire Marshal determined arson was the
cause of the fire?
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 - answer What is an insurance company required to do if
arson is suspected?
Coverage does not extend to any craft used in any form of business (including
collection of goods), crafts rented to others or those that include a captain or
crew (Commercial Liability). Neither does coverage apply to air-propelled craft,
experimental craft, flare craft, hover craft, modified craft, or submarines. -
answer What does boat liability EXCLUDE?
25/50/25 - answer What are West Virginia Minimum Limits?
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