West Virginia Insurance Property & Casualty Exam | 200 Questions with 100% Correct Answers | Verified | Latest Update
Question : a domestic user will be examined by the
commissioner at least once every ___
Correct answer: 5 years.
Question : an insurance company owned by its policyholder is
known as ___
Correct answer: mutual insurance company.
Question : an insurance company headquartered in ohio,
conducting business with west virginia is know as ___
Correct answer: foreign insurer.
Question : agent wilson strikes a deal with his client: if the client agree to purchase homeowners insurance from agent wilson, wilson will waive the clients first premium payment.wilson is guilty of ___
Correct answer: rebating.
Question : insurance policies and forms must be filed with
and approved by the commissioner within how many days?
Correct answer: 60 days.
Question : the ___ states that insurers issuing fire insurance
policies on real property in west virginia are liable for the limit of insurance on the property in case of total loss by fire or as otherwise stated in the policy.
Correct answer: valued policy law.
Question : an actual lawful, and substantial economic interest
in the safety or preservation of property from loss, destruction, or pecuniary damage or impairment is known as the ___
Correct answer: principal of insurable interest.
Question : a binder may not cover a period in excess of ___
Correct answer: 90 days.
Question : an insured may purchase optional limits of liability
for uninsured motorist coverage in the amounts of ___
Correct answer: $100,000 | $300,000 | $50,000
Question : an insurer must provide ___ days notice of its
intention not to renew an automobile policy.
Correct answer: 45 days.
Question : the primary purpose of west virginia automobile
insurance plan is to ___
Correct answer: provide auto liability insurance for
individuals unable to obtain it in the normal marketplaces.
Question : coverage provided under the west virgina FAIR
plan may not exceed for any one habitational risk or commercial risk.
Correct answer: $200,000 | $500,000.
Question : if a person is guilty of violating the laws against
unfair trade practice and the commissioner determines that the person knew or reasonably should have known he|she was in violation of the law, the commissioner may order the person to pay a maximum penalty of ___ for violations in a 6 month period.
Correct answer: $100,000.
Question : an alien insurer is one that is found under the laws
of ___
Correct answer: any country other than the united states.
Question : which best defines a hazard?
Correct answer: a condition that increases the chance of a
loss.
Question : a family takes their 50horsepower outboard
motorboat to the lake on a trailer towed behind their personal auto. the pleasure boat is appropriately covered for physical damages under which policy?