WV INSURANCE EXAM STUDY GUIDE
2026
Up to the policy limit - ANSWERSIf 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 - ANSWERSWhich amount would be paid on a Total
Loss Vehicle?
No - ANSWERSCan an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - ANSWERSA
stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be
paid on the claim?
Never, unless counsel gives consent - ANSWERSWhen can an adjuster speak with a
claimant represented by counsel (an attorney)?
Liability - ANSWERSWhat 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. - ANSWERSWho does the FAIR plan cover?
Replacement cost - ANSWERSWhat are mobile home claims settled at (what value)?
When they have paid for it - ANSWERSWhen can an insurance company take salvage?
The company must release information and cooperate with any official authorizations to
request such information (material documents). - ANSWERSWhat 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 -
ANSWERSWhat 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. - ANSWERSWhat does boat liability
EXCLUDE?
25/50/25 - ANSWERSWhat are West Virginia Minimum Limits?
, Provides coverage in excess, with higher limits, than the primary policy -
ANSWERSWhat is excess liability?
A company adjuster is an adjuster representing the interests of the insurer, including
independent contractors and salaried employees of the insurer. - ANSWERSWhat is a
company adjuster?
The state in which the adjuster lives - ANSWERSWhat is a home state?
An application/applicant makes a statement about the good condition of a home/car. -
ANSWERSWhat is an example of a representation?
No insurer may issue any policy of bodily injury or property damage liability insurance
which exclude coverage to the owner or operator of a motor vehicle on account of bodily
injury or property damage to any guest or invitee who is a passenger in such motor
vehicle. - ANSWERSWhat is the Guest Passenger Law?
On a structure evidencing unrepaired subsidence damage - ANSWERSWhat is the
insurer's Right to Refuse Coverage for Mine Subsidence?
The mortgagee would be entitled to their financial interests up to the limit of insurance. -
ANSWERSAn insurance company notifies the insured that their $100k Homeowner's
Policy was cancelled. They fail to notify the mortgagee of the cancellation. There is a
fire loss of $100k. What could the mortgage company collect?
The applicant must be over the age of 21 - ANSWERSThe qualifications for licensing of
adjusters in West Virginia include all of the following EXCEPT:
5 years - ANSWERSA public adjuster must maintain files for how many years?
7 days - ANSWERSThe insurer has how many days to inspect damages prior to repair?
Electrical outage to a freezer causes all the food to thaw and spoil - ANSWERSWhat is
an example of an indirect loss?
30 days - ANSWERSAn adjuster must notify the commissioner of a change of address
within?
$55,000 - ANSWERSThe ABC Printing Company has a printing press that suffers a
total loss. The company paid $25,000 ten years ago for the press. ACV is $40,000 and
the replacement cost is $55,000. The company has had to cancel several contracts for
printing due to the loss of the press and they area anxious to resume full production.
ABC Company is covered under a Business Owner's Policy (BOP). They will receive
how much from the insurer?
2026
Up to the policy limit - ANSWERSIf 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 - ANSWERSWhich amount would be paid on a Total
Loss Vehicle?
No - ANSWERSCan an adjuster give legal advice?
Add up all permanently installed equipment and deduct the deductible - ANSWERSA
stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be
paid on the claim?
Never, unless counsel gives consent - ANSWERSWhen can an adjuster speak with a
claimant represented by counsel (an attorney)?
Liability - ANSWERSWhat 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. - ANSWERSWho does the FAIR plan cover?
Replacement cost - ANSWERSWhat are mobile home claims settled at (what value)?
When they have paid for it - ANSWERSWhen can an insurance company take salvage?
The company must release information and cooperate with any official authorizations to
request such information (material documents). - ANSWERSWhat 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 -
ANSWERSWhat 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. - ANSWERSWhat does boat liability
EXCLUDE?
25/50/25 - ANSWERSWhat are West Virginia Minimum Limits?
, Provides coverage in excess, with higher limits, than the primary policy -
ANSWERSWhat is excess liability?
A company adjuster is an adjuster representing the interests of the insurer, including
independent contractors and salaried employees of the insurer. - ANSWERSWhat is a
company adjuster?
The state in which the adjuster lives - ANSWERSWhat is a home state?
An application/applicant makes a statement about the good condition of a home/car. -
ANSWERSWhat is an example of a representation?
No insurer may issue any policy of bodily injury or property damage liability insurance
which exclude coverage to the owner or operator of a motor vehicle on account of bodily
injury or property damage to any guest or invitee who is a passenger in such motor
vehicle. - ANSWERSWhat is the Guest Passenger Law?
On a structure evidencing unrepaired subsidence damage - ANSWERSWhat is the
insurer's Right to Refuse Coverage for Mine Subsidence?
The mortgagee would be entitled to their financial interests up to the limit of insurance. -
ANSWERSAn insurance company notifies the insured that their $100k Homeowner's
Policy was cancelled. They fail to notify the mortgagee of the cancellation. There is a
fire loss of $100k. What could the mortgage company collect?
The applicant must be over the age of 21 - ANSWERSThe qualifications for licensing of
adjusters in West Virginia include all of the following EXCEPT:
5 years - ANSWERSA public adjuster must maintain files for how many years?
7 days - ANSWERSThe insurer has how many days to inspect damages prior to repair?
Electrical outage to a freezer causes all the food to thaw and spoil - ANSWERSWhat is
an example of an indirect loss?
30 days - ANSWERSAn adjuster must notify the commissioner of a change of address
within?
$55,000 - ANSWERSThe ABC Printing Company has a printing press that suffers a
total loss. The company paid $25,000 ten years ago for the press. ACV is $40,000 and
the replacement cost is $55,000. The company has had to cancel several contracts for
printing due to the loss of the press and they area anxious to resume full production.
ABC Company is covered under a Business Owner's Policy (BOP). They will receive
how much from the insurer?
