West Virginia Laws Mock Exam Property & Casualty Review Questions and Correct Answers

What is the maximum amount that the business-owners policy will pay for property damage to an outdoor sign NOT attached to a building? $2,500 Which one of the following businesses would be eligible for a business-owners policy? Motel with 2 floors Which policy provides coverage for professional liability? 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? 5% of the limit on Coverage A with a maximum of $500 for any 1 shrub All commercial package policies must include? 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? $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? $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? 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? Sign coverage form Symbol 4 of the business automobile policy applies to only those autos owned by the business that are? 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? 30 days