WV Insurance- Property & Casualty Practice Test Questions and Correct Answers

A domestic user will be examined by the commissioner at least once every ___ 5 years. An insurance company owned by its policyholder is known as ___ mutual insurance company. An insurance company headquartered in ohio, conducting business with west virginia is know as ___ foreign insurer. 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 ___ rebating. Insurance policies and forms must be filed with and approved by the commissioner within how many days? 60 days. 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. valued policy law. 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 ___ principal of insurable interest. A binder may not cover a period in excess of ___ 90 days. An insured may purchase optional limits of liability for uninsured motorist coverage in the amounts of ___ $100,000 | $300,000 | $50,000 An insurer must provide ___ days notice of its intention not to renew an automobile policy. 45 days. The primary purpose of west virginia automobile insurance plan is to ___ provide auto liability insurance for individuals unable to obtain it in the normal marketplaces. Coverage provided under the west virgina FAIR plan may not exceed for any one habitational risk or commercial risk. $200,000 | $500,000. 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. $100,000. An alien insurer is one that is found under the laws of ___ any country other than the united states. Which best defines a hazard? a condition that increases the chance of a loss. 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? boatowners insurance. A companies promise "to pay for damage caused by or