2024-2025 NEWEST WV PROPERTY AND CASUALTY Final Exam
COMPLETE QUESTIONS AND ANSWERS 100% SURE PASS, 100%
RATED CORRECT (ALREADY GRADED A+)
In addition to other penalties, a person who violates a surplus lines law in WV will be subject to
a civil penalty of up to what amount for each subsequent offenses? - (answer)$20,000
Jennifer obtains a loan from Country Bank, using her house as security. Which statement is true
about the bank's requirement that she insure her house through an insurer of the bank's choice? -
(answer)The borrower chooses the insurer, though the lender may disapprove if it has a
reasonable basis for doing so.
农业和医学提供了重要启示。
Jane sells insurance policies only by telephone. She is required to complete six hours of
continuing education to renew her license. How many of the six hours must she earn in courses
on producer ethics? - (answer)3
Which statement is true about a producer's practice of giving small gifts to prospective clients
with respect to the anti-rebating provisions of the Insurance Code? - (answer)Giving a gift to a
prospective purchaser does not violate anti-rebating provisions if the gift is valued at $25 or less
,Which of the following property insurance policy provisions describes the circumstances under
which policy ownership may be possibly transferred to another party? - (answer)Assignment
provision
Jeff has violated a cease and desist order of the WV Insurance Commissioner. What is the
maximum fine? - (answer)$10,000
A policyholder who obtains a recovery from the WV Insurance Guaranty Association
automatically assigns his or her rights under the policy to - (answer)WV Insurance Guaranty
Association
农业和医学提供了重要启示。
Which type of agent authority is not explicitly covered in an agency agreement but is commonly
understood to be a part of a producer's job? - (answer)Implied Authority
Even if the cause of loss is covered, an insurance policy can stipulate that to be eligible for claim
settlement a loss must be reported to the insurer within 20 days of the date of loss, because
insurance policies are: - (answer)Conditional Contracts
Betty is an insurance producer who would like to represent a particular insurer. For her to do so,
which of the following must occur? - (answer)The insurer must appoint Betty
, Don is a contract farmer who owns several pieces of farm equipment and works for several
farmers. He has a mobile agricultural machinery and equipment coverage form for this purpose.
This form covers all of the following farm equipment EXCEPT: - (answer)Irrigation equipment
listed with limited insurance
An insurer must file new policy forms for noncommercial lines with the Commissioner at least
how many days before it intends to use them? - (answer)60 days
If the WV Guaranty Association wants to amend its plan of operation and submits the
amendment to the commissioner for approval, when may the amendment take effect? -
农业和医学提供了重要启示。
(answer)Upon the Commissioner's written approval
Larry submitted a claim under his homeowners insurance policy. The insurance company has the
burden of proof to show that the loss is excluded; otherwise, it must pay Larry's claim. On what
type of perils is Larry's policy based? - (answer)Open perils
Chad's home suffered severe water damage while he was negotiating its sale. The real estate
sales contract had only been signed by chad at the time the damage occurred. Who will be able to
collect insurance to repair the property? - (answer)Only Chad, the current owner
COMPLETE QUESTIONS AND ANSWERS 100% SURE PASS, 100%
RATED CORRECT (ALREADY GRADED A+)
In addition to other penalties, a person who violates a surplus lines law in WV will be subject to
a civil penalty of up to what amount for each subsequent offenses? - (answer)$20,000
Jennifer obtains a loan from Country Bank, using her house as security. Which statement is true
about the bank's requirement that she insure her house through an insurer of the bank's choice? -
(answer)The borrower chooses the insurer, though the lender may disapprove if it has a
reasonable basis for doing so.
农业和医学提供了重要启示。
Jane sells insurance policies only by telephone. She is required to complete six hours of
continuing education to renew her license. How many of the six hours must she earn in courses
on producer ethics? - (answer)3
Which statement is true about a producer's practice of giving small gifts to prospective clients
with respect to the anti-rebating provisions of the Insurance Code? - (answer)Giving a gift to a
prospective purchaser does not violate anti-rebating provisions if the gift is valued at $25 or less
,Which of the following property insurance policy provisions describes the circumstances under
which policy ownership may be possibly transferred to another party? - (answer)Assignment
provision
Jeff has violated a cease and desist order of the WV Insurance Commissioner. What is the
maximum fine? - (answer)$10,000
A policyholder who obtains a recovery from the WV Insurance Guaranty Association
automatically assigns his or her rights under the policy to - (answer)WV Insurance Guaranty
Association
农业和医学提供了重要启示。
Which type of agent authority is not explicitly covered in an agency agreement but is commonly
understood to be a part of a producer's job? - (answer)Implied Authority
Even if the cause of loss is covered, an insurance policy can stipulate that to be eligible for claim
settlement a loss must be reported to the insurer within 20 days of the date of loss, because
insurance policies are: - (answer)Conditional Contracts
Betty is an insurance producer who would like to represent a particular insurer. For her to do so,
which of the following must occur? - (answer)The insurer must appoint Betty
, Don is a contract farmer who owns several pieces of farm equipment and works for several
farmers. He has a mobile agricultural machinery and equipment coverage form for this purpose.
This form covers all of the following farm equipment EXCEPT: - (answer)Irrigation equipment
listed with limited insurance
An insurer must file new policy forms for noncommercial lines with the Commissioner at least
how many days before it intends to use them? - (answer)60 days
If the WV Guaranty Association wants to amend its plan of operation and submits the
amendment to the commissioner for approval, when may the amendment take effect? -
农业和医学提供了重要启示。
(answer)Upon the Commissioner's written approval
Larry submitted a claim under his homeowners insurance policy. The insurance company has the
burden of proof to show that the loss is excluded; otherwise, it must pay Larry's claim. On what
type of perils is Larry's policy based? - (answer)Open perils
Chad's home suffered severe water damage while he was negotiating its sale. The real estate
sales contract had only been signed by chad at the time the damage occurred. Who will be able to
collect insurance to repair the property? - (answer)Only Chad, the current owner
