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WV Licensing Exam Questions and
Answers 100% Pass
How long does an insurance company have to pay a mine subsidence claim? - ✔✔120
days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a claim? - ✔✔2 years
What is the "value policy law" with regard to insurance? - ✔✔Maximum payout =
policy limit - deductible.
HAVE to pay out the policy limit in the event of a total loss (even if it's not worth it).
What are some features of the Standard Fire Policy under the FAIR Plan? - ✔✔It's
limited to actual property listed (named perils)
Applies only to the location
If property has to be moved to avoid damage, it's auto-covered for 5 days (removal
from premises)
If proximate cause is a named peril then coverage exists
How many days does the insurance company have to give information to an attorney? -
✔✔30 calendar days, or max fine of $500
Katelyn Whitman© 2025, All Rights Reserved.
,2|Page
What is a "producer" with regard to insurance? - ✔✔One licensed to sell property &
casualty insurance in WV
What is the purpose of the FAIR plan? - ✔✔To provide insurance to people not able to
get it from the open market
What are some features of the FAIR Plan? - ✔✔All have a standard fire policy
Property is physically inspected
Policy term is 1 year
Only perils are fire, lighting, riot, explosion, vehicle smoke, hail, aircraft, wind
Personal max of $200K
Commercial max of $500K
Principle & separation of claims - ✔✔If one part of the claim is not in dispute, those
parts must be paid
Rebating - ✔✔An unfair claims practice in which an agent shares commission with the
buy, or offers a gift
Misrepresentation - ✔✔an unfair claims practice in which an agent misrepresents the
benefit, advantages, or conditions of an insurance policy
What is "representation" with regard to insurance? - ✔✔The stated condition of the
property, per the insured
Katelyn Whitman© 2025, All Rights Reserved.
, 3|Page
What is "concealment" with regard to insurance? - ✔✔Lying about the condition of the
property
How much time can pass before an employee can notify an employer of an injury? -
✔✔Written notice immediately
They must file a claim within 5 days
Can part of a workers comp award be withheld?
If so, for how long? - ✔✔Yes; 77 days with no objection
What is the WV guaranty for? - ✔✔To make payments for insolvent companies
Denials and settlements must include what two things? - ✔✔Facts of loss
Policy provisions, exclusions that apply & how they apply to the loss
Standard Fire Policy (SFP) will cover the smallest amount of these - ✔✔Amount
specified on the policy
ACV of property
Amount to repair/replace
Amount of insureds interest
How many days does a policy holder have to file a UMPD claim? - ✔✔60 days
How many days do you have to send a delay of claim letter? - ✔✔1st letter must be sent
within between 30-45 calendar days, then every 45 days after that
Katelyn Whitman© 2025, All Rights Reserved.
WV Licensing Exam Questions and
Answers 100% Pass
How long does an insurance company have to pay a mine subsidence claim? - ✔✔120
days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a claim? - ✔✔2 years
What is the "value policy law" with regard to insurance? - ✔✔Maximum payout =
policy limit - deductible.
HAVE to pay out the policy limit in the event of a total loss (even if it's not worth it).
What are some features of the Standard Fire Policy under the FAIR Plan? - ✔✔It's
limited to actual property listed (named perils)
Applies only to the location
If property has to be moved to avoid damage, it's auto-covered for 5 days (removal
from premises)
If proximate cause is a named peril then coverage exists
How many days does the insurance company have to give information to an attorney? -
✔✔30 calendar days, or max fine of $500
Katelyn Whitman© 2025, All Rights Reserved.
,2|Page
What is a "producer" with regard to insurance? - ✔✔One licensed to sell property &
casualty insurance in WV
What is the purpose of the FAIR plan? - ✔✔To provide insurance to people not able to
get it from the open market
What are some features of the FAIR Plan? - ✔✔All have a standard fire policy
Property is physically inspected
Policy term is 1 year
Only perils are fire, lighting, riot, explosion, vehicle smoke, hail, aircraft, wind
Personal max of $200K
Commercial max of $500K
Principle & separation of claims - ✔✔If one part of the claim is not in dispute, those
parts must be paid
Rebating - ✔✔An unfair claims practice in which an agent shares commission with the
buy, or offers a gift
Misrepresentation - ✔✔an unfair claims practice in which an agent misrepresents the
benefit, advantages, or conditions of an insurance policy
What is "representation" with regard to insurance? - ✔✔The stated condition of the
property, per the insured
Katelyn Whitman© 2025, All Rights Reserved.
, 3|Page
What is "concealment" with regard to insurance? - ✔✔Lying about the condition of the
property
How much time can pass before an employee can notify an employer of an injury? -
✔✔Written notice immediately
They must file a claim within 5 days
Can part of a workers comp award be withheld?
If so, for how long? - ✔✔Yes; 77 days with no objection
What is the WV guaranty for? - ✔✔To make payments for insolvent companies
Denials and settlements must include what two things? - ✔✔Facts of loss
Policy provisions, exclusions that apply & how they apply to the loss
Standard Fire Policy (SFP) will cover the smallest amount of these - ✔✔Amount
specified on the policy
ACV of property
Amount to repair/replace
Amount of insureds interest
How many days does a policy holder have to file a UMPD claim? - ✔✔60 days
How many days do you have to send a delay of claim letter? - ✔✔1st letter must be sent
within between 30-45 calendar days, then every 45 days after that
Katelyn Whitman© 2025, All Rights Reserved.
