wv insurance; property & casualty
correctly answered 2023
a domestic user will be examined by the commissioner at least once every ___ - correct
answer 5 years.
an insurance company owned by its policyholder is known as ___ - correct answer
mutual insurance company.
an insurance company headquartered in ohio, conducting business with west virginia is
know as ___ - correct answer 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 ___ - correct answer rebating.
insurance policies and forms must be filed with and approved by the commissioner
within how many days? - correct answer 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. - correct answer 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 ___
- correct answer principal of insurable interest.
a binder may not cover a period in excess of ___ - correct answer 90 days.
an insured may purchase optional limits of liability for uninsured motorist coverage in
the amounts of ___ - correct answer $100,000 | $300,000 | $50,000
an insurer must provide ___ days notice of its intention not to renew an automobile
policy. - correct answer 45 days.
the primary purpose of west virginia automobile insurance plan is to ___ - correct
answer 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. - correct answer $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. - correct answer $100,000.
an alien insurer is one that is found under the laws of ___ - correct answer any country
other than the united states.
which best defines a hazard? - correct answer 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? - correct answer boatowners insurance.
a companies promise "to pay for damage caused by or resulting from any covered loss"
would be found in what section of a commercial property policy? - correct answer
insuring agreement.
example of a business eligible for a businessowner policy? - correct answer branch
bank.
sue insures a home for $100,000 under a dwelling property board form (DP-2). if a flood
occurs and causes $1000 in damage to the homes contents, how much will her
insurance company pay? - correct answer $0.
the uncertainty of future outcome. - correct answer risk.
if a insured's company is damaged by fire because of an adjoining property, and is also
covered under a business insurance company, then the insurance will cover the loss of
earnings for a maximum of ___ - correct answer 4 weeks.
a fire in an insured's restaurant burns the kitchen walls and causes smoke damage to
the entire interior. water used to extinguish the fire causes extensive damage to floors
and furnishings. the water damage is BEST described as ___ - correct answer a direct
loss.
after paying a claim, an insurance company may have the right to pursue legal action
against the negligent party. this right is called ___ - correct answer subrogation.
which policy is intended to broaden the coverage? - correct answer umbrella liability.
a products liability policy would provide coverage for damages that arise from ___ -
correct answer a bicycle rider is injured when a wheel malfunctions.
which term under the CGL policy includes continuous or repeated exposure to
conditions that may result in bodily injury or damage, neither expectedly inteded by the
insured? - correct answer an occurrence.
correctly answered 2023
a domestic user will be examined by the commissioner at least once every ___ - correct
answer 5 years.
an insurance company owned by its policyholder is known as ___ - correct answer
mutual insurance company.
an insurance company headquartered in ohio, conducting business with west virginia is
know as ___ - correct answer 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 ___ - correct answer rebating.
insurance policies and forms must be filed with and approved by the commissioner
within how many days? - correct answer 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. - correct answer 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 ___
- correct answer principal of insurable interest.
a binder may not cover a period in excess of ___ - correct answer 90 days.
an insured may purchase optional limits of liability for uninsured motorist coverage in
the amounts of ___ - correct answer $100,000 | $300,000 | $50,000
an insurer must provide ___ days notice of its intention not to renew an automobile
policy. - correct answer 45 days.
the primary purpose of west virginia automobile insurance plan is to ___ - correct
answer 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. - correct answer $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. - correct answer $100,000.
an alien insurer is one that is found under the laws of ___ - correct answer any country
other than the united states.
which best defines a hazard? - correct answer 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? - correct answer boatowners insurance.
a companies promise "to pay for damage caused by or resulting from any covered loss"
would be found in what section of a commercial property policy? - correct answer
insuring agreement.
example of a business eligible for a businessowner policy? - correct answer branch
bank.
sue insures a home for $100,000 under a dwelling property board form (DP-2). if a flood
occurs and causes $1000 in damage to the homes contents, how much will her
insurance company pay? - correct answer $0.
the uncertainty of future outcome. - correct answer risk.
if a insured's company is damaged by fire because of an adjoining property, and is also
covered under a business insurance company, then the insurance will cover the loss of
earnings for a maximum of ___ - correct answer 4 weeks.
a fire in an insured's restaurant burns the kitchen walls and causes smoke damage to
the entire interior. water used to extinguish the fire causes extensive damage to floors
and furnishings. the water damage is BEST described as ___ - correct answer a direct
loss.
after paying a claim, an insurance company may have the right to pursue legal action
against the negligent party. this right is called ___ - correct answer subrogation.
which policy is intended to broaden the coverage? - correct answer umbrella liability.
a products liability policy would provide coverage for damages that arise from ___ -
correct answer a bicycle rider is injured when a wheel malfunctions.
which term under the CGL policy includes continuous or repeated exposure to
conditions that may result in bodily injury or damage, neither expectedly inteded by the
insured? - correct answer an occurrence.
