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WV Licensing Questions and Correct
Answers/ Latest Update / Already Graded
How long does an insurance company have to pay a mine subsidence
claim?
Ans: 120 days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a
claim?
Ans: 2 years
What is the "value policy law" with regard to insurance?
Ans: 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?
Ans: It's limited to actual property listed (named perils)
Applies only to the location
All rights reserved © 2025/ 2026 |
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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?
Ans: 30 calendar days, or max fine of $500
What is a "producer" with regard to insurance?
Ans: One licensed to sell property & casualty insurance in WV
What is the purpose of the FAIR plan?
Ans: To provide insurance to people not able to get it from the
open market
What are some features of the FAIR Plan?
Ans: 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
All rights reserved © 2025/ 2026 |
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Personal max of $200K
Commercial max of $500K
Principle & separation of claims
Ans: If one part of the claim is not in dispute, those parts must
be paid
Rebating
Ans: An unfair claims practice in which an agent shares
commission with the buy, or offers a gift
Misrepresentation
Ans: 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?
Ans: The stated condition of the property, per the insured
What is "concealment" with regard to insurance?
Ans: Lying about the condition of the property
All rights reserved © 2025/ 2026 |
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How much time can pass before an employee can notify an employer
of an injury?
Ans: 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?
Ans: Yes; 77 days with no objection
What is the WV guaranty for?
Ans: To make payments for insolvent companies
Denials and settlements must include what two things?
Ans: 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
Ans: Amount specified on the policy
All rights reserved © 2025/ 2026 |
WV Licensing Questions and Correct
Answers/ Latest Update / Already Graded
How long does an insurance company have to pay a mine subsidence
claim?
Ans: 120 days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a
claim?
Ans: 2 years
What is the "value policy law" with regard to insurance?
Ans: 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?
Ans: It's limited to actual property listed (named perils)
Applies only to the location
All rights reserved © 2025/ 2026 |
, Page |2
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?
Ans: 30 calendar days, or max fine of $500
What is a "producer" with regard to insurance?
Ans: One licensed to sell property & casualty insurance in WV
What is the purpose of the FAIR plan?
Ans: To provide insurance to people not able to get it from the
open market
What are some features of the FAIR Plan?
Ans: 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
All rights reserved © 2025/ 2026 |
, Page |3
Personal max of $200K
Commercial max of $500K
Principle & separation of claims
Ans: If one part of the claim is not in dispute, those parts must
be paid
Rebating
Ans: An unfair claims practice in which an agent shares
commission with the buy, or offers a gift
Misrepresentation
Ans: 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?
Ans: The stated condition of the property, per the insured
What is "concealment" with regard to insurance?
Ans: Lying about the condition of the property
All rights reserved © 2025/ 2026 |
, Page |4
How much time can pass before an employee can notify an employer
of an injury?
Ans: 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?
Ans: Yes; 77 days with no objection
What is the WV guaranty for?
Ans: To make payments for insolvent companies
Denials and settlements must include what two things?
Ans: 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
Ans: Amount specified on the policy
All rights reserved © 2025/ 2026 |
