WV Licensing Exam 2025 Questions
and Answers
How long does an insurance company have to pay a mine subsidence claim? -
ANSWER-120 days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a claim? -
ANSWER-2 years
What is the "value policy law" with regard to insurance? - ANSWER-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? -
ANSWER-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
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,How many days does the insurance company have to give information to an
attorney? - ANSWER-30 calendar days, or max fine of $500
What is a "producer" with regard to insurance? - ANSWER-One licensed to sell
property & casualty insurance in WV
What is the purpose of the FAIR plan? - ANSWER-To provide insurance to
people not able to get it from the open market
What are some features of the FAIR Plan? - ANSWER-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 - ANSWER-If one part of the claim is not in
dispute, those parts must be paid
Rebating - ANSWER-An unfair claims practice in which an agent shares
commission with the buy, or offers a gift
Misrepresentation - ANSWER-an unfair claims practice in which an agent
misrepresents the benefit, advantages, or conditions of an insurance policy
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, What is "representation" with regard to insurance? - ANSWER-The stated
condition of the property, per the insured
What is "concealment" with regard to insurance? - ANSWER-Lying about the
condition of the property
How much time can pass before an employee can notify an employer of an injury?
- ANSWER-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? - ANSWER-Yes; 77 days with no objection
What is the WV guaranty for? - ANSWER-To make payments for insolvent
companies
Denials and settlements must include what two things? - ANSWER-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 - ANSWER-
Amount specified on the policy
ACV of property
Amount to repair/replace
Amount of insureds interest
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
and Answers
How long does an insurance company have to pay a mine subsidence claim? -
ANSWER-120 days after receiving proof of loss
If a black lung employee dies, how long does family have to enter a claim? -
ANSWER-2 years
What is the "value policy law" with regard to insurance? - ANSWER-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? -
ANSWER-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
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
,How many days does the insurance company have to give information to an
attorney? - ANSWER-30 calendar days, or max fine of $500
What is a "producer" with regard to insurance? - ANSWER-One licensed to sell
property & casualty insurance in WV
What is the purpose of the FAIR plan? - ANSWER-To provide insurance to
people not able to get it from the open market
What are some features of the FAIR Plan? - ANSWER-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 - ANSWER-If one part of the claim is not in
dispute, those parts must be paid
Rebating - ANSWER-An unfair claims practice in which an agent shares
commission with the buy, or offers a gift
Misrepresentation - ANSWER-an unfair claims practice in which an agent
misrepresents the benefit, advantages, or conditions of an insurance policy
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
, What is "representation" with regard to insurance? - ANSWER-The stated
condition of the property, per the insured
What is "concealment" with regard to insurance? - ANSWER-Lying about the
condition of the property
How much time can pass before an employee can notify an employer of an injury?
- ANSWER-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? - ANSWER-Yes; 77 days with no objection
What is the WV guaranty for? - ANSWER-To make payments for insolvent
companies
Denials and settlements must include what two things? - ANSWER-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 - ANSWER-
Amount specified on the policy
ACV of property
Amount to repair/replace
Amount of insureds interest
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 3
