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WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY EXAM WITH CORRECT 120+ QUESTIONS WITH CORRECTRY ANALYZED ANSWERS (ACTUAL EXAM) ALREADY GRADED A+ LATEST 2024 – 2025 $12.99
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WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY EXAM WITH CORRECT 120+ QUESTIONS WITH CORRECTRY ANALYZED ANSWERS (ACTUAL EXAM) ALREADY GRADED A+ LATEST 2024 – 2025
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Course
WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY
Institution
WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY
WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY EXAM WITH CORRECT 120+ QUESTIONS WITH CORRECTRY ANALYZED ANSWERS (ACTUAL EXAM) ALREADY GRADED A+ LATEST 2024 – 2025
WEST VIRGINIA INSURANCE PROPERTY
AND CASUALTY EXAM WITH CORRECT
120+ QUESTIONS WITH CORRECTRY
ANALYZED ANSWERS (ACTUAL EXAM)
ALREADY GRADED A+ LATEST 2024 – 2025
What is the maximum time an insured may file suit against their insurer? -
ANSWERS-up to 3 years
How many coverage parts are there in a Commercial Package Policy? - ANSWERS-
7 coverage parts
What part of a CPP contains the answers to who, what, when and where?
(commercial) - ANSWERS-Declarations Part
What is the measure of a loss? - ANSWERS-Exposure Units
,Name three types of hazards. - ANSWERS-1. Physical Hazard
2. Moral Hazard
3. Morale Hazard
What is a cause of a loss? - ANSWERS-Perils are the causes of possible loss
What is based on the principle of Risk Transfer - ANSWERS-Spreading the results
of a financial loss among many persons, so the cost to any one person is small
What kind of risk has an outcome that is uncertain? - ANSWERS-Speculative Risk
What is the reason for a claim? - ANSWERS-A loss is the reason a claim against an
insurance company.
What is the common way to transfer risk? - ANSWERS-The most common method
of risk transfer is when a homeowner purchases insurance on their home..
Define adverse selection. - ANSWERS-Insuring risks more prone to losses than an
average risk.
What is the theory of probability that is the basis for insurance? - ANSWERS-The
Law of Large Numbers
,Who manages a Mutual Company - ANSWERS-A Boar of Trustees
What is high risk coverage purchased from an unauthorized company? -
ANSWERS-Surplus Lines Insurers
How are insurance companies defined? - ANSWERS-Where they are located,
chartered, or incorporated.
What protects policy holders from an insurer's insolvency? - ANSWERS-Property
and Casualty Insurance Guaranty Association
What must all insurers obtain to conduct insurance business? - ANSWERS-
Certificate of Authority
Who does an agent represent? - ANSWERS-Always deemed to represent an
insurer (company)
What is the authority that is written in a contract? - ANSWERS-Express Authority
What are the four elements of a contract? - ANSWERS-1. Offer and Acceptance
2. Consideration
3. Competent Parties
, 4. Legal Purpose
Define a fiduciary. - ANSWERS-An agent/broker who handles insurer's funds in a
trust capacity
What is a value in a contract? - ANSWERS-The consideration
What is the fine for violating the Fair Credit Reporting Act? - ANSWERS-A
maximum fine of $2,500.00
What must an insured have in regards to their covered property with their
insurer? - ANSWERS-Insurable Interest
When must insurable interest exist if an insured' property is damaged? -
ANSWERS-It must exist at the time of loss
What is the initial screening of an applicant for insurance coverage? - ANSWERS-
Underwriting
Why is a loss ratio formula used? - ANSWERS-To determine the comparison
between premium income losses, paid claim and claims related cost (this is how
insurance company determine profitability)
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