WV Insurance Exam Study Guide.pdf file:///C:/Users/HP/Desktop/NIW/WV%20Insurance%20Exam%20
WV Insurance Exam Study Guide
1. If insurance fails to notify the mortgage that the policy is canceled and thereis a fire loss,
what could the mortgage company collect?
ANS Up to the policy limit
2. Which amount would be paid on a Total Loss Vehicle?
ANS Official Used CarGuide Amount
3. Can an adjuster give legal advice?
ANS No
4. A stolen vehicle is recovered with $1800 in damages to the vehicle. How much will be
paid on the claim?
ANS Add up all permanently installed equipment anddeduct the deductible
5. When can an adjuster speak with a claimant represented by counsel (anattorney)?
ANS Never, unless counsel gives consent
6. What does Section II of the Homeowner's Policy cover?
ANS Liability
7. Who does the FAIR plan cover?
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,WV Insurance Exam Study Guide.pdf file:///C:/Users/HP/Desktop/NIW/WV%20Insurance%20Exam%20
ANS Under the FAIR (Fair Access to Insurance Requirements) Plan, no application for
insurance can be rejected simply becauseof environmental hazards that are beyond the control
of the insured.
8. What are mobile home claims settled at (what value)?
ANS Replacement cost
9. When can an insurance company take salvage?
ANS When they have paid for it
10. What is an adjuster supposed to do if a Fire Marshal determined arson wasthe cause of
the fire?
ANS The company must release information and cooperate withany official authorizations to
request such information (material documents).
11. What is an insurance company required to do if arson is suspected?
ANS Theymust notify the Fire Marshal and provide pertinent information acquired during its
investigation and cooperate with the courts and administrative agencies of the State
12. What does boat liability EXCLUDE?
ANS Coverage does not extend to any craft used in any form of business (including collection of
goods), crafts rented to othersor those that include a captain or crew (Commercial Liability).
Neither does coverageapply to air-propelled craft, experimental craft, flare craft, hover craft,
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