WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY EXAM NEWEST ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e WEST VIRGINIA INSURANCE PROPERTY AND CASUALTY EXAM NEWEST 2024-2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Which of the following is NOT one of the requirements for a loss to be paid under the uninsured motorists coverage of the personal auto policy? - ANSWER- Loss involves property damage to insured auto Which of the following is a contract bond? - ANSWERPerformance bond All of the following are covered as business personal property EXCEPT? - ANSWER- accounts receivable The Inside the Premises -- Robbery or safe Burglary of Other Property insuring agreement in the commercial crime policy covers which one of the following perils? - ANSWER- Burglary by a security guard while a store is closed The insured has a named peril policy that covers hail, fire, wind, and lightning. Which one of the following events would be 2 | P a g e covered? - ANSWER- A roof that is damaged in an electrical storm An insured fails to pay his homeowners insurance premium. The mortgagee becomes aware of this fact and remits the premium to the insurance company. Shortly thereafter, the insured sets fire to his home in an attempt to receive payment for the loss. Any loss payment settlement would be made to? - ANSWER- The mortgagee Which one of the following best describes a short-rate cancellation? - ANSWER- Upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred Which of the following is NOT a type of surety bond? - ANSWER- Collateral Bill and Marge suffer the following losses as the result of a severe storm: $3,900 wind damage to their roof; $1,000 loss of income because a boarder in their house had to move; $1,250 in repair costs to prevent further loss to covered property; and $500 in medical expenses when Marge was hit by part of the falling roof. How much will their HO-3 policy pay for these losses, assuming all losses are within the applicable policy limits and ignoring any deductible that may apply? - ANSWER- $6,150 3 | P a g e Ralph is a conductor employed by American Cross-Country Railway System. He routinely travels from Chicago to Los Angeles, and was injured falling from a train platform while helping passengers. Which of the following provides bodily injury coverage for Ralph? - ANSWER- The Federal Employers' Liability Act A contract in which one insurer cedes all or part of a risk to another insurer is known as? - ANSWER- Reinsurance Which one of the following terms indicates that an insurance contract contains the enforceable promises of only one party? - ANSWER- Unilateral If the monthly limit of indemnity option has been selected under the Business Income Coverage Form, how much will an insurer pay for loss of business for each month of loss (assume the declarations page shows a limit of insurance of $150,000 and a fraction of 1/3)? - ANSWER- Lesser of $50,000 or the actual loss for each month Which one of the following losses would be covered under the inside the premises -- Robbery or Safe Burglary of Other Property insuring agreement in the commercial crime policy? - 4 | P a g e ANSWER- The safe at a furniture store is taken after the store is burglarized In the commercial crime forms, the definition of theft does NOT include? - ANSWER- Mysterious Disappearance Extensions of coverage are available under the business and personal property form if the? - ANSWER- Policy indicates that 80% or higher coinsurance applies or the insured has purchased a reporting form The Insurance Commissioner may perform all the following duties EXCEPT? - ANSWER- Pass insurance laws An insurer incorporated in West Virginia with its capital divided into shares and owned by its stockholders is known as a? - ANSWER- Stock Insurer Of the following statements regarding employment practices liability (EPL) insurance, which is NOT correct? - ANSWERRetaliation is not covered in an EPL policy If an agent is unable to place business with an admitted insurer or a company licensed to do business in the state, where would