WV Adjuster Test Exam 2024/2025 with 100% Correct Answers, Exams of Nursing

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WV ADJUSTER TEST EXAM 2024/2025 WITH 100% CORRECT ANSWERS What is the definition of a public adjuster? - correct answer An adjuster who works for the insured If an insurance company is fined (max $1000) by commissioner, how many days do they have to pay or appeal the fine? - correct answer 30 Days Subrogation occurs when? - correct answer The insurer steps into the position of the insured and may collect from the responsible party for damages What is the purpose of excess insurance? - correct answer To provide additional liability coverage above and beyond that which is provided by the primary policy How is the value of personal property determined when using ACV? - correct answer Replacement cost less depreciation How long does an insurance company have to furnish the insurance commissioner with a complete written response to an inquiry other than a notice of 3rd party administrative complaints? - correct answer 15 days Which of the following options correctly states the effect of WVs modified comparative negligence law in a situation in which each is equally liable (each party of 50% liable) - correct answer Neither party collects from the other Driver B loses control of his vehicle and strikes Driver A. Under what theory does Driver A collect damages from Driver B? - correct answer Legal Liability There are 3 home owners policies in effect, which all apply to a single loss. The policies provide the following amounts of coverage. Company A 50,000 Company B 40,000 Company C 10,000 The insured suffered a $10,000 loss to his home. What amount will Company C pay? - correct answer $1,000 How long does an insurance company have to give a 3rd party claimant, who is not an attorney, nor represented by an attorney, written notice that the claimants rights may be affected by a statue of limitations or a policy or contract time limit? - correct answer 60 Days An insured has his vehicle stolen. When recovered there was $2,000 damage, due to collision and $450 in stolen hubcaps. There is a $200 collision deductible and a $100 comprehensive deductible. What is the maximum amount the insured will pay? - correct answer Add up all the damages and then subtract the comprehensive deductible. What is the purpose of WVs guaranty association? - correct answer To pay claims when the insurer has become insolvent In a homeowners policy, what coverages are included in Section 1 & 2? - correct answer Dwelling & Personal Property, and BI Liability & Medical Payments What is the purpose of WVs Essential Insurance Act "Fair Plan"? - correct answer To provide homeowners and business owners, who would not otherwise be able to get insurance from the normal insurance marketplace, the ability to obtain insurance What is the law regarding as it relates to the insureds liability? - correct answer It is forbidden to exclude liability coverage for the guest passenger, under any circumstances How much time does an insurer have to inspect? - correct answer 7 days Under the fire prevention act, what must an adjuster do whenever arson is suspected? - correct answer Notify the state fire marshall Under what coverage can in insured look to when the liability limits of the responsible party have been exhausted? - correct answer Underinsured motorist A vehicle involved in a collision is a total loss. How does the adjuster determine the amount to pay the insured? - correct answer An official used car guide, like NADA Several people are injured at the insured home. The policy has a limity of $100,000. What is the maximum amount the insurer will pay? - correct answer $100,000 plus attorney fees on behalf of insured How long does an insurance company have to commence investigation of any claim filed by a claimant or a claimants authorized legal rep? - correct answer 15 days Which of the following is an example of an event that would be covered by the Commericial Policy- Product and Completed Operations Endorsements? - correct answer Wheel falls bicycles and child is injured as a result Wind knocks over a barn wall which knocks over a lantern which in turn starts a fire that destroys the barn, What was the proximate cause of the damage to the barn? - correct answer Windstorm Which of the following are covered under a Personal Articles Floater? - correct answer Theft How long does an insurance company have to deny the claim in writing or make a written offer, subjest to policy limits and, with respect to medical professional liabilty claims, subject to applicable statutory requirements? - correct answer 10 days Which of the choises listed is NOT an example of an Unfair Claims Settlement Practice? - correct answer Only paying the Special Limit of Liability with a detailed settlement letter What coverage applies to an "upset" of your car? - correct answer Collision Which of the following situations are covered under your Personal Auto Policy? - correct answer The insured buys a replacement car but has not yet notified the agent. Insured has a wreck 10 days after buying the car For what minimum length of time must a licensed public adjuster maintain his/her claims records? - correct answer 5 years An insured is in a wreck. She sufers bodily injury, PD to her vehicle, and rental car expenses for temporary vehicles. The extent of the BI claim will not be known for at least 6 months. What is the proper manner for the adjuster to handle the claim? - correct answer Pay collision and rental expensed. Handle BI claim when damages are determined Of the choices listed, which would be a loss covered under the dwelling property form? - correct answer Detached garage In a Homeowners policy, whats coverages are NOT included in the Section 1? - correct answer Medical Payments to others How many days does an adjuster have to apply for a non-resident license when they are no longer in their homestate? - correct answer 90 days Adjuster must register all of the following with the state except? - correct answer Business phone number The claimant that is not represented by an attorney should be given the written notice that his/her rights may be affected by a statute of limitation. This notice should be given to a 3rd party claimants? - correct answer Not less than 60 days before the date on which such time limit expires Who must be licensed to perform adjusting work in WV? - correct answer An independent contractors who represents the financial interest of the insured? John and Linda are the owners of the house. They have a tenant. The house is under mortgage with the MLS bank. In case of fire who does not get payment? - correct answer Tenant When you signed up for this examination, who did you endorse this document to? - correct answer Commissioner of Insurance When you have a WV license and move residences, how long do you have notify WV of the change of address? - correct answer 30 Days When the insured is represented by an attorney, when is it permissable to talk to the insured? - correct answer After getting permission from the attorney What situation is NOT considered to be a Comprehensive Loss? - correct answer Hitting a large rock on the road When the insurance company and the insured can't agree on the actual cash value of the vehicle, what can the insured request to figure out the value? - correct answer An appraisal What is the process called when two insruance companies cant agree who was at fault and a 3rd part (not court) is used to settle the dispute? - correct answer Arbitratation What is the most common type of Auto policy that covers the insured for personal liability, PD, Medical expenses, UIM, UM in case of an accident? - correct answer Personal Auto Policy What term means the DC, or any state or territory of USA in which an adjuster maintains his or her principal place of residence of business and in which he/she is licensed to act as a resident adjuster? - correct answer Home State Which adjuster activity is against the WV code of Conduct? - correct answer Providing legal advice to an insured How long does an insurer have to reply to all other pertient communications from a claimant which reasonably suggest that a response is expected? - correct answer 15 days This means an adjuster representing the interests of the insurer. including an independent contractor and a salaried employee of the insurer? - correct answer Company Adjuster