Free Property Insurance Basics Practice Questions
West Virginia Property exam — 123 practice questions.
Subtopics: Valued policy law, Valued policy exception, Valued policy and FAIR Plan, Standard fire policy, Multiple line policies, Fire and marine forms, Suit limitation clauses, Fire insurance defined, Boiler and machinery, Federal flood insurance, Insurable interest, Actual cash value, Replacement cost, Agreed value, Functional replacement cost, Direct vs indirect loss, Coinsurance purpose, Coinsurance calculation, Deductible, Declarations, Insuring agreement, Exclusions, Conditions, First named insured, Duties after loss, Subrogation condition, Liberalization, Other insurance pro rata, Blanket insurance, Loss payable clause, Construction class, Rate components, Underwriting purpose, Valued policy, Market value, Cancellation short rate, Policy territory, Assignment property, No benefit to bailee, Claim settlement options, Pair and set clause, Vacancy, Specific insurance, Terrorism program, Indirect loss time element, Hazard reduction underwriting, Named perils form, Open perils form, Burden of proof, Proximate cause, Concurrent causation, Anti-concurrent causation clause, Pro rata cancellation, Flat cancellation, Nonrenewal notice, Policy period, Salvage rights, No abandonment clause, Appraisal provision, Proof of loss, Notice of loss, Depreciation, Recoverable depreciation, Percentage deductible, Period of restoration, Business income waiting period, Contribution by equal shares, Excess other insurance, Margin clause, Waiver of subrogation, Mysterious disappearance, Inherent vice exclusion, Wear and tear exclusion, Earth movement exclusion, Flood exclusion, Ensuing loss, Ordinance or law exclusion, Sue and labor, Ingress and egress, Reinstatement of limit, Coverage extension, Stated amount, Actual cash value calculation, Deductible application, Coinsurance - adequate insurance, Coinsurance with deductible, Coinsurance - limit cap, Coinsurance - value at time of loss, Coinsurance - who bears shortfall, ACV calculation - contents, Pro rata other insurance calc, Pro rata return premium calc, Pair and set calc, Proximate cause example, Direct loss example, Endorsements, Definitions section, Limits - sublimits, Mortgagee - proof of loss, Mortgagee - premium, Mortgagee - cancellation notice, Subrogation example, Appraisal procedure, Appraisal costs, Proof of loss timing, Suit against insurer, Burglary definition, Robbery definition, Theft definition, Water damage vs flood, Liberalization timing, Occurrence, Named insured, Salvage value, Unearned premium, Settlement of claims - deductible, Additional coverages vs extensions, Policy conditions - concealment, Valuation
Read the Property Insurance Basics study guide
Sample questions & answers
1. Under West Virginia's valued policy law, when insured real property is a total loss by fire, the insurer is liable for:
The whole amount of insurance stated in the policy on that real property
W. Va. Code 33-17-9 makes fire insurers on West Virginia real property liable, in a total loss, for the whole amount of insurance stated in the policy on that property.
2. Under W. Va. Code 33-17-9, a partial fire loss to insured real property is paid at:
The full amount of the partial loss, up to the policy amount
For a partial loss, the statute makes the insurer liable for the total amount of the partial loss, up to the amount of insurance stated on the real property.
3. West Virginia's valued policy law does NOT apply when:
Two or more insurers cover the same interest
W. Va. Code 33-17-9 states that it does not apply where insurance has been procured from two or more insurers covering the same interest.
4. A dwelling insured through the West Virginia Essential Property Insurance Association burns to the ground. The valued policy law:
Does not apply to the Association's policies
W. Va. Code St. R. 114-21-8.2 states that the valued policy provisions of W. Va. Code 33-17-9 do not apply to policies issued by the Association.
Practice: Property Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
