WV Property & Casualty study guide
WV Property & Casualty · Work through your exam, one topic at a time.
The West Virginia Property & Casualty Insurance Producer license is issued through the West Virginia Offices of the Insurance Commissioner (OIC), the state agency headed by Insurance Commissioner Erin K. Hunter that regulates insurers, producers and bail bondsmen in West Virginia. The WV Property & Casualty study guide has 6 sections and about 1,945 words.
01Insurance Principles and Concepts
Property and casualty insurance rests on a handful of doctrines that exam writers love to twist. Insurable interest must exist at the time of loss for property coverage; a buyer under a valid contract can have it, a stranger cannot.
356 words, about 2 min02Property Insurance Basics and Policy Provisions
Policies are built in five parts: declarations (who, what, how much, when), insuring agreement (the promise), conditions (duties after loss), exclusions , and definitions , which control. Most disputes are decided by definitions and exclusions, not by the insuring agreement.
304 words, about 2 min03Homeowners and Dwelling Policies
The HO-3 insures the dwelling and other structures on an open-peril basis but personal property for named perils only; the HO-5 is open peril on both - a favorite exam contrast. HO-2 is broad named peril throughout; HO-4 (renters) covers contents, loss of use, and liability but no building; HO-6 covers condo unit interiors and improvements; HO-8 modifies replacement cost for older homes.
322 words, about 2 min04Commercial Property and Businessowners Coverage
Commercial property forms insure building , business personal property , and personal property of others , often at separate limits. Causes-of-loss forms escalate: basic (named perils), broad (more named perils), and special (open peril, subject to exclusions).
310 words, about 2 min05Personal and Commercial Automobile Insurance
The Personal Auto Policy provides liability (Part A), medical payments (Part B), uninsured/underinsured motorists (Part C), and physical damage (Part D - collision and other than collision), plus duties and general provisions. West Virginia requires liability limits of at least 25,000 per person / 50,000 per accident bodily injury and $25,000 property damage , and requires UM/UIM coverage at those limits unless the insured rejects it in writing.
324 words, about 2 min06Casualty Insurance and Liability Coverages
Negligence requires duty, breach, causation, and damages . West Virginia follows modified comparative fault : the claimant's damages are reduced by his own percentage of fault, and a sufficiently at-fault claimant recovers nothing - not the pure comparative rule used in some states.
329 words, about 2 min