West Virginia Property and Casualty Licensing Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the West Virginia Property and Casualty Licensing Exam with our quiz. Use flashcards and multiple-choice questions with hints and explanations to enhance your preparation. Be exam-ready!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What happens if the insured does not report a loss during the policy coverage period?

The insurer will pay a reduced claim
Coverage will still apply
The claim may be denied
The insurer will investigate further

The correct answer is: The claim may be denied

If the insured does not report a loss during the policy coverage period, the claim may be denied. This is because timely reporting is often a requirement outlined in the policy contract. Insurers need to be informed about losses promptly to investigate the claim effectively, assess the damages, and prevent potential fraud. Failure to report a loss within the specified period can result in the insurer being unable to validate the claim due to lack of evidence or discrepancies that may arise over time. This provision is essential for maintaining the integrity of the insurance process, as it allows insurers to manage risk effectively and fulfill their obligations to policyholders who report claims in a timely manner.