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 flashcards and multiple choice questions, each with hints and explanations. Get 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 is the maximum time limit for payment on an agreed settlement claim in West Virginia?

5 working days
10 working days
15 working days
30 working days

The correct answer is: 15 working days

In West Virginia, the maximum time limit for payment on an agreed settlement claim is established by law. The correct answer reflects that insurance companies are required to make payment within 15 working days after an agreement is reached regarding a claim. This requirement is designed to ensure timely compensation for policyholders, which is an important aspect of maintaining trust and a functional relationship between insurers and their customers. Timely payment is also essential for the insured to manage any financial impacts resulting from a loss. The law emphasizes the importance of swift actions by insurers once a settlement is agreed upon, as delayed payments can lead to increased frustration for claimants and potentially financially harmful situations. Understanding this timeline is crucial for those in the property and casualty insurance sector, as it affects both operational practices and regulatory compliance.