West Virginia Property and Casualty Licensing Practice Exam

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Prepare for the West Virginia Property and Casualty Licensing Exam. Use flashcards and multiple choice questions, each featuring hints and clear explanations. Boost your confidence and exam readiness!

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What is the standard minimum coverage amount for personal liability insurance per occurrence?

$50,000
$100,000
$150,000
$200,000

The correct answer is: $100,000

The standard minimum coverage amount for personal liability insurance per occurrence is commonly recognized as $100,000. This coverage is designed to protect individuals from financial loss if they are found legally responsible for causing injury to another person or damaging another person's property. Personal liability insurance typically covers legal defense costs as well as any settlements or judgments that may arise from a covered incident. Having a minimum coverage limit of $100,000 helps ensure that there is a sufficient amount of financial protection in place to address many common liability exposures that homeowners or renters may face. This figure becomes particularly relevant when considering the potential costs associated with medical expenses, lost wages, and legal fees, which can accumulate quickly in the event of a lawsuit. While higher coverage amounts are usually recommended for those with significant assets to protect, $100,000 serves as a baseline that balances affordability with adequate protection for typical personal liability risks.