Exam (elaborations)
NC Adjuster Exam – Questions & Solutions
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NC Adjuster Exam – Questions & Solutions
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NC Adjuster Exam – Questions & SolutionsInception/Expiration Date ✔️Ans -The date on which coverage
became effective or expired. Policies in North Carolina become effective and
expire at 12:01am
Occurrence Date ✔️Ans -The date on which the loss occurred
Identification of Parties involve ✔️Ans -The loss report should
include the names and addresses of the parties involved in the loss, the names
and addresses of any injured person(s) and the names and addresses of any
witness(s)
Policy form /Number ✔️Ans -Identifies the type of coverage
purchased (policy form) and the policy number for the particular policy
purchased by the insured
Description of the Loss ✔️Ans -Information concerning how, when
and where the accident or loss happened is an essential element in any loss
report
Coverage ✔️Ans -Shows the type of coverage purchased as well as
the limits of coverage purchased.
Deductible (retention) ✔️Ans -That portion of any covered
property claim that must be paid by the insured.
Tort/Tort Feasor ✔️Ans -A tort is a legal injury or a civil wrong to
another that arises out of actions other than a breach of contract which a
court will provide a remedy through allowing the injured party a monetary
recover for damages.
Elements of an Investigation ✔️Ans -The insured and the claims
team need to work together to ensure they have secured all of the available
evidence (surveillance videos, witnesses and their statements) as well as
continue the ongoing investigation
, Adjusters, investigators index reports and witnesses can all be key pieces of
the puzzle that may not be available, or there may not have been enough
information to involve at the onset
Statute of Limitations ✔️Ans -Each state has its own statute of
limitations laws. NC is three years
Types of liability ✔️Ans -Contributory, Vicarious, and Strict
Contributory Liability ✔️Ans -If a person was injured due to their
own negligence (contributed to the accident), the injured party would not be
entitled to collect any damages (money) from another party who supposedly
caused the accident. (ex. person runs a red light and car hits them)
Vicarious Liability ✔️Ans -Someone is held responsible for the
actions or omissions of another person while performing their employment
duties (ex. employee fails to mop up a spill and a customer falls)
Strict Liability ✔️Ans -Liability incurred for causing damage to life,
limb, or property by a hazardous activity or a defective product. ( toy
company sells doll that injured a child are responsible even though they did
not manufacture the doll)
Damages ✔️Ans -Special, General, and Punitive
Special (compensatory) ✔️Ans -Damages are amounts paid to
compensate the plaintiff for direct expenses such as: medical treatment, loss
wages, and funeral expenses (Can be measured)
General (compensatory) ✔️Ans -Damages are paid for losses that
CANNOT be specifically measured and itemized in order to compensate the
plaintiff such as: pain and suffering, loss of arm or leg, vision, and physical
disfigurement.
Punitive (punish) damages ✔️Ans -are awarded to the plaintiff in
addition to compensatory damages when the defendant's conduct has been
malicious. They are awarded to punish the defendant and to deter others from
committing similar actions
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