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NC ADJUSTER LICENSE EXAM AND PRACTICE EXAM LATEST ACTUAL EXAM 150 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+$27.99
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NC ADJUSTER LICENSE EXAM AND PRACTICE
EXAM LATEST 2023-2024 ACTUAL EXAM 150
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Which of the following statements is TRUE regarding nonwaiver agreements and reservation of rights
letters? - ANSWER-The are used only with first-party claimants to protect the rights of insureds and
insurers.
All of the following are reasons that an adjuster should keep very detailed log notes, EXCEPT: - ANSWER-
To produce notes that will support a fraudulent denial of claims.
All of the following are excluded under the Commercial Building and Personal Property form, EXCEPT: -
ANSWER-Furniture and fixtures
An insured carries property insurance with a limit of $25,000 and an 80% coinsurance requirement. The
covered building, however, is worth $40,000. How much would she collect in the event of a total loss? -
ANSWER-$25,000.
A guest on vacation deposits cash and traveler's checks in the hotel safe deposit box located behind the
front desk. When the guest attempts to retrieve them, the box is empty. What coverage is required to
cover this loss for the hotel? - ANSWER-Guests property
Public adjusters: - ANSWER-Adjust first-party property loss claims.
The custom farming endorsement is usually attached to a farmowners policy when receipts exceed: -
ANSWER-$5,000
Which of the following statements is correct regarding pollution coverage under the special cause of loss
form of a Commercial Property policy? - ANSWER-It is excluded unless it was caused by a covered peril
With respects to insurers writing auto coverage in the North Carolina, which of the following is true
regarding the North Carolina Motor Vehicle Reinsurance Facility? - ANSWER-All insurance companies
writing auto coverage must participate in this program
,Underground gasoline tanks on an insured's property leak damaging the property next door. Which
policy would pay for clean up? - ANSWER-Pollution Liability endorsement
The insured is liable for $500,000 in damages for a personal injury claim that is covered under the
insured's primary liability policy. The primary liability policy has a $300,000 limit per occurrence. The
insured also has a $1 million Umbrella policy with a $3,000 self-insured retention limit. How would this
claim likely be settled? - ANSWER-The primary policy would pay $300,000 and the Umbrella policy
would pay $200,000
A customer has eaten seafood in a restaurant and became very ill while still in the restaurant. What type
of CGL claim is this? - ANSWER-Products Liability
All of the following statements are true regarding a Personal Umbrella policy, EXCEPT: - ANSWER-The
policy can be written as a monoline policy
Which of the following would be considered "economic losses" that could result in compensatory
damages being awarded in a negligence case? - ANSWER-Medical expense and lost wages
Farm liability coverages include each of the following, EXCEPT: - ANSWER-Professional liability
Which of the following statements about the Standard Fire Policy is correct?
I. A covered fire must be hostile, not friendly.
II. Lightning includes artificially generated electrical current. - ANSWER-I only
Gavin operates a small manufacturing plant and is covered under a Commercial Property Business
Income form. Under which of the following scenarios will Gavin be covered? - ANSWER-His loss of profit
while out of business as a result of a fire loss
The retroactive date on a claims-made CGL form specifies: - ANSWER-That losses occurring before the
date will not be covered by the policy.
, A leased vehicle is considered to be a covered auto under the personal auto policy (PAP) if it is a private
passenger auto leased for at least: - ANSWER-6 consecutive months
An insured's boat is struck by another boat. He and his family are injured. His boat sinks because of the
damage. An investigation determines that the party that caused the accident is not insured. If the
insured carries a watercraft policy, what coverages would apply? - ANSWER-Uninsured boater's
coverage and hull insurance
Mark is injured at work in a state that provides a TTD benefit at 66 2/3%, the state minimum is $40 and
the state maximum is $540. The waiting period is 3 days and the retroactive period is 15 days. Which of
the following is Mark's TTD benefit if he earns $20 per hour and usually works a 40-hour week. Mark is
injured on July 14th and does not return to work until September 3rd. Which of the following is the
amount of TTD benefit he would have received? - ANSWER-$3,809.50.
Mr. Vickers lives close to a river that has, on occasion, flooded. On Friday morning he is watching the
weather station and notes that there is a flood warning in his area. He calls his agent and asks the agent
to bind flood coverage immediately. Which of the following is true? - ANSWER-The application for
coverage requires a 30-day waiting period before coverage applies. .
What is an administrator's bond? - ANSWER-A bond required by the court of the administrator of the
estate of the deceased
Section II of the Business Auto policy provides the details of the insurer's "duty to defend" the insured in
a lawsuit. This duty is more broad than the insurer's responsibility to pay any damages for which the
insured is liable. Which of the following describes this broadened duty on the BAP? - ANSWER-The BAP
"duty to defend" extends to providing a defense against fraudulent claims. .
Spencer is covered under a standard Personal Automobile policy with a policy inception date of October
15th. Additionally, the policy will expire on October 15th of the current year. Spencer contacts his agent
on October 7th and asks to have an new endorsement added to his policy. The agent agrees, adds the
coverage the same day, and informs Spencer that there will be an additional premium of $20 per month
charged. When will the adjustment of premium be effective for Spencer? - ANSWER-October 7th
A blanket employee dishonesty bond will: - ANSWER-Does not name the individuals.
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