Exam (elaborations)
NC ADJUSTER LICENSE QUESTIONS AND ANSWERS
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NC ADJUSTER LICENSE QUESTIONS AND ANSWERS
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NC ADJUSTER LICENSE QUESTIONS AND ANSWERSSurety Bond - Answers -Guarantees performance
binder - Answers -temp insurance (effective 60 days)
estoppel - Answers -legal impediment to 1 party denying the consequence of its own
actions. if insured has waived a known right, they cannot reassess that after the fact
hostile fire - Answers -fire than isnt cofined to its normal habitat
representation - Answers -"true to the best of ones knowledge"
short rate - Answers -applies if the insured canceled policy before the policy expires.
insurer will refund any premiums
risk - Answers -uncertainy of financial loss
when must insurable interest exist in a propert insured contract - Answers -at both
inception of policy and at DOL
If a particular insurance policy identifies the perils(s) that it covers this is referred to as a
_______ policy. - Answers -named perils
Which is an example of a pure risk?
a. Deciding to manufacture a new drug (incorrect)
b. Purchasing a piece of real estate
c. Threat of fire damage to property
d. Playing the lottery - Answers -c) threat if fire damage to property
Which of the following dwelling policies does not have Coverage E
without an endorsement?
a. DP-1
b. DP-2
c. DP-3
d. DP-4 - Answers -a. DP-1
Trees, shrubs and plants are covered up to:
a. $500 per occurrence
b. $5000 per occurrence
c. 5% of A
d. None of the above - Answers -c. 5% of A
HO-3 and HO-5 are essentially the same policy with the exception of - Answers -
Coverage C
, In the HO-3, Coverage C perils are Broad Form just like the perils covered in the HO-2.
In the HO-5, Coverage C perils are All Risk of Perils.
If an has HO-3 with a $200,000 liability limit and a fire totally destroys the dwelling, but
the cost to rebuild the building is $190,000 how much will we pay? - Answers -$190,000
Property policies can be written for a period of up to a maximum of? - Answers -7 years
Insurer cancellation of policy requires "unearned premium" refunds on: - Answers -a
pro-rata basis
Insured's cancellation of policy requires "unearned premium" refunds on: - Answers -a
short rate basis
The HO-2 is referred to as the __________ of the Homeowner's program. - Answers -
broad form
The HO-6 is referred to as the __________ of the Homeowner's program - Answers -
unit owners form
The HO-4 is referred to as the __________ of the Homeowner's program - Answers -
tenant (renter's) policy
when in PAP do you not have to pay for transport - Answers -theft
how many occupants for a dwelling policy - Answers -no more than 4 apartment units +
no more than 5 occupants per unit
an employee is driving his personal auto to make a delivery and gets in an accident.
what coverage? - Answers -non-owned auto
a tree lands on the insureds vehicle, who do you contact first? - Answers -the insured
the commissioner is asisted by - Answers -chief deputy commisioner
continuing education - Answers -24 hours/ every 2 years
which of the following is not a method of risk management?
a. avoidance
b. transfer
c. sharing
d. control - Answers -control
form of liability that would extend from child to parent is
a. strict
b. vicarious
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