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NC Adjuster Exam
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NC Adjuster Exam
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NC ADJUSTER EXAMUtmost Good Faith - Answers -Both parties must act honest and openly in order for the
contract to be valid.
Adhesion - Answers -One party sets the terms for the contract; the other party may
simply agree or disagree
Unilateral - Answers -Only the insurer makes a promise to act; the insured can void
contract at any time.
Personal - Answers -The insured person is protected from loses not the personal
property.
Conditional - Answers -The insurer must only honor the contract if the insured meets
certain conditions.
Lavatory - Answers -The execution of the contract depends on an unknown future
event.
Conditions - Answers -List of requirements the insured must meet for coverage to apply.
Declarations - Answers -Information that makes a policy unique to the insured.
Exclusions - Answers -Causes of loss or items of property that are not covered by the
policy.
Endorsements - Answers -Add, reduce, or change the coverage of the policy in some
way.
Definitions - Answers -Explains exactly what specific words mean in the context of the
policy.
Insuring Agreement - Answers -Essence of the contract. Summarizes what the insurer
will cover and how.
Government vs Private insurance - Answers -Mandatory, run by the government, suited
to needs of the general public.
Offer insurance products based on customer preferences.
Legal Hazzard - Answers -Increases chance of loss because of legal action
Physical Hazzard - Answers -Physical conditions that make losses more likely
, Fraud - Answers -Using dishonesty to profit from an insurance policy
Soft Fraud - Answers -Exaggeration a claim
Hard fraud - Answers -deliberately causing or faking a loss
Occurrence - Answers -An event or circumstances that cause a loss
Proximate Cause - Answers -The original occurrence in an unbroken chain of events
that results in a loss
Direct Loss - Answers -Physical harm to tangible property
Indirect Loss - Answers -Economic loss resulting from direct loss
First Party Claim - Answers -made by the policy holder on her own property
Third Party Claim - Answers -made by anyone other than the policyholder
Insurable Interest - Answers -Direct financial interest in protecting a unit
Lender - Answers -The lenders financial interest in an insured item
Linder Interest Provisions - Answers -Protect lender interest by allowing the lender
certain rights in the policy
Subrogation - Answers -The transfer of rights that allows the insurer to recover its
losses after it has indemnified the policy holder
Actual Cash Value ACV - Answers -Pays the depreciated value of the item right before
the loss occurred
Stock vs Mutual insurance - Answers -Publicly traded; stock holders participate in
dividends.
Policy holders participate in dividends.
Reciprocal Insurer - Answers -group of people or organizations that insure each other.
Re-insurer - Answers -insurance for insurers
Fraternal Benefit Society - Answers -non profit mutual organization that will usually offer
insurance benefits to members and their families.
Risk Retention Group - Answers -an alternative to traditional insurance, owned by its
members; provides liability coverage for multiple companies in the same business.
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