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North Carolina Property and Casualty Exam Questions and Answers 2024 Solved
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North Carolina Property and Casualty Exam
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North Carolina Property and CasualtyExam
All of the following are true for resident North Carolina agents EXCEPT: - answer
Maintain and office in North Carolina
All of the following are true for resident North Carolina agents: - answer Pay taxes in
North Carolina
•At least age 18
•Pass the required exam
Which of the following would obtain a temporary license? - answer Executor of estate of
resident agent
Misrepresenting a policy to convince someone to replace it is called: - answer Twisting
Under contract law, the actions by a party may intentionally and voluntarily give up a
known right. When this occurs, it is known as creating a: - answerWaiver
Before any action against an agent's license may be taken the agent must: - answerBe
given the opportunity to be heard
An agent in North Carolina must report a change of residency within: - answer10 days
As of 2010 if an agent has only one license, he must complete continuing education in
the following manor: - answer24 hours on a biennial basis
If an insured changes his payment plan from monthly to annually, what happens to the
total premium? - answerDecreases
An insurer is attempting to determine insurability of an applicant and decides to obtain
information from several different sources. Which entity must be notified of the
investigation? - answerThe applicant
Which of the following is not an essential element of an insurance contract? -
answerIncompetent parties
The dwelling DP-3 automatically includes all of the following: - answer•Coverage A-
Dwelling
•Coverage B-Other Structures @10%
•Coverage D- Fair Rental Value @10%
, The dwelling DP-3 automatically includes all of the following EXCEPT: -
answerCoverage C -Personal Property @ 50%
Agent Z takes an application for a policy and accepts a check for the first premium. The
application and check are mailed to the insurer, who discovers the check is not signed.
When will coverage for the policy go into effect? - answerWhen the policy is issued,
delivered, and the premium is paid
Which of the following is true about examination of agent records by the Bureau? -
answerThey may be disclosed at any time
G is on the way to the office to turn in an insurance application that he completed last
night. He suddenly discovers that the applicant made out the check to the agent. What
should the agent do? - answerImmediately return the check to the applicant
If an agent mixes client funds with his own, the first thing the Bureau will probably do is:
- answerIssue a cease and desist order
Giving the prospect anything of value as a condition of the sale is called: -
answerRebating
A Third Party Administrator of a self-insured worker's compensation plan does all the
following: - answer•Enroll the group members
•collect premiums from group members
•process claims of group members
A Third Party Administrator of a self-insured worker's compensation plan does all the
following Except: - answerInsure the group members
The commissioner of Insurance can do all the following: - answer•Examine insurers in
person or through a representative
• suspend an agent's license while an investigation is pending
• issue administrative orders to carry out the insurance laws
The commissioner of Insurance can do all the following EXCEPT: - answerWaive policy
provisions in favor of an insured
A major factor in determining insurance premium is: - answerExpenses of the insurer
All of the following could be considered unfair claim settlement practices: -
answer•Requiring the insured to submit more than one claim form containing the same
information
•Sending a settlement without explaining why it is less than the amount of the claim
•Compelling insureds to sue for benefits that a reasonable person would have expected
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