Exam (elaborations)
NORTH CAROLINA STATUTES AND REGULATIONS PERTINENT TO ACCIDENT QUESTIONS AND ANSWERS 100% CORRECT
- Course
- Institution
NORTH CAROLINA STATUTES AND REGULATIONS PERTINENT TO ACCIDENT
[Show more]
Content preview
NORTH CAROLINA STATUTES ANDREGULATIONS PERTINENT TO
ACCIDENT & HEALTH
Contract of Insurance - answer When selling insurance, we are actually selling a
contract (not selling tangible items like TVs or Cars). A contract is an obligation for
Insurer to pay Insured benefits after a loss. Insured must pay premium to keep contract
in force
Four Parts - answer1) Competent Parties or Legal Capacity: NOT a minor; on
drugs/alcohol or mentally incapacitated 2) Legal Purpose 3) Agreement - One makes an
Offer and other Acceptance 4) Consideration: Something of value is exchanged ($$)
Definitions - answerAlien (Insurer): Incorporated/formed in another country outside
USA- sells in NC. Foreign (Insurer): Incorporated/formed in another state outside NC-
Sells in NC. Domestic (Insurer): Incorporated/formed in NC- Sells in NC
Insurer - answerThe Insurance Company. Insured: The person getting insurance...ED
NAIC - answerNational Association of Insurance Commissioners. Every state has a
Commissioner & they all belong to this association. NAIC has NO legal authority to
enact or enforce insurance laws (just a place for Commissioners to share ideas)
Commissioner of Insurance - answerThe commissioner oversees the entire insurance
industry for his/her state
Term of Office - answerElected by the people of NC for a 4yr term (just like the
president). If position becomes vacant, Governor must fill the position himself or appoint
someone, until the next commissioner is elected
General Duties & Powers - answerWhat the Commissioner Can Do: *Issue or deny
Certificates of Authority to insurers *Issue, deny, or revoke licenses for agents
*Establish rules & regulations to carry out the laws in the state *Investigate reports of
fraud or financial impairment *Examine insurer books, records, & documents *Issue a
cease & desist order *Conduct hearings, impose fines/or jail time *Arrest any person
suspected of violating insurance law
General Duties & Powers 2 - answerWhat the Commissioner Can't Do: Sell Insurance;
Create Insurance laws
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83750 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now