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NC Claims Adjuster Exam Study Guide - Q&A
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NC Claims Adjuster Exam Study Guide - Q&A
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NC Claims Adjuster Exam Study Guide - Q&ALiability Insurance PAP (Part A) ✔️Ans -Pays all the sums and
insured must legally pay as damage due to BI/PD caused by an accident and
resulting from the ownership, maintenance or use of a covered auto.
Coverage Part A through F of a PAP ✔️Ans -A. Liability
B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
Certificate of Insurance (COI) ✔️Ans -A document that proves the
existence of insurance coverage
Occurrence ✔️Ans -Something that continue to happen and may
cause injury later on.
Accident ✔️Ans -A sudden unforseen and unintended one time
event
Assumption of risk ✔️Ans -An individual who is aware of the
potential risk involved and chose to expose themselves to it.
Comparative negligence ✔️Ans -Measures the amount of
negligence contributed to each party. The injured party will not cover
damages equal to the percentage of negligence they contribute.
Contributory Negligence ✔️Ans -If an insured party contributed to
their injury in anyway due to their own negligence, we will not pay anything.
What state is a contributory state? ✔️Ans -North Carolina
Negligence ✔️Ans -Failure to do (or not do) what a reasonable
prudent person would or would not have done in a similar instance.
,Temporary Substitute Automobile ✔️Ans -Not owned by the
named insured but used temporarily as a substitute for the owned auto that is
not currently being used.
What is an example of a Temporary substitute Automobile? ✔️Ans
-A dealership loans an insured a vehicle to drive while their car is getting
fixed.
Non Owned Automobile ✔️Ans -Not owned by the named insured
or any relative.
What is an example of an Non Owned Automobile? ✔️Ans -An
insured borrows a neighbors car.
If an additional vehicle is not reported to the insurer within 30 days:
✔️Ans -No coverage will apply to the added vehicle.
If a vehicle is added to an existing policy (In addition to): ✔️Ans -It
will have the broadest coverage if insured within 30 days of becoming the
owner.
If a replacement vehicle is not reported within 30 days: ✔️Ans -
Part D (Comprehensive and Collision Coverage) will not apply to the
replacement vehicle.
A new vehicle that replaces another vehicle will: ✔️Ans -Have the
same coverages as the old vehicle if the named insured request to insure it
within 30 days of becoming the owners.
Insured ✔️Ans -Any blood relative by marriage, adoption, wards,
foster children, living in the same home, including children away at college.
Also, any person using someones car with their permission.
Named insured ✔️Ans -Listed on the declarations page. Included a
spouse wether they are named in the policy or not, provided they live in the
same home.
1st Coverage for watercraft or yacht are: ✔️Ans -Hull insurance for
damage to the insured boat itself
, 2nd Coverage for watercraft or yacht are: ✔️Ans -Protection and
indemnity liability coverage for BI and PD exposures for damage to other
people or other peoples boats.
What doesn't watercraft or yacht coverage provide? ✔️Ans -
Coverage for boats used for hire, charger, or for transporting people for a fee.
How many days removal coverage is provided on the National Flood
Insurance Program? ✔️Ans -45 days
Elevation certificates ✔️Ans -Required on dwellings that are
written in the regular program in certain flood zones in order to properly rate
the policy.
Flood insurance policies become effective after: ✔️Ans -30 days
after receipt of the coverage application and the premium payment.
The general property form on flood insurance is used to: ✔️Ans -
Insure larger residential structures and non residential buildings.
The dwellings form on a flood insurance plan is: ✔️Ans -Used to
ensure residential property of no more than 4 units and the contents
Flood insurance is available in 2 forms, what are they? ✔️Ans -1.
Dwelling
2. General property
The deductible for an emergency plan applies: ✔️Ans -Separately
to the building loss and contents if purchased on a per occurrence basis.
How much is the deductible on an emergency plan? ✔️Ans -$1,000
Deductibe
The community becomes eligible for a regular plan: ✔️Ans -When a
community complied with flood control requirements and the extent of the
flood plan has been mapped.
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