NC Claims Adjuster Exam Study Questions And Answers. Verified And Updated.
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Course
NC Claims Adjuster
Institution
NC Claims Adjuster
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
NC Claims Adjuster Exam Study Questions
And Answers. Verified And Updated.
Liability Insurance PAP (Part A) - answerPays all the sums and insured must legally pay as
damage due to BI/PD caused by an accident and resulting from the ownership, maintenanc...
NC Claims Adjuster Exam Study Questions
And Answers. Verified And Updated.
Liability Insurance PAP (Part A) - answer✔✔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 - answer✔✔A. Liability
B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
Certificate of Insurance (COI) - answer✔✔A document that proves the existence of insurance
coverage
Occurrence - answer✔✔Something that continue to happen and may cause injury later on.
Accident - answer✔✔A sudden unforseen and unintended one time event
Assumption of risk - answer✔✔An individual who is aware of the potential risk involved and
chose to expose themselves to it.
Comparative negligence - answer✔✔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 - answer✔✔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? - answer✔✔North Carolina
Negligence - answer✔✔Failure to do (or not do) what a reasonable prudent person would or
would not have done in a similar instance.
Temporary Substitute Automobile - answer✔✔Not owned by the named insured but used
temporarily as a substitute for the owned auto that is not currently being used.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
,What is an example of a Temporary substitute Automobile? - answer✔✔A dealership loans an
insured a vehicle to drive while their car is getting fixed.
Non Owned Automobile - answer✔✔Not owned by the named insured or any relative.
What is an example of an Non Owned Automobile? - answer✔✔An insured borrows a neighbors
car.
If an additional vehicle is not reported to the insurer within 30 days: - answer✔✔No coverage
will apply to the added vehicle.
If a vehicle is added to an existing policy (In addition to): - answer✔✔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: - answer✔✔Part D (Comprehensive and
Collision Coverage) will not apply to the replacement vehicle.
A new vehicle that replaces another vehicle will: - answer✔✔Have the same coverages as the
old vehicle if the named insured request to insure it within 30 days of becoming the owners.
Insured - answer✔✔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 - answer✔✔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: - answer✔✔Hull insurance for damage to the insured
boat itself
2nd Coverage for watercraft or yacht are: - answer✔✔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? - answer✔✔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? -
answer✔✔45 days
Elevation certificates - answer✔✔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: - answer✔✔30 days after receipt of the
coverage application and the premium payment.
The general property form on flood insurance is used to: - answer✔✔Insure larger residential
structures and non residential buildings.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, The dwellings form on a flood insurance plan is: - answer✔✔Used to ensure residential property
of no more than 4 units and the contents
Flood insurance is available in 2 forms, what are they? - answer✔✔1. Dwelling
2. General property
The deductible for an emergency plan applies: - answer✔✔Separately to the building loss and
contents if purchased on a per occurrence basis.
How much is the deductible on an emergency plan? - answer✔✔$1,000 Deductibe
The community becomes eligible for a regular plan: - answer✔✔When a community complied
with flood control requirements and the extent of the flood plan has been mapped.
What are the 1st definition included in a flood? - answer✔✔Overflow of inland or tidal water
What is the 2nd definition included in a flood? - answer✔✔Unusual accumulation and run off of
surface waters
What is the 3rd definition included in a flood? - answer✔✔Mud flows or mudslides in normally
dry land areas
What is the 4th definition included in a flood? - answer✔✔Abnormal flood related erosion of
shorelines
What is a flood? - answer✔✔General and temporary conditions of partial or complete inundation
of normally dry land areas.
What is the 1st thing the "write your own" program will allow? - answer✔✔Private insurance
companies to sell and service flood insurance in their own name.
What is the 2nd thing the "write your own" program will allow? - answer✔✔Collect Premiums
What is the 3rd thing the "write your own" program will allow? - answer✔✔Keep percentage of
premiums to cover expenses and profit.
What is the 4th thing the "write you own program will allow? - answer✔✔Invest the rest of the
profit to provide funds to pay claims.
What is the purpose of the National Flood Insurance Program? - answer✔✔The encourage
communities to practice flood control and to restrict development in flood prone areas.
What does the The Federal Insurance Administration (FIA) do? - answer✔✔Sets rates, coverage
limits, and eligibility requirements for flood insurance through the National Flood Insurance
Program.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
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