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Accident and Health NC STATE EXAM Questions with Correct Answers 2024
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Accident and Health NC STATE EXAM
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Accident and Health NC STATE EXAMbroker - answera person who, being a licensed agent, procures insurance for a party
other than himself through a duly authorized agent or an insurer that is licensed to do
business in this state but for which the broker is not authorized to act as an agent
limited representative - answera person who is authorized by the Commissioner to
solicit or negotiate contracts for particular kinds of insurance and which kind of
insurance is restricted in the scope of coverage afforded
representation - answer1. every agent or limited representative represents the
insurance company and not the insured or his beneficiary
2. every broker in any controversy between the insured and his beneficiary is regarded
as representing the insured or his beneficiary and not the insurer
general license requirements - answera life insurance license authorizes a resident
agent to sell variable contracts meeting FINRA requirements
a health insurance license authorizes a resident agent to sell medicare supplement and
long-term care insurance policies if the agent passes a supplemental written
examination for the insurance license
a limited representative may receive qualification for one or more licenses without
examination for: dental, credit life, motor club, prearrangement insurance, travel
accident and baggage
no licensed agent, broker or limited representative shall solicit anywhere in the
boundaries of this state, or receive or transmit an application or premium of insurance,
for a company not licensed to do business in this state
no agent shall place a policy of insurance with any insurer unless the agent has a
current appointment as agent for the insurer
a business entity that sells, negotiates, or solicits insurance shall be licensed
a license issue to an agent authorizes him to act until his license is otherwise
suspended or revoked
a license of a broker, limited representative, adjuster, or motor vehicle damage
appraiser shall be renewed on April 1 each year, and renewal fees shall be paid
, bond - answerprior to issuance of a license as a broker, the applicant shall file with the
Commissioner and thereafter, for as long as the license remains in effect, shall keep in
force a bond in favor of the state for the use of aggrieved parties in the sum of not less
than $15000
other requirements of a broker - answeran applicant must hold a valid agent's license at
the time of application for the broker's license and throughout the duration of the
broker's license
application for license - answermust be 18
have not committed any acts that would be ground for probation, suspension,
nonrenewal, or revocation
has paid the applicable fees
has successfully passed any exams required by law
exemption for exams - answerhaving any kind of designation such as CFP
twisting - answerreplacement
peril - answercause of loss
hazard - answercondition that increases likelihood of a peril
physical hazard - answere.g. slippery floors; a condition that can increase the chance of
loss
moral hazard - answere.g. drugs and alcohol; can increases chance of loss
morale hazard - answerfailing to take safety precautions
legal hazard - answercourt action can increase size of a loss
offer and acceptance - answeragreement
subrogation - answer3rd party
personal contract - answerAn agreement between an insurance company and an
individual that states that insurance policies cover the individual's insurable interest.
unilateral contract - answeronly insurance company has enforceable promise
contract of adhesion - answerthe insured must accept the entire contract with all of its
terms and conditions
aleatory - answeralways unequal, insured may pay premiums for years with no claims
or insurer will have to pay big claim immediately
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