Exam (elaborations)
NORTH CAROLINA STATUTES AND REGULATIONS PERTINENT TO ACCIDENT QUESTIONS AND ANSWERS 100% CORRECT
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NORTH CAROLINA STATUTES AND REGULATIONS PERTINENT TO ACCIDENT
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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
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