Exam (elaborations)
NC ADJUSTER LICENSE PRACTICE EXAM QUESTIONS AND ANSWERS
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NC ADJUSTER LICENSE PRACTICE EXAM QUESTIONS AND ANSWERS
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NC ADJUSTER LICENSE PRACTICEEXAM QUESTIONS AND ANSWERS
Manny6is6purchasing6a6Commercial6Property6policy6with6a6Business6Income6form6includ
ed.6Manny6can6select6from6any6of6the6following6as6a6method6to6provide6coverage,6while6
avoiding6the6coinsurance6requirement,6EXCEPT:6-6ans--
The6maximum6monthly6limit6of6indemnity6optional6coverage
The6traditional6definition6of6actual6cash6value6(ACV)6is:6-6ans--
Replacement6cost6minus6depreciation
Sam6and6Dan6are6working6to6clean6out6the6gutters6around6the6roof6on6Sam's6house.6Sa
m6and6Dan6are6standing6at6the6top6of6separate6ladders6that6are6propped6against6the6side
6of6Sam's6house,6when6Dan's6ladder6begins6to6wobble6and6ultimately6falls6into6Sam's6lad
der.6Both6men6and6their6ladders6crash6to6the6ground.6Whose6injuries6will6be6covered6by6
Sam's6Homeowners6policy6under6Coverage6E6-6Personal6Liability?6-6ans--
Only6Dan's6injuries6would6be6covered
Torts6that6can6be6covered6by6insurance6policies6include6all6of6the6following,6EXCEPT:6-
6ans--Intentional6torts6purposely6committed6to6cause6harm6to6another.
The6insured6has6a6$1,000,0006personal6umbrella6policy6with6a6$5,0006retention6limit.6For
6a6$7,0006liability6loss6not6covered6under6the6insured's6personal6auto6policy,6but6covered
6under6the6umbrella6policy,6the6insurance6company6would6pay:6-6ans--$2,000
All6of6the6following6is6considered6an6"insured"6under6a6CGL6policy,6EXCEPT:6-6ans--
Lawyers6of6the6named6insured
What6specific6type6of6liability6policy6gives6an6owner6protection6against6liability6claims6aris
ing6out6of6the6acts6of6its6independent6contractors?6-6ans--
Owners6and6Contractors6Protective6Liability6Policy.
Which6of6the6following6would6be6eligible6for6coverage6under6a6Businessowners6policy?6-
6ans--A6small6retail6store
Which6of6the6following6is6NOT6a6correct6statement6in6determining6the6cost6of6a6"compara
ble6automobile"6when6a6physical6damage6loss6has6a6occurred?6-6ans--
, The6cost6of6a6comparable6automobile6as6determined6by6a6computerized6automobile6valu
ation6service6that6produces6statistically6valid6fair6market6values6within6the6United6States6
market
All6of6the6following6statements6are6TRUE6of6North6Carolina6automobile6liability6policies,6
EXCEPT6-6ans--
If6the6insured6carries6limits6greater6than6the6minimum6financial6responsibility6limits6requir
ed6by6state6law,6they6are6not6required6to6carry6Uninsured/
Underinsured6Motorists6coverage.
The6basic6limit6for6Coverage6F6--
6Medical6Payments6of6the6standard6Homeowners6forms6is:6-6ans--$1,0006per6person
Oliver6Dogwood6was6in6an6auto6accident6which6destroyed6his6car.6While6investigating6th
e6accident,6Adjuster6Doright6found6that6Mr.6Dogwood6paid6$1,0006for6the6vehicle.6After6c
hecking6with6others6he6found6the6same6vehicle6with6an6asking6price6of6$1,700,6a6retail6pri
ce6of6$2,1506and6a6dealer6price6of6$1,750.6What6amount6will6Mr.6Dogwood6receive?6-
6ans--$2,150
When6a6claims6representative6is6collecting6information6from6a6third-
party6claimant,6which6of6the6following6is6the6information6that6should6be6obtained6first?6-
6ans--The6nature6and6extent6of6the6injuries6or6property6damage6claimed.
The6Business6Auto6uses6Symbol676to6cover6"specifically6described6autos"6identified6in6th
e6declarations.6An6auto6acquired6during6the6policy6period6will6only6be6covered:6-6ans--
If6the6insured6insures6all6of6their6vehicles6with6the6company6or6it6replaces6a6covered6auto
..
What6coverage6under6the6BOP6automatically6applies6if6a6customer6slips6and6falls6on6the6
named6insured's6premises,6regardless6of6legal6liability?6-6ans--
Medical6expense6coverage
When6an6insurer6is6called6upon6to6defend6a6suit6under6a6CGL6policy,6the6amount6that6ca
n6be6paid6for6the6defense6costs6is:6-6ans--Not6limited
Any6North6Carolina6lender6in6making6or6servicing6real6estate6mortgage6or6deed6of6trust6lo
ans6on6one6to6four6family6residences6must6accept6a6binder6as6proof6of6insurance.6The6bi
nder6presented6to6the6lender6must6include6all6of6the6following,6EXCEPT6-6ans--
A6sworn6statement6that6the6insurance6will6be6kept6in6force.
Which6of6the6following6statements6is6TRUE6concerning6Part6A6-
6Liability6coverage6on6a6standard6Personal6Automobile6policy?6-6ans--
The6coverage6is6provided6only6for6accidents6caused6by6those6who6are6"insureds"6under6t
he6policy..
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