NC Claims Adjuster Exam Study
Guide/304 Q and A /Guaranteed A+
Guide Solution
Liability Insurance PAP (Part A) - -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 - -A. Liability
B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
-Certificate of Insurance (COI) - -A document that proves the
existence of insurance coverage
-Occurrence - -Something that continue to happen and may
cause injury later on.
-Accident - -A sudden unforseen and unintended one time event
-Assumption of risk - -An individual who is aware of the
potential risk involved and chose to expose themselves to it.
-Comparative negligence - -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 - -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? - -North Carolina
, -Negligence - -Failure to do (or not do) what a reasonable
prudent person would or would not have done in a similar
instance.
-Temporary Substitute Automobile - -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? - -A
dealership loans an insured a vehicle to drive while their car is
getting fixed.
-Non Owned Automobile - -Not owned by the named insured or
any relative.
-What is an example of an Non Owned Automobile? - -An
insured borrows a neighbors car.
-If an additional vehicle is not reported to the insurer within 30
days: - -No coverage will apply to the added vehicle.
-If a vehicle is added to an existing policy (In addition to): - -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: - -Part
D (Comprehensive and Collision Coverage) will not apply to the
replacement vehicle.
-A new vehicle that replaces another vehicle will: - -Have the
same coverages as the old vehicle if the named insured request
to insure it within 30 days of becoming the owners.
-Insured - -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 - -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: - -Hull insurance for
damage to the insured boat itself
-2nd Coverage for watercraft or yacht are: - -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? - -
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? - -45 days
-Elevation certificates - -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: - -30 days after
receipt of the coverage application and the premium payment.
-The general property form on flood insurance is used to: - -
Insure larger residential structures and non residential buildings.
-The dwellings form on a flood insurance plan is: - -Used to
ensure residential property of no more than 4 units and the
contents
-Flood insurance is available in 2 forms, what are they? - -1.
Dwelling
2. General property
-The deductible for an emergency plan applies: - -Separately to
the building loss and contents if purchased on a per occurrence
basis.
-How much is the deductible on an emergency plan? - -$1,000
Deductibe
Guide/304 Q and A /Guaranteed A+
Guide Solution
Liability Insurance PAP (Part A) - -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 - -A. Liability
B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
-Certificate of Insurance (COI) - -A document that proves the
existence of insurance coverage
-Occurrence - -Something that continue to happen and may
cause injury later on.
-Accident - -A sudden unforseen and unintended one time event
-Assumption of risk - -An individual who is aware of the
potential risk involved and chose to expose themselves to it.
-Comparative negligence - -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 - -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? - -North Carolina
, -Negligence - -Failure to do (or not do) what a reasonable
prudent person would or would not have done in a similar
instance.
-Temporary Substitute Automobile - -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? - -A
dealership loans an insured a vehicle to drive while their car is
getting fixed.
-Non Owned Automobile - -Not owned by the named insured or
any relative.
-What is an example of an Non Owned Automobile? - -An
insured borrows a neighbors car.
-If an additional vehicle is not reported to the insurer within 30
days: - -No coverage will apply to the added vehicle.
-If a vehicle is added to an existing policy (In addition to): - -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: - -Part
D (Comprehensive and Collision Coverage) will not apply to the
replacement vehicle.
-A new vehicle that replaces another vehicle will: - -Have the
same coverages as the old vehicle if the named insured request
to insure it within 30 days of becoming the owners.
-Insured - -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 - -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: - -Hull insurance for
damage to the insured boat itself
-2nd Coverage for watercraft or yacht are: - -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? - -
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? - -45 days
-Elevation certificates - -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: - -30 days after
receipt of the coverage application and the premium payment.
-The general property form on flood insurance is used to: - -
Insure larger residential structures and non residential buildings.
-The dwellings form on a flood insurance plan is: - -Used to
ensure residential property of no more than 4 units and the
contents
-Flood insurance is available in 2 forms, what are they? - -1.
Dwelling
2. General property
-The deductible for an emergency plan applies: - -Separately to
the building loss and contents if purchased on a per occurrence
basis.
-How much is the deductible on an emergency plan? - -$1,000
Deductibe
