NC ADJUSTER LICENSING EXAM 2024 NEWEST EXAM 2
VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS ) / ALREADY GRADED A+ // BRAND NEW!!
Comprehensive personal liability - ANSWER: applies liability coverage to activities or
events occurring both on and off the premises.
Ex. The mailman slips and falls in your driveway.
National Flood Insurance Program (NFIP) - ANSWER: A government-sponsored flood
insurance program for communities in designated areas.
Standard Fire Policy - ANSWER: Insurance against property damage due to fire or
lightning
definitions section - ANSWER: the part of an insurance policy that explains specific
terms used throughout the policy, such as ?you? or ?your,? or ?family member?
risk - ANSWER: The chance of loss from an event that cannot be entirely controlled
hazard - ANSWER: A danger or risk.
Peril - ANSWER: cause of loss
4 Parts of Insurance Contract? - ANSWER: Declarations
Conditions
Exclusions
Insuring Agreement
basic form - ANSWER: a form of a homeowners policy that insures property against
the basic perils Ex. Fire, lightning, hail, wind damage
Special Peril/Open Peril (All Risk) - ANSWER: cover all perils except for those that are
specifically excluded. If it doesn't state its not covered then it is covered. **if there is
a dispute over whether something is covered it would be the insurance company's
job to prove its not covered.
broad form - ANSWER: A property and liability policy that provides coverage for
landowners from eighteen specified perils.
HO-4 policy - ANSWER: Renters policy. Personal property covered for broad perils.
HO-5 Comprehensive Form - ANSWER: insures the dwelling, other structures, and
personal property against direct physical loss to property
, HO-2 - ANSWER: (broad form): covers the dwelling, other structures, and personal
property on a named perils basis
HO-3 (special form) - ANSWER: Covers the dwelling and other structures on a risk-of-
direct-physical loss basis. All direct physical losses are covered except those losses
specifically excluded. Personal property is covered on a named perils basis
Inland Marine Insurance - ANSWER: Insurance that covers many different classes of
property that typically involve an element of transportation.
Vicarious Liability - ANSWER: Legal responsibility placed on one person for the acts of
another.
Absolute Liability - ANSWER: A type of liability that occurs due to extremely
dangerous operations, such as the use of explosives or working at extreme heights.
Business Income Insurance - ANSWER: designed to cover the loss of business income,
expenses that continue during the shutdown period, and extra expenses because of
loss from a covered peril
Extra Expense Coverage Form - ANSWER: Covers additional expenses incurred by the
insured business to continue operations following a direct loss by a peril insured
Coverage B (Business Personal Property) - ANSWER: -Contents of Insured
-Business Inventory
-Leased equipment
-Tenant's Improvements
- Furniture
Coverage C: Medical Payments - ANSWER: covers the medical expenses of persons
who are injured in an accident on the premises or on ways next to the premises, or
as a result of the insured's operations
-The medical expenses must be incurred within one year of the accident and are paid
without regard to legal liability.
Ex. a customer is injured on a slippery floor. The medical expenses are covered up to
the policy limits
Business Auto Policy - ANSWER: This is insurance for commercial automobile risks
against legal liability, damage to vehicles, medical expenses, loss from uninsured
motorists, and personal injury protection or other equivalent no fault coverage.
Coverage can be extended to owned, leased, and borrowed vehicles.
Unilateral Contract - ANSWER: A contract that results when an offer can be accepted
only by the offeree's performance.
adhesion contract - ANSWER: A "standard-form" contract, such as that between a
large retailer and a consumer, in which the stronger party dictates the terms.
VERSIONS (VERSION A AND B) COMPLETE 400 QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS ) / ALREADY GRADED A+ // BRAND NEW!!
Comprehensive personal liability - ANSWER: applies liability coverage to activities or
events occurring both on and off the premises.
Ex. The mailman slips and falls in your driveway.
National Flood Insurance Program (NFIP) - ANSWER: A government-sponsored flood
insurance program for communities in designated areas.
Standard Fire Policy - ANSWER: Insurance against property damage due to fire or
lightning
definitions section - ANSWER: the part of an insurance policy that explains specific
terms used throughout the policy, such as ?you? or ?your,? or ?family member?
risk - ANSWER: The chance of loss from an event that cannot be entirely controlled
hazard - ANSWER: A danger or risk.
Peril - ANSWER: cause of loss
4 Parts of Insurance Contract? - ANSWER: Declarations
Conditions
Exclusions
Insuring Agreement
basic form - ANSWER: a form of a homeowners policy that insures property against
the basic perils Ex. Fire, lightning, hail, wind damage
Special Peril/Open Peril (All Risk) - ANSWER: cover all perils except for those that are
specifically excluded. If it doesn't state its not covered then it is covered. **if there is
a dispute over whether something is covered it would be the insurance company's
job to prove its not covered.
broad form - ANSWER: A property and liability policy that provides coverage for
landowners from eighteen specified perils.
HO-4 policy - ANSWER: Renters policy. Personal property covered for broad perils.
HO-5 Comprehensive Form - ANSWER: insures the dwelling, other structures, and
personal property against direct physical loss to property
, HO-2 - ANSWER: (broad form): covers the dwelling, other structures, and personal
property on a named perils basis
HO-3 (special form) - ANSWER: Covers the dwelling and other structures on a risk-of-
direct-physical loss basis. All direct physical losses are covered except those losses
specifically excluded. Personal property is covered on a named perils basis
Inland Marine Insurance - ANSWER: Insurance that covers many different classes of
property that typically involve an element of transportation.
Vicarious Liability - ANSWER: Legal responsibility placed on one person for the acts of
another.
Absolute Liability - ANSWER: A type of liability that occurs due to extremely
dangerous operations, such as the use of explosives or working at extreme heights.
Business Income Insurance - ANSWER: designed to cover the loss of business income,
expenses that continue during the shutdown period, and extra expenses because of
loss from a covered peril
Extra Expense Coverage Form - ANSWER: Covers additional expenses incurred by the
insured business to continue operations following a direct loss by a peril insured
Coverage B (Business Personal Property) - ANSWER: -Contents of Insured
-Business Inventory
-Leased equipment
-Tenant's Improvements
- Furniture
Coverage C: Medical Payments - ANSWER: covers the medical expenses of persons
who are injured in an accident on the premises or on ways next to the premises, or
as a result of the insured's operations
-The medical expenses must be incurred within one year of the accident and are paid
without regard to legal liability.
Ex. a customer is injured on a slippery floor. The medical expenses are covered up to
the policy limits
Business Auto Policy - ANSWER: This is insurance for commercial automobile risks
against legal liability, damage to vehicles, medical expenses, loss from uninsured
motorists, and personal injury protection or other equivalent no fault coverage.
Coverage can be extended to owned, leased, and borrowed vehicles.
Unilateral Contract - ANSWER: A contract that results when an offer can be accepted
only by the offeree's performance.
adhesion contract - ANSWER: A "standard-form" contract, such as that between a
large retailer and a consumer, in which the stronger party dictates the terms.
