SOUTH CAROLINA ADJUSTER LICENSING EXAM 3 ACTUAL EXAM COMPLETE 200 QUESTIONS AND CORRECT DETAILED ANSWERS (100% CORRECT VERIFIED SOLUTIONS) A NEW UPDATED VERSION

ASCORERS STUVIA m




NC PC EXAM NEWLY UPDATED QUESTIONS WI
m m m m m m



TH CORRECT ANSWERS ALREADY GRADED A+
m m m m m mm



|VERIFIED FOR LEARNERS m m




A person who willingly and knowingly made submitted severa
m m m m m m m m


l fraudulent claims over the past several years is subject to wh
m m m m m m m m m m m


ich of the following penalties?
m m ...ANS: Treble damages
m m mmmmmm mm m




A violation of the Privacy Protection Act is punishable by all of
m m m m m m m m m m m


the following, except: ...ANS: 100k fine
m m m mmmmm mm m




Absolute Windstorm or Hail Coverage (HO 32-
m m m m m m


94) ...ANS: his endorsement can be used for all HO forms, a
mmmmm mm m m m m m m m m m


nd it deletes the windstorm or hail exclusion
m m m m m m m




Acting without a License ...ANS: Any person acting as or pre
m m m mmmmm mm m m m m m


tending to be a principal, agent, broker, limited representative,
m m m m m m m m


madjuster, or licensed motor vehicle damage appraiser by solici
m m m m m m m m


ting, investigating, or examining risks or collecting premiums
m m m m m m m m


will be deemed guilty of a Class 1 Misdemeanor.
m m m m m m m m




Activities by Lenders and Temporary Contracts ...ANS: A len
m m m m m mmmmm mm m


der is not prohibited from refusing to accept a binder as long a
m m m m m m m m m m m m


s the refusal is reasonable. To be acceptable, the binder must i
m m m m m m m m m m m


nclude:
The name and address of the insured
m m m m m m

,ASCORERS STUVIA m




The name and address of the mortgagee
m m m m m m




A description of the insured collateral
m m m m m




A provision that it may not be cancelled within a term of the b
m m m m m m m m m m m m m


inder except with 10 days' written notice to the mortgagee
m m m m m m m m m




The amount of insurance bound
m m m m




The binder must be accompanied by a paid receipt for one yea
m m m m m m m m m m m


r's premium, except in the case of a policy renewal subsequent
m m m m m m m m m m


mto the closing of a loan. The binder must also include an unde
m m m m m m m m m m m m


rtaking of the agent to use their best efforts to have the insura
m m m m m m m m m m m m


nce company issue a policy.
m m m m




ACV (Actual Cash Value)
m m m mmmmm ...ANS: cost to repair or replace MI
mm m m m m m


NUS depreciation m




Adjuster ...ANS: An adjuster is an individual who, for a salar
mmmmm mm m m m m m m m m


y, fee, commission, or other compensation, investigates or repo
m m m m m m m m


rts to their principal with respect to claims arising under cont
m m m m m m m m m m


racts other than life or annuities. An attorney who occasionall
m m m m m m m m m


y adjusts losses incidental to their profession or an adjuster of
m m m m m m m m m m


mmarine losses are not considered adjusters within the intent o
m m m m m m m m m


f the law.
m m




Adverse Underwriting Decisions ...ANS: The applicant has 9
m m mmmmm mm m m m


0 days to request reasons for the adverse underwriting decisio
m m m m m m m m m


n and the response must be made within 21 days of being rece
m m m m m m m m m m m m


ived.

,ASCORERS STUVIA m




Agent ...ANS: An agent is a person licensed to solicit applica
mmmmm mm m m m m m m m m


tions for or to negotiate a policy of insurance on behalf of an i
m m m m m m m m m m m m m


nsurer. A person not duly licensed who solicits or negotiates a
m m m m m m m m m m m


policy on behalf of an insurer is an agent within the intent of t
m m m m m m m m m m m m m


he law and becomes personally liable for all the duties, require
m m m m m m m m m m


ments, liabilities, and penalties to which an agent is subject. A
m m m m m m m m m m m


company that compensates a person for soliciting insurance p
m m m m m m m m


olicies accepts and acknowledges the person as its agent in th
m m m m m m m m m m


e transaction.
m




Agent R holds a North Carolina nonresident insurance license
m m m m m m m m m


when they move to North Carolina. To continue being licensed,
m m m m m m m m m


R must apply for resident licensure within- ...ANS: 90 days
m m m m m m m mmmmm mm m




Appointment ...ANS: To appoint a licensed individual as its
mmmmm mm m m m m m m m


agent, the appointing insurer must file a notice of appointmen
m m m m m m m m m


t within 15 days after the first insurance application is submitt
m m m m m m m m m m


ed, and must pay the appointment fees as required by the Com
m m m m m m m m m m m


missioner. The insurer must submit a renewal fee for each app
m m m m m m m m m m


ointed agent by line of insurance prior to April 1 of each year.
m m m m m m m m m m m m




are Additional coverages added to the policy for an additional
m m m m m m m m m m


premium? ...ANS: yes mmmmm mm




Assignment ...ANS: The insured may not transfer ownership
mmmmm mm m m m m m


of the policy without the insurer's written permission
m m m m m m m m




Bailee mmmmm ...ANS: Owner of something mm m m

, ASCORERS STUVIA m




Bailer mmmmm ...ANS: Servicer= clothes, cars, etc
mm m m m




BAP Sections
m mmmmm ...ANS: Section 1- owned autos
mm m m m




Section 2- coverage m m




Section 3- m


mgarage keepers (Autos in the care, custody, and control (servic
m m m m m m m m m


ing, repair, parking, storing)
m m m




Beach Area ...ANS: Beach Area -
m mmmmm mm m m


mCommonly called the Outer Banks, the area of North Carolina
m m m m m m m m m m


from south and east of the inland waterway, from the South Ca
m m m m m m m m m m m


rolina line to Fort Macon (Beaufort Inlet), to south and east of
m m m m m m m m m m m m


Core, Pamlico, Roanoke, and Currituck sounds to the Virginia s
m m m m m m m m m


tate line.
m




Coastal Area - m m


mExcept for any area defined as beach area, all of the following
m m m m m m m m m m m m


counties:
Craven county m




Jones countym




Every county (except Bertie county) that borders the ocean
m m m m m m m m




Blank Policies ...ANS: An agent or limited representative wh
m mmmmm mm m m m m m


o signs a blank contract or insurance policy is guilty of a Class
m m m m m m m m m m m m m


3 misdemeanor and upon conviction will be punished by a fin
m m m m m m m m m m


e of $1,000 - $5,000.
m m m m