NC CLAIMS ADJUSTER LATEST 2026 TEST QUESTIONS AND
SOLUTIONS RATED A+
✔✔6 Characteristics of a Contract:
Unilateral - ✔✔-only the insurer make an obligation to pay for covered losses
✔✔6 Characteristics of a Contract:
Conditional - ✔✔-the insurer only has to perform if certain conditions are met
✔✔Policy Sections
Declarations Page - ✔✔-makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
✔✔Policy Sections
Definitions - ✔✔-it is not technically essential
-need to know info. or language used in the contract
✔✔Policy Sections
Insuring Agreement - ✔✔summarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
-often one sentence
✔✔Policy Sections
Conditions - ✔✔-the insurer specifies any limits or qualifications the policy holder must
meet
-will explain what procedure to follow in the event of a dispute
, ✔✔Policy Sections
Exclusions - ✔✔- what is not covered (excluded) under the contract
✔✔Policy Sections
Endorsements - ✔✔-any additions to the policy
-can be added at anytime (could increase or decrease the price)
-aka: ryder, addendum, attachments
✔✔Types of Insurance
Government Insurance - ✔✔-mandatory participation
-benefits prescribed by law
-designed to meet the needs of the general public
-government has a monopoly
-examples:
--Social Security
--FEMA
--Medicare
✔✔Types of Insurance
Private Commercial Insurer - ✔✔-for profit
-collects premiums
-a portion of premium is used to pay claims
-excess premiums become profit
✔✔Types of Insurance
Private Insurance - ✔✔-sells insurance based on consumer preferences
-offer a variety of insurance products
-voluntary participants
-generates a profit
✔✔Types of Insurance
Stock Insurance Company - ✔✔-always for profit
-stockholders provide capital
-non-participating insurers
-no dividends go to policy holders
SOLUTIONS RATED A+
✔✔6 Characteristics of a Contract:
Unilateral - ✔✔-only the insurer make an obligation to pay for covered losses
✔✔6 Characteristics of a Contract:
Conditional - ✔✔-the insurer only has to perform if certain conditions are met
✔✔Policy Sections
Declarations Page - ✔✔-makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
✔✔Policy Sections
Definitions - ✔✔-it is not technically essential
-need to know info. or language used in the contract
✔✔Policy Sections
Insuring Agreement - ✔✔summarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
-often one sentence
✔✔Policy Sections
Conditions - ✔✔-the insurer specifies any limits or qualifications the policy holder must
meet
-will explain what procedure to follow in the event of a dispute
, ✔✔Policy Sections
Exclusions - ✔✔- what is not covered (excluded) under the contract
✔✔Policy Sections
Endorsements - ✔✔-any additions to the policy
-can be added at anytime (could increase or decrease the price)
-aka: ryder, addendum, attachments
✔✔Types of Insurance
Government Insurance - ✔✔-mandatory participation
-benefits prescribed by law
-designed to meet the needs of the general public
-government has a monopoly
-examples:
--Social Security
--FEMA
--Medicare
✔✔Types of Insurance
Private Commercial Insurer - ✔✔-for profit
-collects premiums
-a portion of premium is used to pay claims
-excess premiums become profit
✔✔Types of Insurance
Private Insurance - ✔✔-sells insurance based on consumer preferences
-offer a variety of insurance products
-voluntary participants
-generates a profit
✔✔Types of Insurance
Stock Insurance Company - ✔✔-always for profit
-stockholders provide capital
-non-participating insurers
-no dividends go to policy holders
