NC Adjuster License Practice Exam (Questions
and Answers) with 100% correct solutions|
Graded A+
1. Manny is purchasing a Commercial Property policy with a Business Income form
included. Manny can select from any of the following as a method to provide
coverage, while avoiding the coinsurance requirement, EXCEPT: - ANSWER:
The maximum monthly limit of indemnity optional coverage
2. The traditional definition of actual cash value (ACV) is: - ANSWER:
Replacement cost minus depreciation
3. Sam and Dan are working to clean out the gutters around the roof on Sam's
house. Sam and Dan are standing at the top of separate ladders that are
propped against the side of Sam's house, when Dan's ladder begins to wobble
and ultimately falls into Sam's ladder. Both men and their ladders crash to the
ground. Whose injuries will be covered by Sam's Homeowners policy under
Coverage E - Personal Liability? - ANSWER: Only Dan's injuries would be
covered
4. Torts that can be covered by insurance policies include all of the following,
EXCEPT: - ANSWER: Intentional torts purposely committed to cause harm to
another.
5. The insured has a $1,000,000 personal umbrella policy with a $5,000 retention
limit. For a $7,000 liability loss not covered under the insured's personal auto
policy, but covered under the umbrella policy, the insurance company would pay:
- ANSWER: $2,000
6. All of the following is considered an "insured" under a CGL policy, EXCEPT: -
ANSWER: Lawyers of the named insured
7. What specific type of liability policy gives an owner protection against liability
claims arising out of the acts of its independent contractors? - ANSWER:
Owners and Contractors Protective Liability Policy.
8. Which of the following would be eligible for coverage under a Businessowners
policy? - ANSWER: A small retail store
9. Which of the following is NOT a correct statement in determining the cost of a
"comparable automobile" when a physical damage loss has a occurred? -
ANSWER: The cost of a comparable automobile as determined by a
computerized automobile valuation service that produces statistically valid fair
market values within the United States market
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, NC Adjuster License Practice Exam (Questions
and Answers) with 100% correct solutions|
Graded A+
10. All of the following statements are TRUE of North Carolina automobile liability
policies, EXCEPT - ANSWER: If the insured carries limits greater than the
minimum financial responsibility limits required by state law, they are not required
to carry Uninsured/Underinsured Motorists coverage.
11. The basic limit for Coverage F -- Medical Payments of the standard Homeowners
forms is: - ANSWER: $1,000 per person
12. Oliver Dogwood was in an auto accident which destroyed his car. While
investigating the accident, Adjuster Do right found that Mr. Dogwood paid $1,000
for the vehicle. After checking with others he found the same vehicle with an
asking price of $1,700, a retail price of $2,150 and a dealer price of $1,750. What
amount will Mr. Dogwood receive? - ANSWER: $2,150
13. When a claims representative is collecting information from a third-party
claimant, which of the following is the information that should be obtained first? -
ANSWER: The nature and extent of the injuries or property damage claimed.
14. The Business Auto uses Symbol 7 to cover "specifically described autos"
identified in the declarations. An auto acquired during the policy period will only
be covered: - ANSWER: If the insured insures all of their vehicles with the
company or it replaces a covered auto..
15. What coverage under the BOP automatically applies if a customer slips and falls
on the named insured's premises, regardless of legal liability? - ANSWER:
Medical expense coverage
16. When an insurer is called upon to defend a suit under a CGL policy, the amount
that can be paid for the defense costs is: - ANSWER: Not limited
17. Any North Carolina lender in making or servicing real estate mortgage or deed of
trust loans on one to four family residences must accept a binder as proof of
insurance. The binder presented to the lender must include all of the following,
EXCEPT - ANSWER: A sworn statement that the insurance will be kept in
force.
18. Which of the following statements is TRUE concerning Part A - Liability coverage
on a standard Personal Automobile policy? - ANSWER: The coverage is
provided only for accidents caused by those who are "insureds" under the policy..
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and Answers) with 100% correct solutions|
Graded A+
1. Manny is purchasing a Commercial Property policy with a Business Income form
included. Manny can select from any of the following as a method to provide
coverage, while avoiding the coinsurance requirement, EXCEPT: - ANSWER:
The maximum monthly limit of indemnity optional coverage
2. The traditional definition of actual cash value (ACV) is: - ANSWER:
Replacement cost minus depreciation
3. Sam and Dan are working to clean out the gutters around the roof on Sam's
house. Sam and Dan are standing at the top of separate ladders that are
propped against the side of Sam's house, when Dan's ladder begins to wobble
and ultimately falls into Sam's ladder. Both men and their ladders crash to the
ground. Whose injuries will be covered by Sam's Homeowners policy under
Coverage E - Personal Liability? - ANSWER: Only Dan's injuries would be
covered
4. Torts that can be covered by insurance policies include all of the following,
EXCEPT: - ANSWER: Intentional torts purposely committed to cause harm to
another.
5. The insured has a $1,000,000 personal umbrella policy with a $5,000 retention
limit. For a $7,000 liability loss not covered under the insured's personal auto
policy, but covered under the umbrella policy, the insurance company would pay:
- ANSWER: $2,000
6. All of the following is considered an "insured" under a CGL policy, EXCEPT: -
ANSWER: Lawyers of the named insured
7. What specific type of liability policy gives an owner protection against liability
claims arising out of the acts of its independent contractors? - ANSWER:
Owners and Contractors Protective Liability Policy.
8. Which of the following would be eligible for coverage under a Businessowners
policy? - ANSWER: A small retail store
9. Which of the following is NOT a correct statement in determining the cost of a
"comparable automobile" when a physical damage loss has a occurred? -
ANSWER: The cost of a comparable automobile as determined by a
computerized automobile valuation service that produces statistically valid fair
market values within the United States market
#$%^&*(*
&^%$%^&
*(*&^%$%
^&*()(*&^
%$%^&*&
^%$%^&*(
, NC Adjuster License Practice Exam (Questions
and Answers) with 100% correct solutions|
Graded A+
10. All of the following statements are TRUE of North Carolina automobile liability
policies, EXCEPT - ANSWER: If the insured carries limits greater than the
minimum financial responsibility limits required by state law, they are not required
to carry Uninsured/Underinsured Motorists coverage.
11. The basic limit for Coverage F -- Medical Payments of the standard Homeowners
forms is: - ANSWER: $1,000 per person
12. Oliver Dogwood was in an auto accident which destroyed his car. While
investigating the accident, Adjuster Do right found that Mr. Dogwood paid $1,000
for the vehicle. After checking with others he found the same vehicle with an
asking price of $1,700, a retail price of $2,150 and a dealer price of $1,750. What
amount will Mr. Dogwood receive? - ANSWER: $2,150
13. When a claims representative is collecting information from a third-party
claimant, which of the following is the information that should be obtained first? -
ANSWER: The nature and extent of the injuries or property damage claimed.
14. The Business Auto uses Symbol 7 to cover "specifically described autos"
identified in the declarations. An auto acquired during the policy period will only
be covered: - ANSWER: If the insured insures all of their vehicles with the
company or it replaces a covered auto..
15. What coverage under the BOP automatically applies if a customer slips and falls
on the named insured's premises, regardless of legal liability? - ANSWER:
Medical expense coverage
16. When an insurer is called upon to defend a suit under a CGL policy, the amount
that can be paid for the defense costs is: - ANSWER: Not limited
17. Any North Carolina lender in making or servicing real estate mortgage or deed of
trust loans on one to four family residences must accept a binder as proof of
insurance. The binder presented to the lender must include all of the following,
EXCEPT - ANSWER: A sworn statement that the insurance will be kept in
force.
18. Which of the following statements is TRUE concerning Part A - Liability coverage
on a standard Personal Automobile policy? - ANSWER: The coverage is
provided only for accidents caused by those who are "insureds" under the policy..
#$%^&*(*
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