NC adjuster Exam Questions With Verified Solutions

NC adjuster Exam Questions With Verified Solutions NC adjuster Exam Questions and Answers Inception/Expiration Date - ANSThe date on which coverage became effective or expired. Policies in North Carolina become effective and expire at 12:01am Occurrence Date - ANSThe date on which the loss occurred Identification of Parties involve - ANSThe loss report should include the names and addresses of the parties involved in the loss, the names and addresses of any injured person(s) and the names and addresses of any witness(s) Policy form /Number - ANSIdentifies the type of coverage purchased (policy form) and the policy number for the particular policy purchased by the insured Description of the Loss - ANSInformation concerning how, when and where the accident or loss happened is an essential element in any loss report Coverage - ANSShows the type of coverage purchased as well as the limits of coverage purchased. Deductible (retention) - ANSThat portion of any covered property claim that must be paid by the insured. Tort/Tort Feasor - ANSA tort is a legal injury or a civil wrong to another that arises out of actions other than a breach of contract which a court will provide a remedy through allowing the injured party a monetary recover for damages. Elements of an Investigation - ANSThe insured and the claims team need to work together to ensure they have secured all of the available evidence (surveillance videos, witnesses and their statements) as well as continue the ongoing investigation Adjusters, investigators index reports and witnesses can all be key pieces of the puzzle that may not be available, or there may not have been enough information to involve at the onset Statute of Limitations - ANSEach state has its own statute of limitations laws. NC is three years Types of liability - ANSContributory, Vicarious, and Strict Contributory Liability - ANSIf a person was injured due to their own negligence (contributed to the accident), the injured party would not be entitled to collect any damages (money) from another party who supposedly caused the accident. (ex. person runs a red light and car hits them) Vicarious Liability - ANSSomeone is held responsible for the actions or omissions of another person while performing their employment duties (ex. employee fails to mop up a spill and a customer falls) Strict Liability - ANSLiability incurred for causing damage to life, limb, or property by a hazardous activity or a defective product. ( toy company sells doll that injured a child are responsible even though they did not manufacture the doll) Damages - ANSSpecial, General, and Punitive Special (compensatory) - ANSDamages are amounts paid to compensate the plaintiff for direct expenses such as: medical treatment, loss wages, and funeral expenses (Can be measured) General (compensatory) - ANSDamages are paid for losses that CANNOT be specifically measured and itemized in order to compensate the plaintiff such as: pain and suffering, loss of arm or leg, vision, and physical disfigurement. Punitive (punish) damages - ANSare awarded to the plaintiff in addition to compensatory damages when the defendant's conduct has been malicious. They are awarded to punish the defendant and to deter others from committing similar actions Actual Cash Value (ACV) - ANSis replacement cost at the time of loss less any depreciation Stated Value (stated amount) - ANSis the maximum amount of insurance. The policy will still pay the actual cash value at the time of loss. If ACV is less than the state amount the insurance company will pay you ACV. If ACV is greater, insurance company will pay stated amount (pays the least amount of the two) Reproductive Cost - ANSThe cost of researching, replacing or restoring lost information, such as valuable papers or records, which have suffered loss or damage. Local market value - ANSshall be determined by using either the local price of a comparable vehicle or if no comparable vehicle can be found, quotations from at least two qualified dealers within the local market area.