N.C. Claims Adjuster Exam Study Questions with Correct Answers Latest Updated 2023

Inception/Expiration Date - Correct Answer an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date - Correct Answer Date of which the loss occurred Identification of parties involved - Correct Answer The 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 - Correct Answer Identifies the type of coverage purchased (policy form) and the policy number for the particular policy purchased by the insured. Description of the Loss - Correct Answer Information concerning how, when and where the accident or loss happened is an essential element in any loss report. Coverage - Correct Answer Shows the type of coverage(s) purchased as well as the limits of coverage purchased. Damages - Special Compensatory damages - Correct Answer Are amounts paid to compensate the plaintiff for direct expenses such as medical treatment, lost wages (both past and future), funeral expenses and rehabilitation expenses required because of bodily injury. Special damages are paid for losses that can be determined and documented. They are often referred to as "out-of-pocket" expenses. Damages - General Compensatory Damages - Correct Answer Are paid for losses that cannot be specifically measured and itemized in order to compensate the plaintiff for things such as pain and suffering, loss of the use of an arm or leg, loss of vision, physical disfigurement and/or loss of consortium. Damages - Punitive Damages - Correct Answer Are typically awarded to the plaintiff in addition to compensatory damages when the defendants conduct has been especially malicious. Punitive damages are awarded to punish the defendant and to deter others from engaging in similar actions. Unfair Claims Settlement Practices - Correct Answer 1. Knowingly misrepresenting relevant facts or policy provisions relating to the coverage at issue. 2. Failing to acknowledge with reasonable promptness communications pertaining to claims. 3. Failing to adopt and implement reasonable standards for the prompt investigation of claims. 4. Arbitrary and unreasonable refusal to pay claims. 5. Failing to affirm or deny