NC Claims Adjuster Exam Study / (Latest
): Questions and Verified Answers |
100% Correct | Grade A
Terms in this set (304)
Liability Insurance PAP Pays all the sums and insured must legally pay as damage due
(Part A) to BI/PD caused by an accident and resulting from the
ownership, maintenance or use of a covered auto.
Coverage Part A through F of A. Liability
a PAP B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
Certificate of Insurance A document that proves the existence of insurance coverage
(COI)
Occurrence Something that continue to happen and may cause injury later
on.
Accident A sudden unforseen and unintended one time event
Assumption of risk An individual who is aware of the potential risk involved and
chose to expose themselves to it.
Comparative negligence Measures the amount of negligence contributed to each
party. The injured party will not cover damages equal to the
percentage of negligence they contribute.
If an insured party contributed to their injury in anyway due
Contributory Negligence
to their own negligence, we will not pay anything.
,What state is a contributory North Carolina
state?
Negligence Failure to do (or not do) what a reasonable prudent person
would or would not have done in a similar instance.
Temporary Substitute Not owned by the named insured but used temporarily as
Automobile a substitute for the owned auto that is not currently being
used.
What is an example of a A dealership loans an insured a vehicle to drive while their car is
Temporary substitute getting fixed.
Automobile?
Non Owned Automobile Not owned by the named insured or any relative.
What is an example of an An insured borrows a neighbors car.
Non Owned Automobile?
If an additional vehicle is not No coverage will apply to the added vehicle.
reported to the insurer
within 30 days:
If a vehicle is added to an It will have the broadest coverage if insured within 30 days of
existing policy (In addition becoming the owner.
to):
If a replacement vehicle is Part D (Comprehensive and Collision Coverage) will not apply
not reported within 30 days: to the replacement vehicle.
A new vehicle that replaces Have the same coverages as the old vehicle if the named
another vehicle will: insured request to insure it within 30 days of becoming the
owners.
Any blood relative by marriage, adoption, wards, foster
children, living in the same home, including children
Insured
away at college. Also, any person using someones car
with their permission.
,Named insured Listed on the declarations page. Included a spouse wether
they are named in the policy or not, provided they live in
the same home.
1st Coverage for watercraft Hull insurance for damage to the insured boat itself
or yacht are:
2nd Coverage for watercraft Protection and indemnity liability coverage for BI and PD
or yacht are: exposures for damage to other people or other peoples
boats.
What doesn't watercraft or Coverage for boats used for hire, charger, or for transporting
yacht coverage provide? people for a fee.
How many days removal 45 days
coverage is provided on the
National Flood
Insurance Program?
Elevation certificates Required on dwellings that are written in the regular program
in certain flood zones in order to properly rate the policy.
Flood insurance policies 30 days after receipt of the coverage application and the
become effective after: premium payment.
The general property form on Insure larger residential structures and non residential buildings.
flood insurance is used to:
The dwellings form on a flood Used to ensure residential property of no more than 4 units and
insurance plan is: the contents
Flood insurance is available 1. Dwelling
in 2 forms, what are they? 2. General property
The deductible for an Separately to the building loss and contents if purchased on a
emergency plan applies: per occurrence basis.
, How much is the $1,000 Deductibe
deductible on an
emergency plan?
The community becomes When a community complied with flood control
eligible for a regular plan: requirements and the extent of the flood plan has
been mapped.
What are the 1st definition Overflow of inland or tidal water
included in a flood?
What is the 2nd definition Unusual accumulation and run off of surface waters
included in a flood?
What is the 3rd definition Mud flows or mudslides in normally dry land areas
included in a flood?
What is the 4th definition Abnormal flood related erosion of shorelines
included in a flood?
What is a flood? General and temporary conditions of partial or complete
inundation of normally dry land areas.
What is the 1st thing the Private insurance companies to sell and service flood insurance in
"write your own" program their own name.
will allow?
What is the 2nd thing the Collect Premiums
"write your own" program
will allow?
What is the 3rd thing the Keep percentage of premiums to cover expenses and profit.
"write your own" program
will allow?
What is the 4th thing the Invest the rest of the profit to provide funds to pay claims.
"write you own program
will allow?
What is the purpose of the The encourage communities to practice flood control and to
National Flood Insurance restrict development in flood prone areas.
Program?
): Questions and Verified Answers |
100% Correct | Grade A
Terms in this set (304)
Liability Insurance PAP Pays all the sums and insured must legally pay as damage due
(Part A) to BI/PD caused by an accident and resulting from the
ownership, maintenance or use of a covered auto.
Coverage Part A through F of A. Liability
a PAP B. Medical Payments
C. UM/UIM
D. Physical Damage
E. Insured Duties
F. General Provisions
Certificate of Insurance A document that proves the existence of insurance coverage
(COI)
Occurrence Something that continue to happen and may cause injury later
on.
Accident A sudden unforseen and unintended one time event
Assumption of risk An individual who is aware of the potential risk involved and
chose to expose themselves to it.
Comparative negligence Measures the amount of negligence contributed to each
party. The injured party will not cover damages equal to the
percentage of negligence they contribute.
If an insured party contributed to their injury in anyway due
Contributory Negligence
to their own negligence, we will not pay anything.
,What state is a contributory North Carolina
state?
Negligence Failure to do (or not do) what a reasonable prudent person
would or would not have done in a similar instance.
Temporary Substitute Not owned by the named insured but used temporarily as
Automobile a substitute for the owned auto that is not currently being
used.
What is an example of a A dealership loans an insured a vehicle to drive while their car is
Temporary substitute getting fixed.
Automobile?
Non Owned Automobile Not owned by the named insured or any relative.
What is an example of an An insured borrows a neighbors car.
Non Owned Automobile?
If an additional vehicle is not No coverage will apply to the added vehicle.
reported to the insurer
within 30 days:
If a vehicle is added to an It will have the broadest coverage if insured within 30 days of
existing policy (In addition becoming the owner.
to):
If a replacement vehicle is Part D (Comprehensive and Collision Coverage) will not apply
not reported within 30 days: to the replacement vehicle.
A new vehicle that replaces Have the same coverages as the old vehicle if the named
another vehicle will: insured request to insure it within 30 days of becoming the
owners.
Any blood relative by marriage, adoption, wards, foster
children, living in the same home, including children
Insured
away at college. Also, any person using someones car
with their permission.
,Named insured Listed on the declarations page. Included a spouse wether
they are named in the policy or not, provided they live in
the same home.
1st Coverage for watercraft Hull insurance for damage to the insured boat itself
or yacht are:
2nd Coverage for watercraft Protection and indemnity liability coverage for BI and PD
or yacht are: exposures for damage to other people or other peoples
boats.
What doesn't watercraft or Coverage for boats used for hire, charger, or for transporting
yacht coverage provide? people for a fee.
How many days removal 45 days
coverage is provided on the
National Flood
Insurance Program?
Elevation certificates Required on dwellings that are written in the regular program
in certain flood zones in order to properly rate the policy.
Flood insurance policies 30 days after receipt of the coverage application and the
become effective after: premium payment.
The general property form on Insure larger residential structures and non residential buildings.
flood insurance is used to:
The dwellings form on a flood Used to ensure residential property of no more than 4 units and
insurance plan is: the contents
Flood insurance is available 1. Dwelling
in 2 forms, what are they? 2. General property
The deductible for an Separately to the building loss and contents if purchased on a
emergency plan applies: per occurrence basis.
, How much is the $1,000 Deductibe
deductible on an
emergency plan?
The community becomes When a community complied with flood control
eligible for a regular plan: requirements and the extent of the flood plan has
been mapped.
What are the 1st definition Overflow of inland or tidal water
included in a flood?
What is the 2nd definition Unusual accumulation and run off of surface waters
included in a flood?
What is the 3rd definition Mud flows or mudslides in normally dry land areas
included in a flood?
What is the 4th definition Abnormal flood related erosion of shorelines
included in a flood?
What is a flood? General and temporary conditions of partial or complete
inundation of normally dry land areas.
What is the 1st thing the Private insurance companies to sell and service flood insurance in
"write your own" program their own name.
will allow?
What is the 2nd thing the Collect Premiums
"write your own" program
will allow?
What is the 3rd thing the Keep percentage of premiums to cover expenses and profit.
"write your own" program
will allow?
What is the 4th thing the Invest the rest of the profit to provide funds to pay claims.
"write you own program
will allow?
What is the purpose of the The encourage communities to practice flood control and to
National Flood Insurance restrict development in flood prone areas.
Program?
