1
NC ADJUSTER LICENSE EXAM 3|| LATELY UPDATE
QUESTIONS AND 100% CORRECT ANSWERS WITH A
GUARANTEED A+|| LATEST AND COMPLETE UPDATE
WITH EXPERT VERIFIED SOLUTIONS|| ASSURED
PASS!!!
Insurance Services Office - (answers)Calculates rates and creates policy forms
such as homeowners and auto for property and casualty insurers.
National Association of Insurance Commissioners (NAIC) - (answers)governing org.
for all state insurance commissioners, directors. Works towards standardization
of insurance codes in various states. All legislation passed is non-binding on the
states until passed by the state legislative.
Domestic Insurers - (answers)organized under the laws of the same state in which
they are domiciled.
Foreign Insurers - (answers)Formed under the laws of a different state from the
one in which they are doing business.
Alien Insurers - (answers)Formed under the laws of another country from the one
in which they are doing business in.
Indemnity Contract - (answers)Contract type that promises to pay an amount
equal to the loss covered under the policy.
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Reimbursement Contract - (answers)Is a contract type which reimburses
expenses.
Valued Contract - (answers)A contract type in which the insurer agrees to pay a
specific sum of money no matter what the amount of loss may be. Ex. Life
Insurance
Adverse Selection - (answers)Selection of such a risk has a greater than average
chance of producing a loss.
Estoppel - (answers)Legal impediment to one party denying the consequences of
its own actions.
Pro-Rata - (answers)Insurance company must return any advanced unused
premium paid by the policy owner if the insurance company terminates the
contract before policy ends.
Risk - (answers)Uncertainty of a financial loss
Speculative Risk - (answers)Uncertain prospect of a financial gain or loss and are
uninsurable. Ex. Lottery
Pure Risk - (answers)Involving a chance of loss or no loss, but no gain, and are
insurable.
NC ADJUSTER LICENSE EXAM 3|| LATELY UPDATE
QUESTIONS AND 100% CORRECT ANSWERS WITH A
GUARANTEED A+|| LATEST AND COMPLETE UPDATE
WITH EXPERT VERIFIED SOLUTIONS|| ASSURED
PASS!!!
Insurance Services Office - (answers)Calculates rates and creates policy forms
such as homeowners and auto for property and casualty insurers.
National Association of Insurance Commissioners (NAIC) - (answers)governing org.
for all state insurance commissioners, directors. Works towards standardization
of insurance codes in various states. All legislation passed is non-binding on the
states until passed by the state legislative.
Domestic Insurers - (answers)organized under the laws of the same state in which
they are domiciled.
Foreign Insurers - (answers)Formed under the laws of a different state from the
one in which they are doing business.
Alien Insurers - (answers)Formed under the laws of another country from the one
in which they are doing business in.
Indemnity Contract - (answers)Contract type that promises to pay an amount
equal to the loss covered under the policy.
, 2
Reimbursement Contract - (answers)Is a contract type which reimburses
expenses.
Valued Contract - (answers)A contract type in which the insurer agrees to pay a
specific sum of money no matter what the amount of loss may be. Ex. Life
Insurance
Adverse Selection - (answers)Selection of such a risk has a greater than average
chance of producing a loss.
Estoppel - (answers)Legal impediment to one party denying the consequences of
its own actions.
Pro-Rata - (answers)Insurance company must return any advanced unused
premium paid by the policy owner if the insurance company terminates the
contract before policy ends.
Risk - (answers)Uncertainty of a financial loss
Speculative Risk - (answers)Uncertain prospect of a financial gain or loss and are
uninsurable. Ex. Lottery
Pure Risk - (answers)Involving a chance of loss or no loss, but no gain, and are
insurable.
