NC Adjuster License Practice Exam 2023 Complete Graded A+

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: - Correct Answer The maximum monthly limit of indemnity optional coverage The traditional definition of actual cash value (ACV) is: - Correct Answer Replacement cost minus depreciation 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? - Correct Answer Only Dan's injuries would be covered Torts that can be covered by insurance policies include all of the following, EXCEPT: - Correct Answer Intentional torts purposely committed to cause harm to another. 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: - Correct Answer $2,000 All of the following is considered an "insured" under a CGL policy, EXCEPT: - Correct Answer Lawyers of the named insured What specific type of liability policy gives an owner protection against liability claims arising out of the acts of its independent contractors? - Correct Answer Owners and Contractors Protective Liability Policy. Which of the following would be eligible for coverage under a Businessowners policy? - Correct Answer A small retail store 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? - Correct 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 All of the following statements are TRUE of North Carolina automobile liability policies, EXCEPT - Correct 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