N.C. Claims Adjuster Exam (License) Questions and Answers with complete verified solutions 100% solutions

Inception/Expiration Date - CORRECT ANS 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 ANS Date of which the loss occurred Identification of parties involved - CORRECT ANS 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 ANS 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 ANS Information concerning how, when and where the accident or loss happened is an essential element in any loss report. Coverage - CORRECT ANS Shows the type of coverage(s) purchased as well as the limits of coverage purchased. Damages - Special Compensatory damages - CORRECT ANS 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 ANS 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 ANS Are typically awarded to the plaintiff in addition to compensatory damages when the defendants conduct has been especially