simulateds

days to request review after termination of license

30

days to turn your lic over after becoming a non resident

30

time to tell commissioner change in residency

30 days

Under the additional coverages of a BOP, property removed to protect it from loss will be covered at another location for up to

30 days.

policy has been over for 60 days, in CGL how long does insurer have to turn over the occurrence info

45 days

The business income form excludes

1 off-premises services interruption, 2delay exclusion (delay is caused by the interference of strikers) finished stock exclusion, 3 antenna exclusion, 4 delay exclusion and loss of privilege.

businessowners policy liability coverage will pay for necessary medical expenses of others incurred within what maximum time period

1 year

4 parts to comercial package policy

1. dec 2. conditions 3 interline endorsements 4 coverage parts

(BOP) extension coverage form for personal property off-premises is limited to

10,000

pollutant cleanup coverage limit in bop

10,000 in 12 months

length of time business income is covered following an occurrence

12 months

The required privacy disclosure notice must be provided by insurer to current policyholders at least once in any period of

12 months.

days insurer has to mail forms after notified of injury

15

If a PAP is terminated for any reason other than nonpayment of the premium, the effective date may be how many days from the date the notice is mailed?

15 days' notice of cancellation for nonpayment of premiums and 60 days' notice for all other causes of cancellations

If the actual values exceed the limit of insurance, the businessowners policy (BOP) contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by

25

SDIP surcharges are applied to premiums for what time period?

3 yrs

days insurer has to notify commission of termination of an agent

30

If a PAP is terminated for any reason other than nonpayment of the premium, the effective date may be how many days from the date the notice is mailed

60 days

surety vs fidelity

A surety bond guarantees something will happen; a fidelity bond guarantees something will not happen.

What is a Certificate of Insurance?

A written document showing the types and amounts of insurance that have been issued to the insured

The North Carolina Motor Vehicle Reinsurance Facility was created to provide auto insurance for otherwise difficult to place risks. The facility is made up of

All insurers licensed to write auto liability insurance in the State.

According to the Law of Agency, a principal is represented by

An agent.

absolute liability

Any conduct that is inherently dangerous (swimming pools, using explosives, keeping wild animals)

Under a businessowners policy, an insured can cancel the policy

At any time by mailing a written notice of cancellation

The Postassessment Insurance Guaranty Association covers which type of direct insurance?

Automobile insurance

In order to receive transportation expenses under the Personal Auto Policy following damage to your auto caused by collision, you must have

Collision coverage.

What two policy components are part of every commercial package policy?

Common policy declarations and common policy conditions

A performance bond is an example of which of the following types of bonds

Contract

The designation symbols used in commercial auto policies can be found in which policy section?

Covered Auto

An insurance institution or agent that discloses information in violation of the information privacy and disclosure statutes of North Carolina will be liable for

Damages sustained by the individual to whom the information relates.

Package Policy

Fire legal liability and medical payments are included,Business auto liability is optional,professional liability is not included.

An employee is entitled to weekly benefits equal to 2/3 of his or her average weekly wage if he or she remains unable to earn wages after the

First 7 days of a disability.

Which of the following policies does NOT contain an automatic reinstatement provision

General liability written with an aggregate limit

A general average.

If one piece of cargo is sacrificed to save the rest

An insurer publishes intimidating brochures that portray the insurer's competition as financially and professionally unstable

Illegal under any circumstances

Implied authority

Implied authority is not written in the agent's contract but is required in order for the agent to conduct business. Implied authority exists because not every single detail of an agent's authority can be written in a contract.

Employee fidelity may be written in all the following ways EXCEPT

Location schedule.

NOT stated in an agent's contract but is required for the agent to conduct business

NOT stated in an agent's contract but is required for the agent to conduct business

business income

Net profit or loss that would have incurred, plus normal operating expenses, including payroll,

Specific coverage

One location is insured for a specific amount of insurance on the structure and contents.

The other states' insurance section of a workers compensation policy provides coverage

Only for those other states listed in the policy.

Who are the parties to a bond?

Principal - obligee - surety

The party to a surety or fidelity bond who promises to fulfill the obligation is the

Principal.

subjugation

Subrogation rights do not apply to physical damage coverage if the damage is caused by a person using the auto with a reasonable belief that they were entitled to do so.

workers compensation laws are administered by

The North Carolina Industrial Commission

Self-insured retention

The amount of loss the insured is willing to absorb without insurance protection

If an agent is convicted of a criminal violation of the General Statutes, what will happen to the agent's license?

The license will be automatically suspended

The members of a limited liability company are insureds under a businessowners policy if

The limited liability company is designated as the named insured.

in the products and completed operations hazard of a commercial general liability policy

The products and completed operations hazard includes injuries or damage that occur after the insured has completed its job and left the site, or relinquished control of a product it manufactured or sold. There is no time limit on the injury or damage.

Under a workers compensation policy, premiums will be determined when

Under a workers compensation policy, premiums are based on payroll. Because the final payroll will not be known before the policy is issued, the initial premium is considered a deposit and is subject to an adjustment at the end of the policy period.

NOT settled on an actual cash value basis while covered under the business property coverage form

Valuable papers and records are valued at the cost of blank materials for reproducing the records and labor to copy the records.

when is claim made

When notice is received and recorded by any insured or the insurer, whichever comes first.

A broker

a person who, being a licensed agent, procures insurance for a party other than himself through a duly authorized agent of an insurer that is licensed to do business in North Carolina but for which the broker is not authorized to act as agent.

A company may be exempt from coverage under the North Carolina Motor Vehicle Reinsurance Facility by the direct authority of

board of governors

Any person who willfully misstates financial or other information under oath may be charged with a

class 1 felony

Section II of the boatowners policy

covers liability coverages

The Second Injury Fund

designed to pay for any additional benefits that may be required when an employee with a previous injury or disability (whether work-related or not) suffers a second injury that causes the disability to be more serious than if there had been no prior disability.

Extra expenses

expenses that an organization would not have incurred if the business interruption had not occurred. Examples include additional overtime labor costs, or renting a similar building to continue operations as opposed to waiting until the existing building is rebuilt.

A restricted license, which allows an individual to represent a life insurance company domiciled in North Carolina to transact insurance business in a foreign country, must be renewed

year

employee covered under the employed dishonesty

is currently employed or who was terminated in the past 30 days

what happens to policy while under judicial reiview

it stays in effect

Termination of insurance coverage under North Carolina Motor Reinsurance Facility

nonpayment of premium when due to the insurer; the named insured has become a nonresident of this State; the named insured, at the time of renewal, fails to meet the requirements contained in the corporate charter

water craft covered in business liability

owned watercraft and non owned under 51 feet

Strict liability

product liability cases. The business is then liable for defective products, regardless of fault or negligence.

Payment for medical expenses, loss of wages, funeral expenses, or the cost to repair or replace damaged property are known as what type of compensatory damages?

special

All advertisements, regardless of their source of creation, are the responsibility of the

the insurer

A valued contract.

the ocean marine contract insures the property for an amount agreed to by the insured and insurer at the time the contract is made,

A specific coverage part is listed on the commercial package policy declarations page, but there is no premium shown. What does that mean?

there is none