wrong questions property 4

A Building and Business Personal Property coverage form automatically provides which of the following extensions of coverage?

newly acquired property

Something that is the direct cause of a loss is a(n):

peril

An insurer whose main home office is domiciled in the state where they write business is known as a(n):

domestic insurer

Which of the following is not a requirement for a contract to be legally binding to both parties?

written agreement

Agent Steve hears of an insurer, offering better commissions than his current carriers on the same types of policies. However, the company is not authorized by the state. Can Steve place business with this new carrier?

Except for certain exceptions, it is unlawful for an agent to place insurance with an unauthorized insurer.

The North Carolina Rate Bureau files its rates with the Commissioner. Unless the Commissioner challenges the rate filings, the new rates will go into effect:

210 days after the filings are received

A filing by the North Carolina Rate Bureau is considered:

Open to the public, with public input accepted 30 days prior to hearing notice.

An insurer in North Carolina is not to write a fire policy for a longer term than:

7 years

Roger had a house insured against fire only, for $85,000. Its actual cash value was $70,000. The house was hit by lightning and burned to the ground, a total loss. According to law, his insurer will pay Roger:

$70,000 and refund the excess premium he was charged, paying 6% interest on the difference.

On fire policies that are issued, what is one factor that must be provided, when requested?

the rate at which the policy is written

The Essential Property Insurance for Beach Area Property was created because the state believed the insurance market in the Beach Area was:

inadequate

The Guaranty Fund is obligated to cover claims that occur within ___ days of an insurer's insolvency

30 days

The maximum the Guaranty Fund will pay in claims is:

$300,000

the standard fire policy is

named perils

V has a standard fire policy and has suffered a complete loss. All of the following will be covered under her coverage, Except:

$500 in cash

A standard fire policy's coverage begins:

at 12:01 am standard time of the date listed in the declarations

A ____ includes any corporation, association, partnership, society, order, individual or aggregation of individuals engaging or attempting to engage in the insurance business.

company

An insurance company appoints a(n) ________ to transact insurance.

agent

If a licensee or person willingly misstates information on any financial document or statement, the entity in which they represent is subject to a fine between:

$2,000-$10,000

T circulated false statements that were maliciously critical of an insurer’s financial condition. T may be found guilty of

defamation