Auto
What does liability insurance cover?
Damage or injuries you cause to others.
Which homeowners coverage protects the house itself?
Dwelling
What type of life insurance provides coverage for a specific number of years?
Term Life
Which state agency regulates insurance in North Carolina?
North Carolina Department of Insurance (NCDOI).
What is the first thing an insured should do after a covered loss
Report the claim to the insurance company.
What does collision coverage pay for
Damage to your vehicle after hitting another vehicle or object.
Which coverage protects your furniture, clothing, and electronics?
Coverage C – Personal Property.
Who receives the life insurance death benefit?
The beneficiary.
How often must a North Carolina insurance license be renewed?
Every 2 years.
Who investigates and evaluates a claim?
A claims adjuster
What coverage pays if you’re hit by a driver with no insurance?
Uninsured Motorist (UM) coverage.
What does Coverage E provide?
Personal liability protection
Which type of life insurance builds cash value?
Whole life insurance
What does CE stand for?
Continuing Education
What is a deductible?
The amount the insured pays before the insurance company pays.
What does comprehensive coverage protect against?
Theft, fire, hail, vandalism, falling objects, animal strikes, and other non-collision losses.
What does replacement cost coverage do?
Pays to replace damaged property without depreciation, subject to policy terms.
What is underwriting?
The process of evaluating risk before issuing a policy.
Is rebating legal in North Carolina?
No.
What is depreciation?
The decrease in property value because of age, wear, and condition
What is the minimum liability coverage required in North Carolina?
50/100/50 ($50,000 bodily injury per person, $100,000 per accident, $50,000 property damage).
What peril is NOT covered by a standard homeowners policy?
Flood.
What rider allows a terminally ill insured to receive part of the death benefit early?
Accelerated Death Benefit Rider.
What is the purpose of the North Carolina Department of Insurance?
To regulate insurers, license agents, enforce insurance laws, and protect consumers.
What is subrogation?
The insurer’s right to recover money from the at-fault party after paying a claim.