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8 Cards in this Set
- Front
- Back
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When an insurer changes a premium rate that is regulated by the NC Rate Bureau, it must give the insured written notice of the premium rate change at least _____ days in advance?? |
15 |
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Membership in the North CArolina Vehicle REinsurance Facility is ____ for insurers who are licensed to write motor vehicle insurance in NC |
Mandatory |
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The longest permissable term for a standard fire insurance policy on property inn North CArolina is ____ |
7 years |
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If a building in NC is totally destroyed by fire and is insured for more than its actual cash value, which of the following statements are true?? |
The insurer is NOT liable beyond the propertys actual cash value but may have to reimburse a portion of the premiums + 6% interest |
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Which of the following is NOT a purpose of the North Carolina FAir Plan?? |
a) to make adaquate basic property insurance available to property owners b) to encourage the improvement of properties located in NC c)to create an insurable market of last resort d) to ensure all drivers have adaquate automobile insurance
D |
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The maximum liability of the North CArolina Insurance Guranty Association for a single covered claim (other than a claim for workers compensation insurance) is |
$300,000 |
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The required policy limits for a motor vehicle liability policy in NC are |
$30,000/$60,000/$25,000 |
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An insurer must keep a record of termination of a motor vehicle policy for... |
5 years |
