#1
Which department in North Carolina oversees insurance regulations?
Department of Insurance
ExplanationRegulatory oversight of insurance in North Carolina.
#2
What is the minimum age requirement to purchase an insurance policy in North Carolina?
18
ExplanationLegal age requirement for purchasing insurance in North Carolina.
#3
Which type of insurance policy typically covers damage to a home's structure and belongings from perils such as fire and theft?
Homeowners insurance
ExplanationCoverage for home damage from specified perils in North Carolina.
#4
Which North Carolina law requires individuals to maintain minimum liability insurance coverage for their vehicles?
North Carolina General Statute 30
ExplanationLegal requirement for vehicle liability insurance in North Carolina.
#5
Which type of insurance policy typically covers medical expenses and lost wages for employees injured on the job?
Workers' compensation insurance
ExplanationCoverage for work-related injuries in North Carolina.
#6
Which type of insurance policy typically covers damage to a vehicle resulting from collisions with other vehicles or objects?
Auto insurance
ExplanationCoverage for vehicle damage from collisions in North Carolina.
#7
Which of the following types of insurance is not required by law in North Carolina?
Homeowners insurance
ExplanationOptional insurance type in North Carolina.
#8
What is the purpose of the North Carolina Rate Bureau?
To regulate insurance rates
ExplanationRegulation of insurance rates in North Carolina.
#9
Which entity licenses insurance agents and brokers in North Carolina?
North Carolina Department of Insurance
ExplanationLicensing authority for insurance professionals in North Carolina.
#10
What is the purpose of the North Carolina Insurance Guaranty Association?
To protect policyholders in the event of insurer insolvency
ExplanationProtection for policyholders during insurer insolvency in North Carolina.
#11
Which North Carolina law mandates that employers provide workers' compensation insurance coverage for their employees?
North Carolina General Statute 97
ExplanationLegal requirement for workers' compensation coverage in North Carolina.
#12
What is the purpose of the North Carolina Reinsurance Facility?
To provide insurance for high-risk drivers
ExplanationInsurance coverage for high-risk drivers in North Carolina.
#13
In North Carolina, what is the grace period for late premium payments before an insurance policy lapses?
14 days
ExplanationTime allowance for late premium payments in North Carolina.
#14
What is 'tort' insurance in the context of North Carolina insurance law?
Insurance coverage for bodily injury or property damage
ExplanationCoverage for bodily injury or property damage in North Carolina.
#15
In North Carolina, what is the penalty for driving without auto insurance?
All of the above
ExplanationVarious penalties for driving uninsured in North Carolina.
#16
Which of the following is NOT a factor that insurers in North Carolina can consider when determining insurance rates?
Race
ExplanationProhibited factor in insurance rate determination in North Carolina.
#17
In North Carolina, what is the maximum penalty for insurance fraud?
All of the above
ExplanationVarious penalties for insurance fraud in North Carolina.
#18
In North Carolina, what is the purpose of the Safe Driver Incentive Plan?
To reward safe drivers with lower insurance rates
ExplanationIncentive program for safe driving in North Carolina.