Important numbers

Question 1

of days for an agent to report a change of address?

Answer 1

10

Question 2

of years a commissioner holds office?

Answer 2

4 (think presidential term)

Question 3

How long does the insurer have to send an insured a “written proof of loss” form?

Answer 3

15 days

Question 4

After a prelicensing class, how long and how many state exam attempts does one have to finish the process?

Answer 4

90 days and 5 state exam attempts

Question 5

Prior to being licensed as a broker, the applicant must file a bond. How much is the minimum bond?

Answer 5

$15000

Question 6

How old must one be to enter into a lawful insurance agreement?

Answer 6

15

Question 7

How old must one be to become a licensed agent?

Answer 7

18

Question 8

How long does an insurance producer from another state who relocates to NC have to apply for a NC insurance license?

Answer 8

90 days

Question 9

How long does an insurer have to file a an appointment of an agent with the state after the agent starts transacting business?

Answer 9

30 days

Question 10

When a licensee in NC terminates his residency, how long does he/she have to return their license?

Answer 10

30 days

Question 11

How long does an insurer who terminates an appointment have to report the termination to the commissioner?

Answer 11

30 days from the date of termination

Question 12

The commissioner may issue a temporary insurance producer license, waiving all requirement for class or testing, for a period of ___?

Answer 12

180 days

Question 13

Life, Health, Property, Casaulty, Personal lines, and/or adjusters licensees must complete how many hours of ICECs (Insurance continuing education classes) within the two calendar year period (called a compliance year)?

Answer 13

24 hours (a days worth in 2 years)

Question 14

What is the maximum term length of a Fire policy?

Answer 14

7 years

Question 15

What is the maximum amount of BI on an auto policy?

Answer 15

$1,000,000

Question 16

how many beers will I have when this is all over?

Answer 16

many, many beers

Question 17

How much notice does an insurer need to give in the case of OTC or collision coverage cancellation (leaving insured with liability)?

Answer 17

10 days

Question 18

How much notice does an insurer need to give for cancellation of an auto policy for non-payment?

Answer 18

15 days

Question 19

How much notice does an insurer have to give an insured for cancellation of an auto policy due to material misrepresentation by the insured?

Answer 19

60 days

Question 20

How much notice does an insurer need to give an insured for non-renewal of payment?

Answer 20

45 days

Question 21

How many days of removal coverage on SFP and DP-1? All others?

Answer 21

5 days; 30 days

Question 22

For a home policy, how much notice does the insurer need to give the insured for cancellation due to non-payment?

Answer 22

10 days

Question 23

For a home policy, how much notice does the insurer need to give the insured for cancellation due to non-payment if the policy has been in effect for 60 days?

Answer 23

30 days

Question 24

For a home policy, how much notice does an insurer need to give an insured for non-renewal?

Answer 24

30 days

Question 25

After purchasing a flood policy, how long is the waiting period before it goes into effect?

Answer 25

30 days

Question 26

If you have to make a complete guess on the test about a number of days, what should you guess?

Answer 26

30 days

Question 27

What is the deductible on a flood policy for standard flood zone? Special flood zone?

Answer 27

$500; $1000 these apply to BOTH the dwelling and personal property separately

Question 28

How long is an insured covered for a new vehicle on a policy before it must be added for coverage?

Answer 28

30 days