NC Adjuster Exam Complete 2023

NC Adjuster Exam (3) Complete 2023 Graded A+

Robbery involves all of the following, EXCEPT:

• The presence of the insured
• Criminal intent
• A threat of violence
• Burglary - Correct Answer D. Burglary

Under the "Loss Sustained" Crime Insurance form, there is coverage while the policy is

in force and for up to:

• 6 months after the policy expires
• One year after the policy expires
• 60 days after the policy expires
• 30 days after the policy expires - Correct Answer B. One year after the policy expires

Crime insurance terminology refers to an employee of the company, having custody of

insured property off the insured premises, as:

• An insured property executive
• A messenger
• A scheduled executive
• A custodian - Correct Answer B. A messenger

Under the "Discovery" Crime insurance form, there is coverage while the policy is in

force and for up to:

• 60 days after the policy expires
• 30 days after the policy expires
• 6 months after the policy expires
• One year after the policy expires - Correct Answer A. 60 days after the policy expires

The "forcible entry into locked premises and the carrying away of property belonging to

others" is part of the definition of:

• Theft
• Burglary
• Robbery
• Mysterious disappearance - Correct Answer B. Burglary

Which of the following "Commercial Crime Insuring Agreements" would cover theft of currency? 1 / 3

• "Debit Card Transfer Fraud"
• "Inside the Premises - Robbery or Safe Burglary"
• "Employee Theft"
• "Funds Transfer Fraud" - Correct Answer C. "Employee Theft"

Which of the following statements is correct regarding Crime insurance with "Computer Fraud" coverage?

• Does not provide coverage on a "World-wide" basis
• Applies to criminal activity where the perpetrator gives false electronic instructions to

remove the insured's funds from a bank account

• Covers losses that occur as the result of a messenger of the insured
• Applies to act of theft by employees - Correct Answer B. Applies to criminal activity

where the perpetrator gives false electronic instructions to remove the insured's funds from a bank account

All of the following would be covered under Commercial Crime insurance, EXCEPT:

• "Inside the Premises Theft of Money & Securities"
• "Funds Transfer Fraud"
• "Forgery or Alteration"
• "Seizure or Destruction of Property by Government Authority" - Correct Answer D.

"Seizure or Destruction of Property by Government Authority" Which of the following losses would be covered under a Crime insurance policy's "Inside the Premises - Robbery or Safe Burglary of Other Property" coverage?

• Theft of money and securities
• Fire damage to the insured building that is caused by a burglar
• Broken windows and damage to a door
• Vandalism to a trailer on the insured's premises caused by a burglar - Correct

Answer C. Broken windows and damage to a door

All of the following are exclusions under the commercial Crime policy, EXCEPT:

• Legal expenses, except as provided under Forgery or Alteration coverage
• Indirect or consequential losses
• Nuclear hazard
• Loss of money resulting directly from theft by employees - Correct Answer D. Loss of

money resulting directly from theft by employees The "Ownership of Property - Interests Covered" condition of the Commercial Crime

policy, the property covered is limited to all of the following, EXCEPT:

• Property owned by the insured 2 / 3

• The benefit of the property owner whose property was stolen while under the care

custody, and control of the insured

• Property for which the insured is legally liable
• Property that is held for others - Correct Answer B. The benefit of the property owner

whose property was stolen while under the care custody, and control of the insured Under the "Legal Action Against the Insurer" condition of the Commercial Crime policy, if the insured is justified in bringing a lawsuit against the insurance company, they must

do so:

• Within 6 months from the date the loss is discovered
• At any time, there is no restriction
• Within 2 years from the date the loss is discovered
• Within 7 years from the date the loss is discovered - Correct Answer C. Within 2

years from the date the loss is discovered When a replacement policy is purchased, the Extended Period to Discover

endorsement:

• Expires immediately
• Will expire within 30 days of the effective date of the replacement policy
• Expires within 10 days
• Will expire within 6 months of the effective date of the replacement policy - Correct

Answer A. Expires immediately Which of the following Crime Endorsements affect Employee Theft coverage?

• Name or Position schedule

II. Client's property III. Forgery IV. Safe Depository

• I, II, IV only

B. $1,500

• I and III only
• I, II, III, and IV - Correct Answer A. I, II, IV only

The "Loss Covered Under More Than One Coverage of this Insurance" condition in

Commercial Crime insurance is designed to:

• Allow the insured to choose the company that will pay the claim
• To determine the coverage parts of the policy that may apply to the claim
• Avoid overpayment of a claim
• Provide subrogation of a claim - Correct Answer B. To determine the coverage parts

of the policy that may apply to the claim

The three parties to a bond are:

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