North Carolina General Statutes Chapter 58, Article 43

What this document is

North Carolina General Statutes Chapter 58, Article 43 - General Regulations of Business: Fire Insurance (G.S. 58-43-1 through 58-43-40) is a state statute published by North Carolina General Assembly. It is one of the North Carolina documents that insurance license exam questions are written from, including north carolina property & casualty, north carolina personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• G.S. 58-43-5 (Limitation as to amount and term; indemnity contracts for difference in actual value and cost of replacement; functional replacement)

  “No insurance company or insurance producer shall knowingly issue any fire insurance policy upon property within this State for an amount which, together with any existing insurance thereon, exceeds the fair value of the property, nor for a longer term than seven years”

• G.S. 58-43-15 (Policies for the benefit of mortgagees)

  “the company shall, upon satisfactory proof of the rights and title of the parties, in accordance with such terms or agreement, pay all mortgagees protected by such policy in the order of their priority of claim, as their claims appear, not beyond the amount for which the company is liable, and such...”

• G.S. 58-43-25 (Limitation of fire insurance risks)

  “except that in the case of risks adequately protected by automatic sprinklers or risks principally of noncombustible construction and occupancy such insurer may expose itself to any loss on any one risk in an amount not exceeding twenty-five percent (25%) of the sum of (i) its unearned premium...”

• G.S. 58-43-30 (Agreements restricting insurance producer's commission; penalty)

  “It is unlawful for any insurance company doing the business of insurance as defined in subdivisions (3) to (22), inclusive, of G.S. 58-7-15 and employing an insurance producer representing another such company, either directly or through any organization or association, to enter into, make or...”

• G.S. 58-43-35 (Punishment for issuing fire policies contrary to law)

  “Any insurance company or insurance producer who makes, issues, or delivers a policy of fire insurance in willful violation of the provisions of Articles 1 through 64 of this Chapter that prohibit a domestic insurance company from issuing policies before obtaining a license from the Commissioner; or...”

• G.S. 58-43-1 (Performance of contracts as to devices not prohibited)

  “Nothing contained in Articles 1 through 64 of this Chapter shall be construed as prohibiting the performance of any contract hereafter made for the introduction or installation of automatic sprinklers or other betterments or improvements for reducing the risk by fire or water on any property...”

• G.S. 58-43-10 (Limit of liability on total loss)

  “Subject to the provisions of G.S. 58-43-5, when buildings insured against loss by fire and situated within the State are totally destroyed by fire, the company is not liable beyond the actual cash value of the insured property at the time of the loss or damage; and if it appears that the insured...”

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More North Carolina sources

• North Carolina General Statutes Chapter 14, Article 19 - False Pretenses and Cheats (G.S. 14-100 through 14-113)State statute
• North Carolina General Statutes Chapter 20, Article 13 - The Vehicle Financial Responsibility Act of 1957 (G.S. 20-309 through 20-319)State statute
• North Carolina General Statutes Chapter 20, Article 9A - Motor Vehicle Safety and Financial Responsibility Act of 1953 (G.S. 20-279.1 through 20-279.39)State statute
• North Carolina General Statutes Chapter 97 - Workers' Compensation Act, complete chapter, Articles 1 through 5 (163 sections, G.S. 97-1 through 97-200)State statute
• N.C. Gen. Stat. s. 58-63-15: Unfair methods of competition and deceptive acts definedState statute
• North Carolina General Statutes Chapter 58, Article 2 - Commissioner of Insurance (G.S. 58-2-1 through 58-2-255)State statute
• North Carolina General Statutes Chapter 58, Article 28 - Unauthorized Insurers (G.S. 58-28-1 through 58-28-45)State statute
• North Carolina Insurance Producer Licensing - N.C. Gen. Stat. Chapter 58, Article 33 (Licensing of Agents, Brokers, Limited Representatives, and Adjusters)State statute