NJ PSI Property and Casualty Exam Correct 100%COMPLETE PACKAGE DEAL

Why was the commercial Insurance Deregulation Act Created? - ANSWER To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - ANSWER ...

All of the following are authorized activities for the limited lines automobile insurance agents EXCEPT if the agent - ANSWER Charges and collects a brokers fee for service Which of the following descries a contract of reinsurance? - ANSWER A first insurer issues insurance to compensate another i...

A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participating. What is the maximum a resident may receive for damages to their personal property? - ANSWER $10,000 Under the Dwelling Broad Form, losse...

Aleatory Contract - ANSWER Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith - ANSWER Parties to the contract rely upon the integrity of one another. Insuring Agreement - ANSWER The section of an insurance policy co...

Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? -Employer liability -Exclusive remedy -Workman liability -No fault insurance - ANSWER Exclusive Remedy Which of the following...

Insuring Agreement - ANSWER company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - ANSWER what the policy will not pay for Definitions - ANSWER names of the persons insured in addition to the named insured are listed here, along with an...

when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER Doctrine of reasonable expectations Doctrine of Reasonable Expectations - ANSWER States: that a policy includes coverages that an average person would reasonably expect it to inc...

all of the following are ownership rights EXCEPT: A: changing the beneficiary of the policy B: borrowing funds against cash value C: switching the policy from on insured to another D: assigning all of the rights of the policy to another person - ANSWER C: switching the policy from on insured to ...

Which of the following are the authorities that an agent can hold? - ANSWER Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - ANSWER Permanent partial disability Who is NOT considered an employee in an commercial general ...

Dwelling Policy - ANSWER Only insures property DP-1 - ANSWER Basic Form DP-2 - ANSWER Broad Form DP-3 - ANSWER Special Form Dwelling Coverage A - ANSWER Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B - ANSWER Ot...

Powers and duties of Commissioner - ANSWER Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER 10 Ret...

Professional liability policies protect against liability resulting from - ANSWER A. Errors and Omissions Page 46 Mini-Tail or Extended. Page 60 - ANSWER B. 60 Days after expiration date Not an exclusion under auto physical damage selection. Page 28 - ANSWER C. Carpools Not a covered ter...

Broker - ANSWER According to the insurance law, who is the principal? 90 days - ANSWER An application as a resident agent must be made in how many days if an individual establishes a principal place of residence within Pa from another state? a temporary license - ANSWER issued for 180 days for...

What are the methods of managing risk? - ANSWER Avoidance, transfer, sharing, retention, reduction What is the fee a person pays an insurance company to receive coverage? - ANSWER Premium Self -insuring is typically used for what type of insurance? - ANSWER Workers compensation A tornado th...