Exam (elaborations)
2024 NJ PERSONAL LINES EXAM WITH CORRECT ANSWERS
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2024 NJ PERSONAL LINES EXAM WITH CORRECT ANSWERS
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2024 NJ PERSONAL LINES EXAMWITH CORRECT ANSWERS
Risk - CORRECT-ANSWERSUncertainty or chance of loss occurring
Insurance - CORRECT-ANSWERSthe transfer of risk from the insured to the
insurer
Fraud - CORRECT-ANSWERSCheat or deceive the insurance company
Concealment - CORRECT-ANSWERSWithholding or hiding facts from an agent
Burglary - CORRECT-ANSWERSA person was there in the building at the time
of breaking in. "Rob was there" person entering threatens act of violence
Theft - CORRECT-ANSWERSact of stealing
Absolute liability - CORRECT-ANSWERSA type of liability that occurs due to
extremely dangerous operations, such as the use of explosives or working at
extreme heights, owning swimming pools or wild animals.
Vicarious Liability - CORRECT-ANSWERSParent is responsible for child. ALSO
based on "old english law"
Strict Liability - CORRECT-ANSWERSProducts strictly
Stock - CORRECT-ANSWERSOwned by shareholders, nonparticipating
policies, dividends are the return of unused premium
Mutual - CORRECT-ANSWERSOwned by policyholders, participating policies,
dividends are taxable
Appraisal - CORRECT-ANSWERSevaluation or estimation of worth for
property, used for yourself/us
Arbitration - CORRECT-ANSWERSsettling a dispute by agreeing to accept the
decision of an impartial outsider for casualty (first step before suing) used for
other people
Hazard - CORRECT-ANSWERSSomething that increases risk
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