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NJ Property Producer Exam Questions with correct Answers
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NJ Property Producer Exam
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NJ Property Producer ExamDwelling 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 Other Structures- Insures buildings on premise but
separate from the dwelling.
Dwelling Coverage C - answer Personal Property- Covers the insured's personal
property and must be requested. If rental property, a tenant's property is not covered.
Dwelling Coverage D - answerFair Rental Value- Covers insured in the event a covered
loss makes the rental portion of a property unfit for normal use.
Dwelling Coverage E - answerAdditional Living Expense- Included in DP-2 & DP-3 and
pays for additional living expenses the insured incurs after a loss. DP-1 by
endorsement.
HO-2 - answerBroad Form. Owner Occupied
HO-3 - answerSpecial Form. Owner Occupied
HO-4 - answerTenants or Renters.
HO-5 - answerComprehensive Form (Open). Covers everything minus named
exclusions.
HO-6 - answerCondominium Owners
HO-8 - answerModified form. For special Risks. Think Antique homes.
Mobile Homes - answerBy endorsement to a DP or HO policy. Can be a separate
policy. Insures home, other structures (10%) and contents. Personal property - 40% of
coverage. Permanent Foundation.
, Time Element Coverage Forms - answerBusiness Income. Covers loss of income and
expenses due to suspension of business following a covered loss.
Commercial Package Policy (CPP) - answerMust have at least 2 kinds of coverage.
CPP's can't contain: - answerWorkers' Compensation, Life Insurance, Health and
Disability Insurance, Certain types of Professional Liability
Equipment Breakdown Coverage - answerNOT a maintenance policy, Designed to
cover breakdown, Failure of pressure or vacuum equipment, Mechanical failure
(including rupture or bursting caused by centrifugal force), Electrical failure.
Business-owners Policy - answerSimilar to CPP, but more for small business owners.
Inland Marine - answerInsurance for property in transit
Personal Floaters - answerFor individuals who want to insure their belongings while
traveling.
Commercial Property Floaters - answerProtect property that a company does not store
at a permanent location.
National Flood Insurance Program (NFIP) - answerCreated in 1968 to offer flood
insurance to eligible communities.
What are the two types of Flood Insurance? - answerEmergency & Regular
Building Limits for Flood Insurance - answerEmergency: $35,000
Regular: $250,000
Contents Limits for Flood Insurance - answerEmergency: $10,000
Regular: $100,000
Commercial Building Limits for Flood Insurance - answerEmergency: $100,000
Regular: $500,000
Business Personal Property for Flood Insurance - answerEmergency: $100,000
Regular: $500,000
How many hours for an Earthquake occurrence? - answer168 Hours
Insurance - answerTransfer of risk from a person or a business to an insurer
Insurable Interest - answerRisk of financial loss
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