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NJ Casualty Exam - NJ Laws, Rules, and Regulations Pertinent to Casualty Insurance Questions and Answers 2024
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NJ Casualty Exam - NJ Laws, Rules, and Regulations Pertinent to Casualty Insurance
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NJ Casualty Exam - NJ Laws, Rules, andRegulations Pertinent to Casualty
Insurance
In NJ, in the event of cancellation for nonpayment of the premium on an Auto policy, the
insured must be given how many days’ notice?
A. 5
B. 15
C. 30
D. 60 - answerB. 15
In the event of cancellation of auto policies for nonpayment of the premium, the insured
must be given 15 days' prior written notice of the insurer's intent.
When the insured is the owner and only designated driver for two or more automobiles
and is the only licensed driver residing in the household, the insured is charged
A. PIP premiums on each vehicle listed
B. PIP premiums on only one vehicle
C. Reduced PIP premiums on each vehicle
D. An higher PIP premiums - answerC. Reduced PIP premiums on each vehicle
When the insured is the only driver of more than one vehicle, a reduced premium for
PIP is charged on each vehicle. In the event of a claim, the insured may not recover PIP
benefits under more than one policy.
Retrospective rating plans allow an adjustment of the final premium for a risk based on
A. An average risk of the same size and kind
B. The comparison of its own loss experience with the standard performance of an
average risk of the same size and kind
C. Its own loss experience
D. The comparison of an injury record of an individual risk with the standard
performance of an average risk of the same size and kind - answerC. Its own loss
experience
Retrospective rating plans allow an adjustment of the final premium for a risk based on
its own loss experience.
What coverages are offered by the nJ Automobile Full Insurance Underwriting
Association?
A. A single limit of $500,000 and PIP only
, B. $500,000 property damage liability, comprehensive and collision, and $100,000
bodily injury
C. $500,000 bodily injury, comprehensive and collision, and medical payment of
$500,000 with a limit of $250,000 per person
D. $10,000 property damage liability, $500 bodily injury, and medical payment of
$50,000 with a limit of $25,000 per person - answerC. $500,000 bodily injury,
comprehensive and collision, and medical payment of $500,000 with a limit of $250,000
per person
he Association offers applicants the following coverages: $500,000 bodily injury;
$100,000 property damage liability (an insurer may issue a single limit policy of
$500,000); medical payment of $500,000 with a limit of $250,000 per person;
comprehensive and collision; uninsured and underinsured motorist coverage; and
personal injury protection.
NJ workers Comp law provides a schedule of benefits
A. With regard to fault or negligence on the employee's part
B. Without regard to fault but with regard to negligence
C. Without regard to fault or negligence on the employer's part
D. With regard to fault or negligence on the employer's part - answerC. Without regard
to fault or negligence on the employer's part
New Jersey Workers Compensation law provides a schedule of benefits, which are
provided without regard to fault or negligence on the employer's part.
What is the purpose of the Commercial Insurance Deregulation Act?
A. To loosen regulations imposed on commercial insurance carriers
B. To establish standardization of premiums and benefits
C. To protect the public against excessive and unfair rates
D. To allow monopoly among commercial insurers - answerC. To protect the public
against excessive and unfair rates
Commercial Insurance Deregulation Act of 1982 created laws to protect policyholders
and the public against adverse effect of excessive, inadequate, or unfair discriminatory
rates.
In NJ, automobile liability insurance policies must be written with limits of at least
A. $10,000/$50,000/$30,000
B. $25,000/$25,000/$10,000
C. $25,000/$50,000/$25,000
D. $15,000/$30,000/$10,000 - answerC. $25,000/$50,000/$25,000
New Jersey financial responsibility law requires minimum limits of 25/50/25.
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