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NJ Title Exam Questions and Answers Rated A+
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Exam of 13 pages for the course Nj property and casualty at Nj property and casualty (NJ Title Exam)
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NJ Title ExamAn insurance agent is defined as an individual who transacts business on behalf of a
_______ - answer a client
Knowingly making false statements which are derogatory against and meant solely to
injure another - answer defamation
Type of authority that is either stated orally or in writing and allows an agent to act on
behalf of the insurance company - answer express authority
Type of authority holds an agent has when any reasonable person assumes the agent
has - answer apparent authority
The chance or uncertainty of loss - answer risk
Conditions and ground rules for a policy specify - answer obligations and responsibilities
for the insurer and the insured
The insuring agreement of a property insurance policy includes - answerpromise made
by the insurance company to the insured to provide coverage
Insurable Interest means - answertype of investment that protects anything subject to a
financial loss
A loss for which there is no protection under insurance policy terms - answerexclusion
Modified Whole Life Policies - answerThe premium is lower than normal during the early
years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis - answerDP - 3
In a level term life policy, _______ always remains constant - answerdeath benefit
This is excluded on DP - 3 coverage - answerIce damage to homes
Dwelling Property Policy's cover - answermountain vacation homes used on weekends
and summers
DP - 1 basic policy covers - answerLightning Strikes and Not Earthquakes
, Grace periods protect policy holders from - answerunintentional lapses of the policy
Dwelling Policy conditions describe how an insurance company - answerhas the option
to repair to pre-loss conditions
The policy and application constitute the complete agreement between the policyowner
and the insurance company - answerEntire Contract Provision
Is switching the policy from one insured top another an ownership right? - answerNO.
Under the misstatement of age provision, what happens if it is determined at death that
the insured's age or gender was misstated on a life insurance policy application -
answerBenefits are adjusted to an amount that the premium would have purchased at
the correct age or gender
______ is NOT a nonforfeiture option available in a Whole Life Policy -
answerAccumulation at interest
During the first 60 days an automobile policy is in force, when may an insurer cancel the
policy? - answerby a statement of the specific reason
These are not covered by title insurance - answerExclusions
These outline the relationships between insurance companies and the insured -
answerConditions
Temporary transfer of title to insurance companies for litigation purposes -
answersubrogation
This schedule contains policy number, amount, dates, company info, legal descriptions
of property - answerSchedule A
This schedule identifies exemptions that carry over and how they may have been
satisfied. IE gaps in time, lack of signatures on old documents - answerSchedule B
Temporary Work Certificates last for - answer6 months
This tenancy has right of survivorship - answerJoin Tenancy
ABC -> AB-> A -> D/E - answerJoint Tenancy
These affect Joint Tenancies - answerTime, Title, Interest, Possession
Tenancy in severalty - answerreal estate ownership by only one
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