NJ PSI Property and Casualty Exam 2024/2025 with 100% correct answers
1 view 0 purchase
Course
NJ PSI Property and Casualty
Institution
NJ PSI Property And Casualty
NJ PSI Property and Casualty Exam 2024/2025
with 100% correct answers
The Mobile Home Endorsement of a Homeowners policy affords
coverage to mobile homes under the?
A. HO-1 (Basic Form)
B. HO-2 (Broad Form)
C. HO-3 (Special Form)
D. HO-2 or HO-3 (Broad and Special) - CORRECT ANSWER D. HO-2 ...
NJ PSI Property and Casualty Exam 2024/2025
with 100% correct answers
The Mobile Home Endorsement of a Homeowners policy affords
coverage to mobile homes under the?
A. HO-1 (Basic Form)
B. HO-2 (Broad Form)
C. HO-3 (Special Form)
D. HO-2 or HO-3 (Broad and Special) - CORRECT ANSWER D. HO-2 or HO-
3 (Broad and Special)
All of the following are eligible for coverage under Homeowners policy
except?
A. A condominium unit owner.
B. A farm owner.
C. A mobile home owner.
D. A tenant in an apartment building. - CORRECT ANSWER B. A farm
owner.
The term Insured Location under Section II of Homeowners policies
refers to all of the following except?
A. The insured premises.
B. Farm land.
C. A non-owned premises where an insured temporarily resides.
D. A newly-acquired premises. - CORRECT ANSWER B. Farm land.
All of the following would be considered insured's under a
Homeowner's policy expect?
A. Resident relatives of the insured.
B. A non-relative resident under age 21 in the care of the insured.
C. The insured's spouse if the spouse lives in the household.
D. A non-relative resident over age 21. - CORRECT ANSWER D. A non-
relative resident over age 21.
,All of the following homeowners policies provide dwelling coverage
except?
A. HO-2
B. HO-3
C. HO-4
D. HO-1 - CORRECT ANSWER C. HO-4
The process where by a mutul insurer becomes a stock company is
called - CORRECT ANSWER Demutalization
The process whereby a stock company a mutal insurer is called -
CORRECT ANSWER Mutalization
The provision in a property policy which states that the insured has
been paid up to their insurable interest is - CORRECT ANSWER Valuation
clause
The part of the policy that states the amout of coverage the insured
property policy period is - CORRECT ANSWER Declaration
Part of the policy that establishes limits upon the insurer and the
insured with the insuance policy - CORRECT ANSWER Conditions
Which are the characterics of negligence - CORRECT ANSWER
Duty,breach,proximate cause, damages
Which of the following is not a federal program - CORRECT ANSWER
Worker' compensation
Absolute risk(liability) is imposed - CORRECT ANSWER When there is
negligence whether proven or not
X is in an accident with Y. X suffers $5000 of damage but it is
determined that X is 60% responsible for the accident. How much
would X receive under CONTRIBUTORY negligence rules? - CORRECT
ANSWER $0
what is the main purpose of tort law - CORRECT ANSWER to determine
financial responsibillty for damage
,what of the following is not considered an intentional tort? - CORRECT
ANSWER Auto accident
Which of the following statements is true regarding compensatory
damages? - CORRECT ANSWER There is usually no direct correlation
between the amount of general and special damages awarded to the
victim
The insurer decides not to renewan insured's personal auto policy.
How much notice must the insurer provide to the insured - CORRECT
ANSWER 30 days
an insured's loss reserve for a claim isan estimate of the amount
insurer will pay for present and future loss, which of the following is an
example of loss prevention - CORRECT ANSWER a homeowner decides
not to install a pool in the backyard
which of the following describes the act of making a false entry in any
book statement of report of any insurer with the intent to device any
examiner lawfully appointed to examine the insured's - CORRECT
ANSWER an unfair practice
a person can base his/her claim for liability on the basis of all of the
following EXCEPT - CORRECT ANSWER breach of liability
the term "assignment"refers to - CORRECT ANSWER the transfer of the
insured's interest in a policy to another party
the term "subrogation" refers to - CORRECT ANSWER the insured's right
to recover payment from a responsible 3rd party
insur's right to recover the payment of the claim after they paid the
insured for their property losses a negligent 3rd party is know as, -
CORRECT ANSWER subrogation
an insurance deductible is - CORRECT ANSWER the amount of covered
expense that the insured pays before the insurer pays,
, all of the following are requirements for a notice by mail to an insured
by insurer except - CORRECT ANSWER notice must be sent with return
receipt required
which of the following is considered special damages - CORRECT
ANSWER Compensation for time away from work
Which advisory organization(s) develop forms for the standard market?
- CORRECT ANSWER Insurane service office and American association
of insurances
Which of the following would be considered special dmamges? -
CORRECT ANSWER Lost wages
What do the initials S.tA.R.R reperesent? - CORRECT ANSWER Methods
of risk mamagement
All of the following would be considered benfits of insurance except -
CORRECT ANSWER Retention of loss by the insured
What gives an insured party the right to seek compensation if it is
proven that another person with negligence contributed to the injury -
CORRECT ANSWER Tort law
What of the following is NOT one the three main types of insurance
losses - CORRECT ANSWER Financial loss
Under a special cause of loss form if a landslide is caused by an
unnatural flow of water due to improper grading, the loss is, - CORRECT
ANSWER Excluded under the concurrent causation
An open peril policy protects agaginst the loss from - CORRECT ANSWER
Any peril, other than those specifically excluded
What factor supportd the principle of indemnity? - CORRECT ANSWER
Insurable interest
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEO888. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $25.49. You're not tied to anything after your purchase.
