Exam (elaborations)
NJ PSI PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS 2024
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NJ PSI PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS 2024
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NJ PSI PROPERTY AND 2024CASUALTY EXAM
ANSWER ALL QUESTIONS IN THIS SECTION
QUESTION 1
Under Homeowners and other policies, ACV is the abbreviation for which
property insurance valuation?
A. Approved Coverage Valuation.
B. Approximate Cash Value.
C. Actual Coverage Valuation.
D. Actual Cash Value. - ANSWERS-D. Actual Cash Value.
QUESTION 2
Under Homeowners and other policies, the definition of the property insurance
valuation known as Actual Cash Value (ACV) is?
A. Replacement Cost plus a cash payment.
B. Replacement Cost minus the cost of new material.
C. Replacement Cost minus depreciation.
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PAGE 1
, NJ PSI PROPERTY AND 2024
CASUALTY EXAM
D. Replacement Cost plus market value. - ANSWERS-C. Replacement Cost minus
depreciation.
QUESTION 3
When dealing with jewelry, furs, or silverware, which carry special limits, a
producer should advise a client that if the value exceeds the limits specified in the
policy, the client should purchase?
A. A Scheduled Personal Property Endorsement.
B. Less Jewelry.
C. A Fine arts Endorsement.
D. Another policy. - ANSWERS-A. A Scheduled Personal Property Endorsement.
QUESTION 4
Under an NFIP Flood policy, the maximum amount of building coverage that can
be written on a single family property is?
A. $100,000.
B. $150,000.
C. $200,000.
D. $250,000. - ANSWERS-D. $250,000.
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