NJ Property/ Casualty Insurance Exam Set EXAM NEWEST, 2024/ 2025, ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A
8 views 0 purchase
Course
NJ PSI PROPERTY AND CASUALTY
Institution
NJ PSI PROPERTY AND CASUALTY
-1st 30 days after coverage, community enters standard or emergency program, coverage will
begin at 12:01 am the date after application and premium were mailed
-When an existing policy was assigned to a property purchaser
-At 12:01 am on the 5th day after an endorsement request & premium has bee...
NJ Property/ Casualty Insurance Exam Set
-1st 30 days after coverage, community enters standard or emergency program, coverage will
begin at 12:01 am the date after application and premium were mailed
-When an existing policy was assigned to a property purchaser
-At 12:01 am on the 5th day after an endorsement request & premium has been mailed for
existing policy - ANS-What are the exceptions to the 30 day NFIP wait period?
-Apply reinsurance for its members
-Cause property policies to be issued to applicants
-Cede or abandon insurance - ANS-What things does the FAIR plan have the authority to do ?
-community land management & flood control programs must reduce flood losses in the future
-Flood insurance required in specific flood prone areas as a condition for receiving loans
through/ backed by the federal government
-Property owners that fail to purchase flood insurance within 1 year after it is available will not
be eligible for full disaster relief funding. It will be reduced by an amount of insurance that could
have been purchased - ANS-What are the 3 NFIP requirements for coverage?
-copy of NJ producer's license
-tax payer ID# & W-9 cert - ANS-What info is required for registration w the NJIUA?
-Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet - ANS-What losses are excluded from flood insurance?
$ amount a policy will cover each year - ANS-If an insurance policy has an annual aggregate
limit, what would be predetermined?
$1, 500,000 - ANS-What is the maximum amount of insurance a FAIR plan policy could
purchase?
$1,000 - ANS-Coverage F- medical payments to others contains a basic limit of which amount?
$1,000 - ANS-What is the fine for unintentionally violating an insurance law?
$1,000 - ANS-What is the HO-8 limit on worldwide coverage?
$10,000 - ANS-A producer writing business with a MAIF is required to have a bond with a
penalty in the amount of...
,$10,000 - ANS-What is the pollutant cleanup & removal coverage limit in a BOP?
$100 - ANS-The Worker's comp rating is developed by applying a rating bureau job
classification rate to each $_____ of payroll
$100 for each contract - ANS-What is the fine for not maintaining an office address or
employment contracts on file with the department?
$100,000 - ANS-What is the newly acquired property extension under a BOP?
$1000 - ANS-If the commissioner decides one has violated the insurance code, what is the fine
for unintentional acts performed?
$2,000 - ANS-The cost of restoring farm records is covered up to...
$200 - ANS-What is the limitation on platinum coins under a HO policy?
$250 - ANS-What is the fine for if you do not contact the department regarding a change in
partners, owners, officers, or directors?
$250 - ANS-What is the fine for if you do not contact the department regarding a change in
partners, owners, officers, or directors?
$250 max if over 60 days - ANS-What is the fine for not contacting the dept with an address or
name change within 30 days?
$2500 - ANS-Under the HO-5 landlord furnishings in a rental apartment is limited to what
amount?
$2500 - ANS-What is the aggregate amount of Coverage C for the loss of property on the
premises used for business purposes?
$455,000 & $228,000 - ANS-What are the max coverage limits for Coverage A and Coverage C
under the JIA?
$5,000 - ANS-A premium discount is applied to worker's comp when an insured owes a total
standard premium of more than ______.
$5,000 - ANS-Property in transit is covered for what amount under a commercial special
property form?
$5,000 - ANS-What is the penalty for failing to comply with a subpoena?
,$500 - ANS-What is the fine for if a license fee check is returned for insufficient funds?
$500 - ANS-What is the fine for not returning a license to a producer?
$500 - ANS-What is the limit under Coverage C of a farm policy located away from the
premises?
$500 - ANS-What will a HO policy pay for the removal of one fallen tree in a covered loss?
$5000 - ANS-What is the fine for failing to comply with a court-ordered subpoena?
$5k - ANS-If the insurance commissioner decides one has violated the insurance code, what is
the fine for unlawful acts with intentional & material thought?
$5k each violation - ANS-If the insurance commissioner decides one has violated the insurance
code, what is the fine for violating a cease & desist?
10 days - ANS-Frank had his dwelling policy for 30 days. How much notice must his insurer give
to cancel his policy?
10 days - ANS-How many days prior to a hearing must a producer be given written notice about
a disciplinary hearing?
10 days - ANS-Next year, Larry's insurance license will need to be renewed. How many days
prior must he submit his application to the Dept?
10 days before - ANS-How long before a disciplinary hearing must the insurance commissioner
notify interested parties?
120 - ANS-John's farm has been vacant for some time. Which would apply if it is vacant for
______ consecutive days, its building and contents will be reduced by 50%?
120 - ANS-Non-renewal and cancellation notices must be sent no later than ___ days to the
insured.
15 days - ANS-Within how many days must an insurer notify the commissioner of a cancelled
agency contract?
16 - ANS-If a workers comp or employee liability policy is longer than 1 year and ____ days, all
policy provisions apply like a new policy was issued on each annual anniversary date.
180 days - ANS-Ray, a licensed producer, was killed in a motorcycle accident. If his partner
asks another producer to continue his business transaction, how long can his temporary
agreement last?
, 1st offense: $5K, 2nd offense $10K, each additional $15K - ANS-If the commissioner decides
one has violated the insurance code, what is the max fine?
2-3% - ANS-What is the deductible in inland areas for a hurricane?
20 - ANS-A Certificate of Coverage insuring a covered financed vehicle must be delivered within
____ days after the effective date of coverage.
3 - ANS-How many coverage options are available under a Garagekeeper's coverage
3 - ANS-If a block non-renewal or block cancellation adversely affects the insurance market, the
commissioner may extend the timeframe for block non-renewals or cancellations for up to a
____ year period.
3 - ANS-Under a dwelling policy, how many separate causes of loss forms are available?
3 attempts - ANS-How many attempts must a producer make to place coverage with a different
authorized insurer before surplus lines insurance may be written?
3 years - ANS-2 years ago, Sam had his producer's license revoked. How long will he need to
wait before his reinstatement request can take place?
30 days - ANS-How far in advance must an insurer file their policy forms with the
Commissioner's Office before they can be used?
30 days - ANS-Sally is moving to a new location. Her personal property coverage under her
dwelling policy will apply on a pro rata basis for how many days?
30 days - ANS-The broad form dwelling policy with removal coverage will cover property
temporarily removed from the premises to protect it from damage. What is the length of this
coverage?
30 days before - ANS-When must rate amendments & policy forms be filed with the
commissioner?
30 days, no binders issued - ANS-What is the wait period before flood insurance can be
effective?
35 - ANS-Vandalism would be covered if an insured's premises was vacant for how many days?
4 years - ANS-A certificate of license status report can be issued for a producer. What is the
max time a report can contain background disciplinary information on a producer?
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 AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
