NJ property Exam bundle Rated A 2023

Insuring Agreement - ANSWER-company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - ANSWER-what the policy will not pay for Definitions - ANSWER-names of the persons insured in addition to the named insured are listed here, along with an...

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) - ANSWER-D. HO-2 or HO-3 (Broad and Special) All of the following are eligible for coverage under...

What is a Business Owners Policy (BOP)? - ANSWER-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages required by a business owner in one bundle. What are the features of a BOP Policy? - ANSWER-Property Liability, Business Income, and General Liabilit...

when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER-Doctrine of reasonable expectations Doctrine of Reasonable Expectations - ANSWER-States: that a policy includes coverages that an average person would reasonably expect it to inc...

Dwelling Policy - ANSWER-Only insures property DP-1 - ANSWER-Basic Form DP-2 - ANSWER-Broad Form DP-3 - ANSWER-Special Form Dwelling Coverage A - ANSWER-Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B - ANSWER-Ot...

Abandonment - ANSWER-the abdication of insured property into the hands of another, or into the possession of no one in particular accident - ANSWER-an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. ACV. actual cash value - ANSWER-th...

Risk - ANSWER-the chance or uncertainty of loss Risk - ANSWER-used within the insurance industry to refer to the subject of the insurance policy Possibility of loss - ANSWER-the concept of risk involves ___________________ Insurance - ANSWER-a formal social device used to accomplish the tra...

The employment of another producer by a producer is subject to all of the following requirements, except a. the employer shall examine the credentials of the kinds of business described in the contract. b. the employer shall be responsible for the insurance related conduct of the employee c. the...

Amount of days notice before hearing - Answer-10 Retrocession - Answer-When a reinsurer transfers risks it has accepted to another insurer Producers can be - Answer-Agents, brokers or both Insurance agent - Answer-a licensed insurance producer who is appointed by an insurer to sell insuranc...

What is the fee a person pays an insurance company to receive coverage? - ANSWER-Premium Self -insuring is typically used for what type of insurance? - ANSWER-Workers compensation A tornado that destroys a property would be an example of what? - ANSWER-Peril A state-issued document empoweri...

Commissioner must give at least ____ days before a hearing for unfair trade practices - ANSWER-10 Days Max fine for each violation committed unknowingly - ANSWER-$1,000 Max fine for each violation committed knowingly - ANSWER-$5,000 Max fine for violating a cease and desist order - ANSWER-$...

A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participating. What is the maximum a resident may receive for damages to their personal property? - ANSWER-$10,000 Under the Dwelling Broad Form, losse...