Exam (elaborations)
NJ Personal Lines Questions with Accurate Answers
- Course
- Institution
Exam of 3 pages for the course Personal lines insurance at Personal lines insurance (NJ Personal Lines)
[Show more]
Content preview
NJ Personal LinesRisk - answerUncertainty or chance of loss occurring
Insurance - answerthe transfer of risk from the insured to the insurer
Pure risk - answerLoss or nothing gained
Speculative risk - answerA chance of loss, no loss, or gain.
Peril - answerthe cause of loss (fire, lightning, wind, hail)
Warranty - answerMust be true statements, consists of most statements on an
application
Material representation - answerAn intentional lie
Fraud - answerCheat or deceive the insurance company
Concealment - answerWithholding or hiding facts from an agent
Burglary - answerA person was there in the building at the time of breaking in. "Rob was
there" person entering threatens act of violence
Theft - answeract of stealing
Absolute liability - answerA type of liability that occurs due to extremely dangerous
operations, such as the use of explosives or working at extreme heights, owning
swimming pools or wild animals.
Vicarious Liability - answerParent is responsible for child. ALSO based on "old english
law"
Strict Liability - answerProducts strictly
Stock - answerOwned by shareholders, nonparticipating policies, dividends are the
return of unused premium
Mutual - answerOwned by policyholders, participating policies, dividends are taxable
Appraisal - answerevaluation or estimation of worth for property, used for yourself/us
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now