NJ Property, Casualty, And Auto Licensing Exam Questions And Answers Rated A+.
2 views 0 purchase
Course
NJ Property, Casualty, and Auto Licensing
Institution
NJ Property, Casualty, And Auto Licensing
NJ Property, Casualty, And Auto Licensing Exam Questions And Answers Rated A+.
Insuring Agreement - correct answer. company's obligation to pay, includes the perils and coverage for specific or named peril policies
Exclusions - correct answer. what the policy will not pay ...
NJ Property, Casualty, And Auto Licensing
Exam Questions And Answers Rated A+.
Insuring Agreement - correct answer. company's obligation to pay, includes the
perils and coverage for specific or named peril policies
Exclusions - correct answer. what the policy will not pay for
Definitions - correct answer. names of the persons insured in addition to the named
insured are listed here, along with any other (blank) of terms in the policy
Additional Coverage - correct answer. coverages under a policy that are provided by
the insurer at no extra cost
Casualty Policies - correct answer. defense costs over and above liability limits,
post-judgement interest, bail bonds and appeal bonds
Property Policies - correct answer. debris removal, falls within the insured dwelling
limit and cannot exceed the limit
Binder - correct answer. temporary proof of coverage before policy is issued (oral is
good for 10 days, written for 60 days)
Bodily Injury and Property Damage Coverage Amounts - correct answer. Minimum:
15k per person/30k per accident/5k for property; Max is $500k
Auto - Personal Assigned Risk Policy - correct answer. PAIP; standard risk 0 points,
non-standard risk 1-8 points, assigned risk 9 points. (blank) classification runs for 3
years
Auto - Commercial Assigned Risk Policy - correct answer. CAIP; assigned risk
policy for commercial vehicles, including private vehicles owned by the business
Personal Injury Protection - correct answer. PIP or No-Fault, NJ Representations
Act; mandatory, encourage the insured to recover under his/her own policy, tries to
reduce premiums and hasten settlements through avoidance of lengthy litigation that
, would normally be the case. The benefits of the standard policy are statutory and
therefor minimal
Fire - correct answer. A named peril policy. (blank) policies must be filed with the
DOBI commissioner before use and must provide a fairly uniform look, and provide
ample space for coverage, limits, rates, policy inception, and expiration dates
Friendly Fire - correct answer. fire is within it's intended confines (not covered)
Hostile Fire - correct answer. fire is outside it's intended confines
Covered Fire Perils - correct answer. fire - hostile, lightening, debris removal, theft
within first 5 days
Excluded Fire Perils - correct answer. theft (after first 5 days of fire), neglect that
gives rise to proximate cause of fire, war, government action, fire - friendly
Fair Plan - correct answer. (blank) policies are designed to prevent redlining in
urban areas: improve property conditions from an availability standpoint, stabilize the
property insurance market, provide coverage for risks which insurance cannot be
obtained in the open market
$1.5 million - correct answer. FAIR Plan max limit
Excluded FAIR Plan Perils - correct answer. FAIR: burglary damage, flood, farms
(farms are not urban)
Dwelling Policy - correct answer. 1st party coverage only, not necessary to be
owner-occupied, no more than 4 families or 5 roomers
Basic Peril Coverage - DP1 - correct answer. basic peril coverage - named perils -
most basic dwelling policy
Broad Peril Coverage - DP2 - correct answer. named perils, but more perils than
DP1
Special Peril Coverage - DP3 - correct answer. ALL-RISK on dwelling unless
specifically excluded and BROAD on contents or personal property
Coverage A - correct answer. dwelling + attached structures - no co-insurance
requirement unlike homeowners policy
Coverage B - correct answer. detached structures - limited to 10% of coverage A
amount
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 techgrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
