NJ Property/ Casualty Insurance Study guides, Class notes & Summaries

NJ Property, Casualty, and Auto Licensing Exam With 100% Correct Answers 2024

NJ Property State Exam with 100% Correct Answers Verified Q&A Latest 2024

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) D. HO-2 or HO-3 (Broad and Special) All of the following are eligible for coverage under Homeowners policy except? A. A condominium unit owner. B. A farm owner. C. A mobile home owner. D. A tenant in an apartment building. B. A farm owner. Under Homeowners policies, the bas...

Why was the commercial Insurance Deregulation Act Created? To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? Commercial policies When must rate amendments & policy forms be filed with the commissioner? 30 days before What losses are excluded from flood insurance? -Landslides -Sewer backup -Windblown Rain -S...

Nj property and Casualty Insurance Exam With 100% Correct Answers 2024 Updated Aleatory Contract - Correct Answer-Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith - Correct Answer-Parties to the contract rely upon the integrity of one another. Insuring Agreement - Correct Answer-The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and p...

NJ Property & Casualty What is a Business Owners Policy (BOP)? - Correct 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? - Correct Answer-Property Liability, Business Income, and General Liability What is the method of valuation on building and business personal property? - Correct Answer-Replacement Cost / 80% or more of the full replacement ...

NJ Property/ Casualty Insurance Exam Why was the commercial Insurance Deregulation Act Created? - Answer To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - Answer Commercial policies When must rate amendments & policy forms be filed with the commissioner? - Answer 30 days before What losses are excluded from floo...

NJ Property/ Casualty Insurance Exam Set Questions and Answers Already Passed Why was the commercial Insurance Deregulation Act Created? To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? Commercial policies When must rate amendments & policy forms be filed with the commissioner? 30 days before What losses are e...

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