NJ Property & Casualty Exam Practice With 100% Correct Answers 2023.
9 views 0 purchase
Module
Nj Property And Casualty
Institution
Nj Property And Casualty
NJ Property & Casualty Exam Practice With 100% Correct Answers 2023.
What is a Business Owners Policy (BOP)?
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?
Pr...
NJ Property & Casualty Exam Practice With
100% Correct Answers 2023.
What is a Business Owners Policy (BOP)?
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?
Property Liability, Business Income, and General Liability
What is the method of valuation on building and business personal property?
Replacement Cost / 80% or more of the full replacement cost of the property
How long is the "Period of Restoration" following a covered direct loss?
12 Consecutive Months, Restoration begins 72 hours after the time of direct physical
loss & ends when the task is completed or business starts at a new permanent location
What makes a business BOP eligible?
Business has to generate sales over $6million or that occupy more than 35,000 square
feet of space
What types of Businesses are BOP Eligible?
Apartment buildings, office buildings (6 stories or lower/ 100.000 sq ft.), Service,
Processing, Wholesaler, Contractor, Restaurant (Fast Food), Motel (3 Stories or lower),
Convenience Store/Gasoline Store, Self Storage
What type of Businesses are not BOP Eligible?
Auto Repair/Service Station, Restaurant (Not Fast Food), Place of Amusement,
Manufacturers
What is covered in Section 1 of the BOP?
Buildings & Structures at the premises described in the dec, business personal property
located in or on the building at the described premises or in the open (or vehicle) within
100 ft of the premises, leased personal property
What is the ISO?
Insurance Service Office - Provides rating services by filling out an ISO Form
What are some coverage extensions in the BOP?
Newly acquired/Constructed Property, Personal Property off Premises, Outdoor
Property, Personal Effects, Valuable Paper & Records, Accounts Receivable,
Exclusions
What is Business Income Extra Expense?
Loss of income and continuing expenses
What are Additional Expenses?
Any expense needed to not allow business income loss (Example - Extra Space)
What is Liability?
Bodily Injury & Property Damage through a 3rd party
What is Advertising Liability?
Publisher, getting sued for writing something (Slander, Defamation of Character, Ruin
Someone)
What is Products Liability?
Bodily injury and property damage from your product
, What is Product Completed Operations?
Completed Job and someone gets injured
What is Medical Expense?
Good will coverage, bodily injury (Whether or not legally liable), To avoid small claims
and lawsuits
What makes you Dwelling Program Eligible?
Has to have Residential dwelling purposes & can't have more than 4 dwelling units or
more than 5 roomers or boarders
What are the dwelling coverage forms?
DP1 (Basic) , DP2 (Broad), and DP3 (Special)
What are the covered perils under a DP1?
Fire, lightning, explosion, wind & hail, smoke, aircraft, riot & looting, vandalism, sprinkler
leakage, sinkhole collapse, volcano/lava
What is the valuation on a DP1?
Covers losses at Actual Cash Value (ACV)
What are the covered perils under a DP2?
Fire, Lightning, Internal & External Explosion, Windstorm & Hail, Civil Commotion,
Smoke, Aircraft & Vehicles, Volcanic Eruption, Riot, Vandalism & Malicious Mischief,
Burglary Damage, Weight of Ice & Snow, Glass Breakage, Accidental Discharge or
Overflow of Water or Steam, Falling Objects, Freezing of Pipes, Electrical Damage,
Collapse, Tearing Apart, Cracking, Burning, Bulging
What is the valuation on a DP2?
Covers losses at Replacement Cost (RPC)
What is the personal property valuation on a DP2?
Covers losses at Actual Cash Value (ACV)
What are the covered perils under a DP3?
Open Perils Coverage (Only doesn't cover excluded)
What are the excluded perils of a DP3?
Ordinance or Law, Earth Movement, Water Damage, Power Failure, Neglect, War,
Nuclear Hazard, Intentional Loss, Governmental Action, Mold
What is the valuation on a DP3?
Covers losses at Replacement Cost (RPC)
What is the Dwelling (A) Coverage?
Dwelling
What is the Dwelling (B) Coverage?
Other Structures
What is the Dwelling (C) Coverage?
Personal Property
What is the Dwelling (D) Coverage?
Fair Rental Value
What is the Dwelling (E) Coverage?
Additional Living Expense
What Does Dwelling Coverage (A) Cover?
Dwelling described in the dec page, used for residential purposes, including structures
attached to the dwelling (Example: Garage)
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 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 ACADEMICAIDSTORE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
