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NJ Property Producer Exam questions and answers already graded A+ 2024/2025
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NJ Property Producer Exam questions and answers already graded A+ 2024/2025
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NJ Property Producer ExamDwelling Policy - ANSOnly insures assets
DP-1 - ANSBasic Form
DP-2 - ANSBroad Form
DP-three - ANSSpecial Form
Dwelling Coverage A - ANSDwelling- Covers living, structures connected to residing, and
materials/elements for the residing.
Dwelling Coverage B - ANSOther Structures- Insures homes on premise but break away the
living.
Dwelling Coverage C - ANSPersonal Property- Covers the insured's private belongings and
have to be asked. If rental belongings, a tenant's belongings isn't covered.
Dwelling Coverage D - ANSFair Rental Value- Covers insured inside the occasion a blanketed
loss makes the rental part of a property undeserving for normal use.
Dwelling Coverage E - ANSAdditional Living Expense- Included in DP-2 & DP-three and pays
for added dwelling fees the insured incurs after a loss. DP-1 by using endorsement.
HO-2 - ANSBroad Form. Owner Occupied
HO-3 - ANSSpecial Form. Owner Occupied
HO-4 - ANSTenants or Renters.
HO-five - ANSComprehensive Form (Open). Covers the entirety minus named exclusions.
HO-6 - ANSCondominium Owners
HO-eight - ANSModified form. For unique Risks. Think Antique houses.
Mobile Homes - ANSBy endorsement to a DP or HO policy. Can be a separate policy. Insures
home, other structures (10%) and contents. Personal belongings - 40% of coverage. Permanent
Foundation.
, Time Element Coverage Forms - ANSBusiness Income. Covers loss of profits and prices due to
suspension of commercial enterprise following a blanketed loss.
Commercial Package Policy (CPP) - ANSMust have as a minimum 2 types of coverage.
CPP's can not incorporate: - ANSWorkers' Compensation, Life Insurance, Health and Disability
Insurance, Certain types of Professional Liability
Equipment Breakdown Coverage - ANSNOT a upkeep coverage, Designed to cover
breakdown, Failure of stress or vacuum system, Mechanical failure (inclusive of rupture or
bursting because of centrifugal force), Electrical failure.
Business-owners Policy - ANSSimilar to CPP, however more for small enterprise owners.
Inland Marine - ANSInsurance for assets in transit
Personal Floaters - ANSFor folks who want to insure their assets while travelling.
Commercial Property Floaters - ANSProtect property that a organization does now not shop at a
everlasting region.
National Flood Insurance Program (NFIP) - ANSCreated in 1968 to provide flood coverage to
eligible communities.
What are the two varieties of Flood Insurance? - ANSEmergency & Regular
Building Limits for Flood Insurance - ANSEmergency: $35,000
Regular: $250,000
Contents Limits for Flood Insurance - ANSEmergency: $10,000
Regular: $a hundred,000
Commercial Building Limits for Flood Insurance - ANSEmergency: $100,000
Regular: $500,000
Business Personal Property for Flood Insurance - ANSEmergency: $one hundred,000
Regular: $500,000
How many hours for an Earthquake incidence? - ANS168 Hours
Insurance - ANSTransfer of chance from someone or a enterprise to an insurer
Insurable Interest - ANSRisk of monetary loss
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