Exam (elaborations)
2024 NJ PERSONAL LINES EXAM WITH CORRECT ANSWERS
- Course
- Institution
2024 NJ PERSONAL LINES EXAM WITH CORRECT ANSWERS
[Show more]
Content preview
2024 NJ PERSONAL LINES EXAMWITH CORRECT ANSWERS
Risk - CORRECT-ANSWERSUncertainty or chance of loss occurring
Insurance - CORRECT-ANSWERSthe transfer of risk from the insured to the
insurer
Fraud - CORRECT-ANSWERSCheat or deceive the insurance company
Concealment - CORRECT-ANSWERSWithholding or hiding facts from an agent
Burglary - CORRECT-ANSWERSA person was there in the building at the time
of breaking in. "Rob was there" person entering threatens act of violence
Theft - CORRECT-ANSWERSact of stealing
Absolute liability - CORRECT-ANSWERSA 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 - CORRECT-ANSWERSParent is responsible for child. ALSO
based on "old english law"
Strict Liability - CORRECT-ANSWERSProducts strictly
Stock - CORRECT-ANSWERSOwned by shareholders, nonparticipating
policies, dividends are the return of unused premium
Mutual - CORRECT-ANSWERSOwned by policyholders, participating policies,
dividends are taxable
Appraisal - CORRECT-ANSWERSevaluation or estimation of worth for
property, used for yourself/us
Arbitration - CORRECT-ANSWERSsettling a dispute by agreeing to accept the
decision of an impartial outsider for casualty (first step before suing) used for
other people
Hazard - CORRECT-ANSWERSSomething that increases risk
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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now