NJ PROPERTY CASUALTY INSURANCE
EXAM(ACTUAL EXAM) WITH CORRECT
200+ QUESTIONS AND ANSWERS LATEST
2024 – 2025 GOOD SCORE IS GUARANTEED
GRADE A+
Mr. X had his license revoked. How long does he need to wait
before reapplying for his license reinstatement?
A. Mr. X needs to wait 5 years
B. Mr. X needs to wait 3 years
C. Mr. X only needs to wait one year
D. Mr. X needs to wait 2 years - ANSWERS-A. Mr. X needs to
wait 5 years
,Sally works performing clerical duties at XZY Insurance
Company. She is allowed to perform all of the following duties
as an unlicensed person except:
A. Answering the phone and recording information
B. Billing and filing insurance claims
C. Collecting premiums
D. Sending a Buyer's Guide to applicants - ANSWERS-C.
Collecting premiums
What losses are excluded from flood insurance? - ANSWERS--
Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet
Who administers the NFIP? - ANSWERS-Federal Insurance
Administration (FIA)
,What does the NFIP stand for? - ANSWERS-National Flood
Insurance Program
Why was the National Flood insurance Program constructed? -
ANSWERS-to fill in gaps of flood coverage by the private sector
What are the 3 NFIP requirements for coverage? - ANSWERS--
community land management & flood control programs must
reduce flood losses in the future
-Flood insurance required in specific flood prone areas as a
condition for receiving loans through/ backed by the federal
government
-Property owners that fail to purchase flood insurance within 1
year after it is available will not be eligible for full disaster relief
funding. It will be reduced by an amount of insurance that
could have been purchased
Why was the commercial Insurance Deregulation Act Created? -
ANSWERS-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? - ANSWERS-
Commercial policies
When must rate amendments & policy forms be filed with the
commissioner? - ANSWERS-30 days before
What is the NFIP max coverage for a single family? - ANSWERS-
Building $250K, Contents $100K
What is the NFIP max coverage for other residential? -
ANSWERS-Building $250K, Contents $100K
What is the NFIP max coverage for small business? - ANSWERS-
Building $500K, Contents $500K
What is the NFIP max coverage for Other Non-Residential? -
ANSWERS-Building $500k, Contents $500K
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