Exam (elaborations)
NJ Property-Casualty Questions and Answers 2024
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NJ Property-Casualty
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NJ Property-CasualtyActing in a fiduciary capacity - answer The Commissioners may revoke a producers
license for all of the following reasons EXCEPT
Coverage by endorsement - answer In dwelling policies, automatic increase in
insurance is
Insuring Agreement - answer the part of the insurance contract that describes the
covered perils and the nature of coverage of the contractual agreement between the
insurer and the insured
Credit Insurance - answertype of insurance would be written by a limited lines agent
The application given to a prospective insured - answerWhich of the following is NOT
the consideration in a policy?
5 business days - answerHow many days must a producer report his claims to an
insurer
Commissioner - answerHas authority to deny someone an insurance producers license
Pay dividends to the policyowner - answerA participating insurance policy may do what
30 days - answerthe removal coverage that is included in the broad form dwelling policy
will cover property temporarily removed from the premises to protect it from damage for
how long
10 days - answerthe commissioner believes that a licensee has violated an insurance
regulation and decides to conduct a hearing. How long notice must the commissioner
provide
Collapse - answerAn additional coverage that is covered by the broad causes loss form
Private Insurers - answerwho would participate in Write Your Own (WYO) flood
insurance program
Mutual - answeran insured purchased an insurance policy 5 years ago. Last year she
received a dividend check from the insurance company that was not taxable. this year
she did not. What type of insurer did the insured purchase the policy.
, the accounts receivable coverage form - answerAn insureds account receivable records
have been damaged. The loss may be covered with
Misrepresentation - answerOn its advertisement a company a company claims that it
has funds in its possession that are, in fact not available for payment of losses to
claims. Company is guilty of
at any time by mailing a written notice of cancellation - answerUnder a BOP an insured
can cancel the policy when
Workers Comp - answerwhich of the following is NOT an optional coverage available in
a BOP
Foundation Cracks - answerthe homeowners policy covers collapse caused by all of the
following EXCEPT
Counter Offer - answerNOT an essential element to an insurance contract
Department of Banking and Insurance - answerIn NJ hurricane deductibles must be
approved by who
Hazards - answerEvents or conditions that increase the chances of an insured loss
occurring are referred to as
Accident insurance bc it pays medical expenses regardless of fault - answerIn a
personal auto policy the medical payments coverage is similar to what
Auto policy - answerif an insured has an umbrella liability policy in addition to his
personal auto, which would be considered the underlying policy
Indirect loss - answeran additional loss that results from a direct loss of property
Commissioner - answerviolation of NJ insurance code were to occur a cease and desist
is issued. who orders it
Proximate Cause - answerWhen a direct chain of events resulting from a negligent act
causes injury or damage, the act is considered to be
Additional Coverage - answerpart of an insurance policy covers claims related
expenses, reasonable expenses incurred by an insured to protect damaged property
from further loss or defense expenses
Exclusions - answerNot found in the declarations section of a policy
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