Exam (elaborations)
NJ P&C Insurance Exam Questions and Answers 2024
- Course
- Institution
NJ P&C Insurance Exam
[Show more]
Content preview
NJ P&C Insurance ExamA flood damages a single-family dwelling that is in a community in the early stages of
participation in the NFIP, but they are not yet considered participating. What is the
maximum a resident may receive for damages to their personal property? -
answer$10,000
Under the Dwelling Broad Form, losses to an unattached garage are paid on which
basis? - answer Replacement Cost
Which of the following is false regarding the Building and Personal Property Coverage
Form? - answer The policy covers vehicles licensed for road use
In which type of system does an employer have the choice to provide Workers'
Compensation benefits at its own option? - answer Elective
When coverage applies to losses from all perils except those specifically excluded, the
policy is said to be written on which of the following basis? - answer Open Perils
A manufacturer is held liable if a product caused an injury whether the product was or
was not defective. This describes what type of liability? - answerStrict
Which of the following perils is not covered by Crop/Hail insurance? - answerFailure to
harvest
Which of the following is not true concerning Section II of the Homeowners Policy? -
answerThe Damage to Property of Others duplicates coverage that is included in
Section I
Who among the following may place business with the Association? - answerAll
producers licensed to do business in the state
Which of the following losses would be covered under all dwelling forms? - answerFire
damage to building materials and supplies that are located on the insured premises
All of the following are false about Damage to Your Auto, except: - answerIn the event
of total loss, adjustment will be made for the physical condition of the vehicle
Which of the following statements is not true about a claim payment for a collision loss
under the PAP? - answerIf the insurer recovers and returns stolen property to the
insured, no further payment is due
,Choose the physical damage claim that would be covered under the Personal Auto
Policy. - answerMalicious mischief to the tires
A building valued at $200,000 is insured for $150,000 with an 80% coinsurance
requirement and a $1,000 deductible. After the building is totally destroyed, incurring
debris removal expenses of $10,000, how much will the Building and Personal Property
Coverage Form pay? - answer$159,000
Which of the following would not be covered under Coverage C of the Special Dwelling
Form? - answerThe insured's golden retriever
Fine arts and antiques are classes of property insured on a: - answerValued basis
Flood is a specified cause of loss under which section of the Garage Coverage Form? -
answerSection IV
A hazard is best defined as: - answerSomething that increases the chance of loss
Which statement is true concerning Dwelling policies? - answerThe Special Form
insures the dwelling on an open perils basis, and insures the contents against the broad
form perils
Which of the following is true under the Dwelling policy? - answerThe Basic Form
covers the perils of fire, lightning and internal explosion
Rates are referred to as which of the following when the insurance company files for
approval and then implements the rates? - answerFile and Use
Which of the following is not true about an insurance policy? - answerThe insuring
agreement includes the name of the insured
Which of the following is not an implied warranty in relation to Ocean Marine Insurance?
- answerFull value
All of the following are true of a Yacht Policy, except: - answerA yacht is covered
regardless of its location
Which of the following would be an eligible risk under the BOP? - answerFast food
restaurant
The Garage Liability section of the Garage Coverage Form covers which of the
following? - answerProperty damage for which the insured is legally responsible
Which of the following would not be covered by the Ordinance or Law endorsement. -
answerBuilding code fines
, Which statement is true regarding the Employers Liability Insurance Part of Workers'
Compensation? - answerIt provides coverage for employment-related liability outside of
Workers' Compensation statute
Benefits from which of the following will begin when other benefits end, and after the
claimant applies for fund benefits? - answerSecond injury fund
A value limitation for a shipment is not included in which type of bill of lading? -
answerStraight
Which of the following is true regarding liability insurance? - answerA liability policy
provides coverage for unintentional torts
Which of the following is not a characteristic of the employer-employee relationship as it
related to Workers' Compensation coverage? - answerThe employer signs a contract
with the employee
Which of the following is not considered 'occupying an automobile'? - answerStanding
by the car exchanging insurance information
A fire sprinkler system installed in a factory is considered which of the following
methods of managing risk? - answerReduction
The part of a property policy that gives basic information such as the named insured, a
description of the property, the location of the property, and the amount of premium
involved, is known as the: - answerDeclarations
Which Business Auto Symbol is the most broad of all Symbols? - answerSymbol 1
Which of the following is not covered under the Building and Personal Property
Coverage Form? - answerAccounts, bills, currency, deeds, evidence of debt, money or
securities
A CGL policy provides coverage for: - answerOperations Liability
A liability policy contains a per person bodily injury limit of $25,000 and a per
occurrence limit of $50,000. If an accident were to occur and three persons have claims
of $20,000 each, the total amount paid is: - answer$50,000
Which of the following claims would be covered under the Personal Injury Endorsement
attached to an HO-3 Policy? - answerLiability arising from publication of material that
violates another person's right of privacy
The Condominium Commercial Unit-Owners Coverage Form does not cover which of
the following? - answerBuilding exterior wall
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 julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now