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NJ Property & Casualty License Exam - Miscellaneous Personal Lines Coverage Questions and Answers 100% Solved
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NJ Property & Casualty License Exam - Miscellaneous Personal Lines Coverage
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NJ Property & Casualty License Exam -Miscellaneous Personal Lines Coverage
Appraisal - answer Specifies that if the insured and insurer cannot agree on the amount
of a loss, either may demand this.
Bodily Injury - answer Legal liability
Write Your Own (WYO) - answer A cooperative effort involving FEMA and the private
sector that allows existing property and casualty insurance companies to write, issue,
and service flood insurance under their own names.
Flood Insurance - answer Flood policies provide protection for direct loss to insured
property.
Flood is defined as a general and temporary condition of partial or complete inundation
of land as a result of:
Overflow of inland or tidal waters.
Rapid accumulation or runoff of surface waters.
Mudflow caused by accumulation of water.
Collapse or destabilization of land along a shoreline.
Personal Articles Floater (Scheduled Article Floater) - answerUsed to insure 'individual'
personal property on an itemized or scheduled basis.
Coverage is worldwide
Umbrella Policy - answerDesigned to provide coverage on a worldwide basis to third
parties and does not pay benefits directly to an insured.
Difference in Conditions (DIC) Insurance - answerA special form used to fill in the gaps
of a property policy. There is no standard policy form, no coinsurance, no pro rata
clause.
Yacht Policy - answerOcean marine form, designed for larger vessels.
Coverage:
Property and liability
Bodily injury and damage to property of others
Coverage for fuel spills, commercial towing, and dinghies
National Flood Insurance Program (NFIP) - answerEnables property owners to
purchase federal flood insurance.
Administered by Federal Emergency Management Agency (FEMA)
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