Exam (elaborations)
NJ Property & Casualty License Exam - Miscellaneous Personal Lines Coverage Questions and Answers 100% Solved
- Course
- Institution
NJ Property & Casualty License Exam - Miscellaneous Personal Lines Coverage
[Show more]
Content preview
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)
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 $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now