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New Jersey Laws, Rules, and Regulations Pertinent to Casualty Only Questions and Answers 100% correct
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New Jersey Laws, Rules, and Regulations Pertinent to Casualty Only
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New Jersey Laws, Rules, andRegulations Pertinent to Casualty Only
Automobile Insurance Cost Reduction Act - answer Mandated that a Basic Policy
(doesn't include B/I-can be purchased) and a Standard Policy be available to all drivers
Auto Policy Min. Coverage Limits - answer-Standard policy must include at least one of
following:
-15/30/5 ($500 deductible for PD)
-Cant exceed: 250/500/100
Uninsured and Underinsured Motorist - answer NJ motorist required to have. Limits may
not be less than insured's motor liability policy limits for B/I and P/D (15/30/5)
Personal Injury Protection (PIP) - answer AKA no-fault coverage. Benefits are paid
regardless of fault to insured and members of family
PIP Benefits - answer-Med. expense, can't exceed $250k per person, per accident
-Payment loss of income w/max of $100 weekly and max. lifetime of $5,200
-Payment of essential services (i.e home nurse) w/limit of $12 day, max. $4,380
-Death benefits (funeral/burial) w/limit of $1k
Unsatified Claims and Judgement Fund Board (PIP) - answerBenefits exceed $75k from
injury, excess will be paid by insurer in consolation w/UCJFB.
Tort Options - answerInsured must elect one of two tort options to maintain PIP
Coverage
Limitation on Lawsuit Option (Tort) - answerExempt from tort liability for non-economic
loss (pain and suffering) to a person required to maintain PIP coverage. Will be selected
if insured fails to elect tort.
No Limitation on Lawsuit - answerLiable for noneconomic loss to a person required to
maintain coverage
Automobile Residual Market Personal Auto Insurance Plan (PAIP) - answer-
Administered by NJ Auto Full Insurance Underwriting Association (AFIUA).
-All insurers must participate
-Commissioner has authority to adopt/issue rules for applicants in good-faith/unable to
obtain coverage.
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