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New Jersey Laws, Rules and Regulations Pertaining to Property Only QUESTIONS AND ANSWERS
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New Jersey Laws, Rules and Regulations Pertaining to Property Only
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New Jersey Laws, Rules andRegulations Pertaining to Property Only
Which of the following properties would be eligible for coverage by the FAIR Plan? -
answerA $300,000 home in an urban area.
The New Jersey Insurance Underwriting Association is supported by funds from the ? -
answerNew Jersey Insurance Development Fund.
The New Jersey FAIR Plan was established to make essential property insurance
available to all of the following, EXCEPT? - answerFarm risks and automobile physical
damage not insurable in the normal market.
If an insured is unable to obtain essential property insurance through the normal market,
this coverage can most likely be obtained through the ? - answerFAIR Plan
What must every insurer authorized to write property insurance in this state collect from
insureds under any policy of basic property insurance? - answerA surcharge
Bob has been trying to obtain essential property insurance but has had no success.
Which of the following would provide this insurance to Bob? - answerThe Fair Plan
What is the purpose of the FAIR Plan? - answerTo make essential property insurance
available to those who cannot obtain it through the normal market.
The New Jersey Commercial Insurance Deregulation Act requires insurers to file policy
forms with eht Commissioner for approval at least? - answer30 days before they
become effective.
Which of the following would NOT be an allowable reason for an insurer to cancel a
property insurance policy that has been in effect for 60 days? - answerThe named
insured files for a divorce.
A producer may issue a binder to provide coverage until the earliest of denial of the
application, issuance of the policy, or? - answer60 days
The FAIR Plan provides? - answerEssential property insurance.
The insurable value of properties covered by the FAIR Plan cannot be more than? -
answer$1,500,000
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