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NJ Property, Casualty, and Auto Licensing Exam EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A $19.99   Add to cart
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NJ Property, Casualty, and Auto Licensing Exam EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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NJ Property, Casualty, and Auto Licensing Exam EXAM NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A

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  • November 21, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nj property casualty and auto licensing exam exa

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  • NJ Property, Casualty, and Auto Licensing
  • NJ Property, Casualty, and Auto Licensing

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NJ Property, Casualty, and Auto Licensing Exam EXAM
NEWEST, 2024/ 2025, ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS |ALREADY GRADED
A


Insuring Agreement - ......answer.....company's obligation to pay, includes the perils and

coverage for specific or named peril policies



Exclusions - ......answer.....what the policy will not pay for



Definitions - ......answer.....names of the persons insured in addition to the named insured

are listed here, along with any other (blank) of terms in the policy



Additional Coverage - ......answer.....coverages under a policy that are provided by the

insurer at no extra cost



Casualty Policies - ......answer.....defense costs over and above liability limits, post-

judgement interest, bail bonds and appeal bonds



Property Policies - ......answer.....debris removal, falls within the insured dwelling limit

and cannot exceed the limit



Binder - ......answer.....temporary proof of coverage before policy is issued (oral is good

for 10 days, written for 60 days)

,Bodily Injury and Property Damage Coverage Amounts - ......answer.....Minimum: 15k per

person/30k per accident/5k for property; Max is $500k



Auto - Personal Assigned Risk Policy - ......answer.....PAIP; standard risk 0 points, non-

standard risk 1-8 points, assigned risk 9 points. (blank) classification runs for 3 years



Auto - Commercial Assigned Risk Policy - ......answer.....CAIP; assigned risk policy for

commercial vehicles, including private vehicles owned by the business



Personal Injury Protection - ......answer.....PIP or No-Fault, NJ Representations Act;

mandatory, encourage the insured to recover under his/her own policy, tries to reduce

premiums and hasten settlements through avoidance of lengthy litigation that would

normally be the case. The benefits of the standard policy are statutory and therefor

minimal



Fire - ......answer.....A named peril policy. (blank) policies must be filed with the DOBI

commissioner before use and must provide a fairly uniform look, and provide ample

space for coverage, limits, rates, policy inception, and expiration dates



Friendly Fire - ......answer.....fire is within it's intended confines (not covered)



Hostile Fire - ......answer.....fire is outside it's intended confines



Covered Fire Perils - ......answer.....fire - hostile, lightening, debris removal, theft within

first 5 days

, Excluded Fire Perils - ......answer.....theft (after first 5 days of fire), neglect that gives rise

to proximate cause of fire, war, government action, fire - friendly



Fair Plan - ......answer.....(blank) policies are designed to prevent redlining in urban areas:

improve property conditions from an availability standpoint, stabilize the property

insurance market, provide coverage for risks which insurance cannot be obtained in the

open market



$1.5 million - ......answer.....FAIR Plan max limit



Covered FAIR Plan Perils - ......answer.....FAIR: fire, lightening, debris removal



Excluded FAIR Plan Perils - ......answer.....FAIR: burglary damage, flood, farms (farms are

not urban)



Dwelling Policy - ......answer.....1st party coverage only, not necessary to be owner-

occupied, no more than 4 families or 5 roomers



Basic Peril Coverage - DP1 - ......answer.....basic peril coverage - named perils - most

basic dwelling policy



Broad Peril Coverage - DP2 - ......answer.....named perils, but more perils than DP1



Special Peril Coverage - DP3 - ......answer.....ALL-RISK on dwelling unless specifically

excluded and BROAD on contents or personal property

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