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NJ Property, Casualty, And Auto Licensing Exam With 100% Correct Answers 2023. CA$20.12   Add to cart
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NJ Property, Casualty, And Auto Licensing Exam With 100% Correct Answers 2023.
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NJ Property, Casualty, And Auto Licensing Exam With 100% Correct Answers 2023. Insuring Agreement company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions what the policy will not pay for Definitions names of the persons insured in additi...

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  • March 1, 2024
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  • 2023/2024
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NJ Property, Casualty, And Auto Licensing
Exam With 100% Correct Answers 2023.
Insuring Agreement
company's obligation to pay, includes the perils and coverage for specific or named peril
policies
Exclusions
what the policy will not pay for
Definitions
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
coverages under a policy that are provided by the insurer at no extra cost
Casualty Policies
defense costs over and above liability limits, post-judgement interest, bail bonds and
appeal bonds
Property Policies
debris removal, falls within the insured dwelling limit and cannot exceed the limit
Binder
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
Minimum: 15k per person/30k per accident/5k for property; Max is $500k
Auto - Personal Assigned Risk Policy
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
CAIP; assigned risk policy for commercial vehicles, including private vehicles owned by
the business
Personal Injury Protection
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
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
fire is within it's intended confines (not covered)
Hostile Fire
fire is outside it's intended confines
Covered Fire Perils
fire - hostile, lightening, debris removal, theft within first 5 days

, Excluded Fire Perils
theft (after first 5 days of fire), neglect that gives rise to proximate cause of fire, war,
government action, fire - friendly
Fair Plan
(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
FAIR Plan max limit
Covered FAIR Plan Perils
FAIR: fire, lightening, debris removal
Excluded FAIR Plan Perils
FAIR: burglary damage, flood, farms (farms are not urban)
Dwelling Policy
1st party coverage only, not necessary to be owner-occupied, no more than 4 families
or 5 roomers
Basic Peril Coverage - DP1
basic peril coverage - named perils - most basic dwelling policy
Broad Peril Coverage - DP2
named perils, but more perils than DP1
Special Peril Coverage - DP3
ALL-RISK on dwelling unless specifically excluded and BROAD on contents or personal
property
Coverage A
dwelling + attached structures - no co-insurance requirement unlike homeowners policy
Coverage B
detached structures - limited to 10% of coverage A amount
Coverage C
personal property - limited to 50% of coverage A amount / 10% of secondary insurance
Coverage D
fair rental value - limited to 10% of coverage A amount
Coverage E
additional living expense - limited to 20% of coverage A amount
Boat Owner's Policy
similar to auto insurance policy, except that PIP or "no-fault" is not available. damage
from waves is referred to as "hull-damage" and is covered. no workers' compensation
coverage
Yacht Owner's Policy
for boats that ply international waters, high seas, and engage in commercial fishing.
workers' compensation coverage is included
Flood Insurance Policy
operated by HUD to provide coverage in flood-prone areas for one-family residential
homes, commercial buildings, and house contents. basic policy covers loss due to flood,
inundation of tidal waters, mudslide, and soil erosion. can request additional coverage
at any time, but there is a 30 day waiting perod before the insurance can go into effect
Flood Insurance Policy Exclusions

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