Nj Property And Casualty Insurance Exam With 100% Correct Answers 2023

Nj Property And Casualty Insurance Exam With 100% Correct Answers 2023 Aleatory Contract Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith Parties to the contract rely upon the integrity of one another. Insuring Agreement The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against. Conditions The rights and responsibilities of all parties of the contract. Exclusions Rights and responsibilities of both parties to the contract Monoline Policy Policy that covers only one line of business Multiline policy Policy that includes more than one type of insurance coverage. Property—Personal Lines Insurance Dwelling and contents, homeowners , mobile homes, personal inland marine floaters, personal watercraft,flood,earthquake Property—Commercial Lines Insurance Business owners BOP, commercial package policy CPP, boiler and machinery, commercial inland and ocean marine floaters Casualty— personal lines Personal liability, personal auto policy PAP, personal umbrella policy Casualty— Commercial lines Commercial general liability CGL, Business auto coverage, workers compensation and liability insurance, surety bonds, commercial crime insurance and Fidelity bonds, personal liability insurance, commercial umbrella policies and excess coverages. Surplus Lines any type of insurance for which there is no available market within the state, and the coverage must be placed with a non admitted insurer, are often allow to operate under open competition Residual market coverage A responsibility assumes by insurance regulators to step in and provide insurance situations where private insurance is not readily available when the government provides a type of insurance or mechanism to procure insurance Examples of surplus lines-federal level FloodInsurance, Federal crop insurance, nuclear energy liability insurance, terrorism insurance program. Examples of surplus lines—State level Personal auto insurance plan PAIP an assigned risk plan , commercial auto insurance plan an assigned risk plan, The fair plan (property insurance) , Worker's Compensation assigned risk programs binder