NJ PROPERTY AND CASUALTY EXAM QUESTIONS WITH COMPLETE SOLUTIONS 100% VERIFIED 2024 LATEST UPDATE
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NJ PROPERTY AND CASUALTY
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NJ PROPERTY AND CASUALTY
NJ PROPERTY AND CASUALTY EXAM QUESTIONS WITH COMPLETE SOLUTIONS 100% VERIFIED 2024 LATEST UPDATE
1. A contract in which only one party - the insurer - makes an enforceable promise is said to be
A- Quotation
B- Unilateral
C- A contract of Indemnity
D- A contract of Adhesion
B- Unil...
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NJ PROPERTY AND CASUALTY EXAM QUESTIONS WITH COMPLETE
SOLUTIONS 100% VERIFIED 2024 LATEST UPDATE
1. A contract in which only one party - the insurer - makes an enforceable
promise is said to be
A- Quotation
B- Unilateral
C- A contract of Indemnity
D- A contract of Adhesion
B- Unilateral
An insurance policy is considered to be unilateral, since only one party to the contract,
the insurance company, makes an enforceable promise.
2. An insurer whose main home office is domiciled in the state where they write
business is known as a
A- Alien Insurer
B- Foreign Insurer
C- Surplus Lines Insurer
D- Domestic Insurer
D- Domestic Insurer
,A Domestic insurer is one whose main home office is located in the state they are doing
business. A Surplus Lines insurer could be a domestic carrier but the best answer
choice is D.
3. All of the following are true regarding the Assigned Risk Plan for Workers
Compensation in New Jersey, Except
A. It's a method for employers to obtain Workers Compensation insurance when they
are having difficulty in the normal marketplace
B. If an employer is unable to obtain coverage in the normal marketplace, the state will
assign an insurer to write the risk
C. The plan approves the rate structures used by all insurers writing workers
compensation coverage in the state.
D. All admitted carriers writing workers compensation insurance in the state must
belong to the plan
C- The Assigned Risk Plan is NOT involved in approving rating plans of the various
insurers in the state. The other choices are all correct
4. Which of the following is true regarding coverage for a domestic employee for
workers compensation in New Jersey?
A. The assigned risk plan for workers compensation in new jersey would provide the
coverage automatically
B. Domestic employees are exempt from coverage
C. Coverage must be provided by the homeowners policy if the injured is to a resident
or hired domestic servant in the home
D. The employer must buy workers compensation insurance on the domestic employee
,C- If a domestic servant is injured while working in the home, the homeowners
insurance for the employer must provide the workers compensation coverage for the
domestic employee
5. Vacancy on the BOP can eliminate certain perils
A. After 60 Days
If the premises have been vacant for over 60 days, many important perils (such as glass
breakage, vandalism, and theft) will be excluded.
6. An insurer's shared participation percentage in the Urban Enterprise Zone
(UEZ)program is based on:
A. The number of written policies in the urban enterprise zone.
B. The discretion of the commissioner of insurance
C. The number of years operating in the state
D. the financial size of the insurer.
A- The insurer's participation percentage in the UEZ program is based on the number of
policies the insurer has in force in that urban enterprise zone.
7. The minimum limits of a basic automobile liability insurance required by the
state of New Jersey is:
A. 20/40/10
B. 25/50/25
C. 12.5/ 25/ 7.5
D. $15,000 of PIP and $5,000 of PDL
, D- By state law, the basic auto policy must contain PIP coverage and an optional
$5,000 for property damage liability.
8. The Commissioner may suspend, revoke, refuse to renew, or refuse to issue a
license. Prior to the revocation or denial of a license, the Commissioner must
provide to the licensee or applicant
A. An opportunity for the individual to have a hearing
B. Neither of the answers
C. Both of the answers
D. The findings which led to the commissioner's decision.
C- Before the Commissioner can take any action against an agent, the agent has the
right to a hearing regarding the Commissioner's findings.
9. An agent must notify the Department of Insurance of any administrative actions
levied against her within
A. 30 days of the final
disposition of the matter
B.60 days.
C.10 days of being charged.
D.24 hours.
A- An agent must notify the Department of Insurance of any administrative actions taken
against her within 30 days of the disposition of the action.
10. Which of the following is an optional coverage on the standard auto policy but
not available on the basic auto policy?
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