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NJ TITLE EXAM QUESTONS AND ANSWERS
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NJ TITLE EXAM QUESTONS AND ANSWERS
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NJ TITLE EXAM QUESTONS AND ANSWERSAn insurance agent is defined as an individual who transacts business on behalf of a
_______ - answer- a client
A loss for which there is no protection under insurance policy terms - answer- exclusion
Modified Whole Life Policies - answer- The premium is lower than normal during the
early years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis - answer- DP - 3
In a level term life policy, _______ always remains constant - answer- death benefit
This is excluded on DP - 3 coverage - answer- Ice damage to homes
Dwelling Property Policy's cover - answer- mountain vacation homes used on weekends
and summers
DP - 1 basic policy covers - answer- Lightning Strikes and Not Earthquakes
Grace periods protect policy holders from - answer- unintentional lapses of the policy
Dwelling Policy conditions describe how an insurance company - answer- has the
option to repair to pre-loss conditions
The policy and application constitute the complete agreement between the policyowner
and the insurance company - answer- Entire Contract Provision
Is switching the policy from one insured top another an ownership right? - answer- NO.
Under the misstatement of age provision, what happens if it is determined at death that
the insured's age or gender was misstated on a life insurance policy application -
answer- Benefits are adjusted to an amount that the premium would have purchased at
the correct age or gender
______ is NOT a nonforfeiture option available in a Whole Life Policy - answer-
Accumulation at interest
During the first 60 days an automobile policy is in force, when may an insurer cancel the
policy? - answer- by a statement of the specific reason
These are not covered by title insurance - answer- Exclusions
, Knowingly making false statements which are derogatory against and meant solely to
injure another - answer- defamation
Type of authority that is either stated orally or in writing and allows an agent to act on
behalf of the insurance company - answer- express authority
Type of authority holds an agent has when any reasonable person assumes the agent
has - answer- apparent authority
The chance or uncertainty of loss - answer- risk
Conditions and ground rules for a policy specify - answer- obligations and
responsibilities for the insurer and the insured
The insuring agreement of a property insurance policy includes - answer- promise made
by the insurance company to the insured to provide coverage
Insurable Interest means - answer- type of investment that protects anything subject to
a financial loss
These outline the relationships between insurance companies and the insured - answer-
Conditions
Temporary transfer of title to insurance companies for litigation purposes - answer-
subrogation
This schedule contains policy number, amount, dates, company info, legal descriptions
of property - answer- Schedule A
This schedule identifies exemptions that carry over and how they may have been
satisfied. IE gaps in time, lack of signatures on old documents - answer- Schedule B
Temporary Work Certificates last for - answer- 6 months
This tenancy has right of survivorship - answer- Join Tenancy
ABC -> AB-> A -> D/E - answer- Joint Tenancy
These affect Joint Tenancies - answer- Time, Title, Interest, Possession
Tenancy in severalty - answer- real estate ownership by only one
devises - answer- Also, preresiduary gift. A gift of real property by will. Under the
Uniform Probate Code, a gift of personal or real property by will.
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