Exam (elaborations)
NJ Personal Lines Questions with Accurate Answers
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Exam of 3 pages for the course Personal lines insurance at Personal lines insurance (NJ Personal Lines)
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NJ Personal LinesRisk - answerUncertainty or chance of loss occurring
Insurance - answerthe transfer of risk from the insured to the insurer
Pure risk - answerLoss or nothing gained
Speculative risk - answerA chance of loss, no loss, or gain.
Peril - answerthe cause of loss (fire, lightning, wind, hail)
Warranty - answerMust be true statements, consists of most statements on an
application
Material representation - answerAn intentional lie
Fraud - answerCheat or deceive the insurance company
Concealment - answerWithholding or hiding facts from an agent
Burglary - answerA person was there in the building at the time of breaking in. "Rob was
there" person entering threatens act of violence
Theft - answeract of stealing
Absolute liability - answerA type of liability that occurs due to extremely dangerous
operations, such as the use of explosives or working at extreme heights, owning
swimming pools or wild animals.
Vicarious Liability - answerParent is responsible for child. ALSO based on "old english
law"
Strict Liability - answerProducts strictly
Stock - answerOwned by shareholders, nonparticipating policies, dividends are the
return of unused premium
Mutual - answerOwned by policyholders, participating policies, dividends are taxable
Appraisal - answerevaluation or estimation of worth for property, used for yourself/us
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