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NJ Personal Lines Questions with Accurate Answers $15.49   Add to cart

Exam (elaborations)

NJ Personal Lines Questions with Accurate Answers

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  • Course
  • Personal lines insurance
  • Institution
  • Personal Lines Insurance

Exam of 3 pages for the course Personal lines insurance at Personal lines insurance (NJ Personal Lines)

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  • August 8, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Personal lines insurance
  • Personal lines insurance
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julianah420
NJ Personal Lines


Risk - 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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