Exam (elaborations)
EXAMFX NJ Property & Casualty Q&A Questions and Answers 2024
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EXAMFX NJ Property & Casualty Q&A
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EXAMFX NJ Property & Casualty Q&AFor the purpose of insurance, risk is defined as - answer The uncertainty or chance of
loss
What significance did Paul vs. Virginia have on the insurance industry? - answer It was
decided that insurance was not interstate commerce and could not be regulated by the
federal government
The War, Military Act, and Terrorism Exclusion will only apply to an incident of terrorism
in which the total of insured damage to all types of property in the United States, its
territories and possessions, Puerto Rico and Canada exceeds what amount? -
answer$25,000,000
If a producer has been convicted of a crime, he or she must notify the Commissioner
within - answer30 days
Which part of an insurance policy covers claims-related expenses, reasonable
expenses incurred by an insured to protect damaged property from further loss, or
defense expenses? - answerAdditional coverage
The removal coverage included in the broad form dwelling policy will cover property
temporarily removed from the premises to protect it from damage for how long? -
answer30 days
The part of a property policy that shows the amount of insurance, premium, and policy
term is the - answerDeclarations
Insurers that are authorized to write basic property insurance in New Jersey must
impose a ___ surcharge on basic property insurance policies. - answer5%
Which of the following homeowners forms is designed to provide named peril coverage
for personal property to individuals who rent an apartment? - answerHO-4
If a person violates a cease and desist order, the Commissioner can turn the matter
over to the New Jersey Superior Court for further legal action and can assess a fine for
each violation of up to - answer$5,000
The New Jersey Commercial Insurance Deregulation Act requires insurers to file rates
and any changes or amendments with the Commissioner no later than - answer30 days
before becoming effective
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