Exam (elaborations)
NJ Property Questions and Answers
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Exam of 5 pages for the course Nj property and casualty at Nj property and casualty (NJ Property)
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NJ PropertyRisk - answer Chance of loss
Peril - answer Cause of loss
adverse selection - answer high risk trying to buy insurance
Hazards - answer Moral - drinking, Morale - Locking, Physical - Ice
Risk Management - answer Avoid, Control(reduce), share(pooling), retain(do nothing),
transfer(insurance)
Utility Services - Direct Damages - answer Interruption
Utility Services - Time Element - answer loss over time
HNOA - answerBI and Property damages due to auto from insured or employees
BOP - Fungus/mold/rot - answercovered if resulted from a loss
All the following are generally eligible for a business owners policy (BOP) EXCEPT -
answera manufacturer leasing 10,000 square feet of spaces
insurance policy involves legally enforceable promises by which party or parties -
answerthe insurer only
Bob, needs to purchase insurance through the nonadmitted market and your agency
doesn't represent any nonadmitted insurers. What type of insurance broker do you
contact to help you place Bob's insurance? - answera wholesale broker
NFIP, which of the following properties would most likely be covered under the general
property form for residential buildings? - answerThe general property form is used for
both residential and nonresidential properties. When applied to residential buildings, it
can cover apartment buildings, assisted-living facilities (distinct from nursing homes),
and hotels and motels with more than four units where the normal guest occupancy is at
least six months.
All of the following are reasons to own a dwelling policy rather than a homeowners
policy EXCEPT: - answerthe insured wants liability as well as property coverage
, Which statement is true about the members of the New Jersey Insurance Underwriting
Association? - answerThey collect a premium surcharge of up to 5% to support the
Association.
Which of the following correctly describes the sublimits (if any) to losses of business
equipment under a homeowners policy? - answerCoverage for business property on the
premises is limited to $2,500; away from the premises the limit is $1,500.
What businessowners policy (BOP) endorsement provides coverage for loss of
business income and extra expenses incurred if the described location suffers an
interruption of electrical service? - answerUtility Services - Time Element
are covered under a standard unendorsed dwelling policy EXCEPT: - answerTheft
opens an insurance agency in New Jersey. To get the name of his business approved
for use, he had to do all of the following EXCEPT: - answerfile the name of his business
with the state before getting approval from the Commissioner
insurance agent mistakenly tells policyholder Jerry that his boat is covered under a
policy the agent recently sold him. Jerry's boat is damaged in a storm and he learns his
boat is not covered when he files a claim. Will the insurer pay this claim? - answerYes,
because the agent legally represents the insurer.
The lead agency created by the New Jersey Fraud Prevention Act to investigate and
prosecute criminal acts of fraud is the: - answerOffice of Insurance Fraud Prosecutor
On an unendorsed homeowners policy, loss to personal property, structures that are not
buildings, grave markers, and household appliances are settled on an actual cash value
basis. - answerPool: ACV
If Commissioner finds that someone has committed fraud, he or she may impose a fine
of up to how much for a first violation? - answer$5,000
To qualify as property under the Nationwide Inland Marine Definition, all of the following
are true EXCEPT: - answerproperty must be manufactured goods
All of the following are commercial property conditions in a commercial property
insurance policy EXCEPT: - answerarbitration
Which of the following acts constitutes insurance fraud - answertelling lies that lead to
the sale of an insurance policy
In order to be eligible for coverage on an inland marine policy, property must be in
transit or bear some other relationship to transportation or communication, as stipulated
in the: - answerNationwide Inland Marine Definition
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