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Types of Property Policies NJ- Property Insurance 2024 -EXAMFX Questions and Answers 2024
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Types of Property Policies NJ- Property Insurance 2024 -EXAMFX
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Types of Property Policies NJ- PropertyInsurance 2024 -EXAMFX
Additional Conditions found in business income coverage - answer appraisal
duties in the event of a loss
coinsurance
loss determination
Declaration Page- Optional Coverage will apply
(ON STATE EXAM) - answer agreed value-To activate the coverage, the insured must
complete a business income report business financial date for previous 12 months &
estimate for next 12 months (ON STATE EXAM)
Extra expense coverage form - answer covers consequential losses
example: types of businesses may require extra expense coverage form may include
newspapers and hospitals which must continue to operate after a loss
Alterations and new buildings (ON STATE EXAM) - answer policy will pay for any extra
expenses the insurer sustains bc of direct loss to new buildings or structures complete
or under construction, alterations and additions, or any machinery, equipment, or
supplies locate w/in
100 FEET (ON STATE EXAM)
Limits of loss payment - answer3 percentages that apply to the total limit of insurance.
Each % represents periods of time:
1st % - 30 days of less
2nd %- 31 to 60 days
3rd % - more than 60 days
Loss determination - answeramount of xtra expense will determine based on all
expenses that exceed normal operation expenses incurred during restoration if no loss
occurred.
for example: insured's business depends on a particular supplier, and loss or damage
causes the supplier to temporarily suspend operations, insured's business will suffer a
loss also.
Commercial Package Policy (CPP) - answerintroduced in 1986 to replace special
multiple policy & other related monoline policies
components commercial policy - answer1. comm'l property, 2. general liability, 3. crime,
4. equipment breakdown (boiler & machinery), 5. auto, 6. inland marine, 7. farm
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