Exam (elaborations)
NJ Property Producer License Questions and Answers 2024
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NJ Property Producer License
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NJ Property Producer LicenseA "certification of license status" report can be run on any currently licensed New Jersey
producer, but can only contain information on formal disciplinary actions taken within the
past - answer4 Years
What is not an additional cause of loss in broad form commercial property policies -
answer Replacement Cost
An installation floater is used to insure - answer Appliances intended to become a
permanent part of the building.
The list of lines of insurance for which there is no reasonable or adequate market in
New Jersey, as determined by the Commissioner, is known as - answerThe exportable
list.
If an insurer cancels an agency contract, it must notify the Commissioner in writing
within how many days? - answer15 Days
A unique feature in a bailee form is that it covers - answerCustomers' property whether
or not the insured has been negligent.
What condition is not commonly found in insurance policies? - answerInsuring
agreement
Which method of loss valuation is contrary to the basic concept of indemnity? -
answerReplacement cost
Replacement cost is defined as - answerFull replacement of property at its current cost,
new and without reduction for depreciation.
When is coinsurance formula not applied? - answerIn Total Losses
The New Jersey Insurance Underwriting Association is supported by funds from the -
answerNew Jersey Insurance Development Fund.
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
after becoming effective.
, An insured's business is damaged because of a fire, and he is forced to close the
business temporarily for repairs. As a result, the insured lost income. What type of loss
is this? - answerConsequential
During renovations to a home, a roof opening is left exposed. A heavy rainstorm causes
$20,000 of damage to the interior of the home. How much would the HO-2 policy pay for
damages? - answerNothing
The removal coverage that is 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
Besides the peril of earthquake, which other peril is covered by the earthquake cause of
loss form under a commercial property policy? - answerVolcanic eruption
What policy covers a carrier for liability for loss to cargo while it is being transported in a
truck? - answerMotor truck cargo policy - carriers form
A commercial package policy (CPP) allows the insured to select the coverage needed
and customize the policy to meet the needs of the insured's business. What is not
available in a CPP? - answerWorkers compensation coverage
What is an example of what would be covered under the Utility Services - Time Element
endorsement? - answerLoss of business income arising from loss of utility service
caused by an insured peril
When transacting business in this state an insurer formed under the laws of another
country is known as a/an - answerAlien insurer.
If an insurer and insured have a dispute about whether a particular loss is covered
under a policy, which authority will settle the dispute? - answerCourt System
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 declarations page of the homeowners policy does not include - answerA statement
that earthquake damage is not covered
A specific coverage part is listed on the commercial package policy declarations page,
but there is no premium shown. What does that mean? - answerThere is no coverage.
A producer was found guilty of a 3rd violation of the Insurance Code. What would be the
monetary penalty he will have to pay - answer$10,000
The pro rata liability clause is designed to protect the principle of - answerIndemnity
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