Exam (elaborations)
NJ Title Exam Questions and Answers Rated A+
- Course
- Institution
Exam of 13 pages for the course Nj property and casualty at Nj property and casualty (NJ Title Exam)
[Show more]
Content preview
NJ Title ExamAn insurance agent is defined as an individual who transacts business on behalf of a
_______ - answer a client
Knowingly making false statements which are derogatory against and meant solely to
injure another - answer defamation
Type of authority that is either stated orally or in writing and allows an agent to act on
behalf of the insurance company - answer express authority
Type of authority holds an agent has when any reasonable person assumes the agent
has - answer apparent authority
The chance or uncertainty of loss - answer risk
Conditions and ground rules for a policy specify - answer obligations and responsibilities
for the insurer and the insured
The insuring agreement of a property insurance policy includes - answerpromise made
by the insurance company to the insured to provide coverage
Insurable Interest means - answertype of investment that protects anything subject to a
financial loss
A loss for which there is no protection under insurance policy terms - answerexclusion
Modified Whole Life Policies - answerThe premium is lower than normal during the early
years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis - answerDP - 3
In a level term life policy, _______ always remains constant - answerdeath benefit
This is excluded on DP - 3 coverage - answerIce damage to homes
Dwelling Property Policy's cover - answermountain vacation homes used on weekends
and summers
DP - 1 basic policy covers - answerLightning Strikes and Not Earthquakes
, Grace periods protect policy holders from - answerunintentional lapses of the policy
Dwelling Policy conditions describe how an insurance company - answerhas the option
to repair to pre-loss conditions
The policy and application constitute the complete agreement between the policyowner
and the insurance company - answerEntire Contract Provision
Is switching the policy from one insured top another an ownership right? - answerNO.
Under the misstatement of age provision, what happens if it is determined at death that
the insured's age or gender was misstated on a life insurance policy application -
answerBenefits are adjusted to an amount that the premium would have purchased at
the correct age or gender
______ is NOT a nonforfeiture option available in a Whole Life Policy -
answerAccumulation at interest
During the first 60 days an automobile policy is in force, when may an insurer cancel the
policy? - answerby a statement of the specific reason
These are not covered by title insurance - answerExclusions
These outline the relationships between insurance companies and the insured -
answerConditions
Temporary transfer of title to insurance companies for litigation purposes -
answersubrogation
This schedule contains policy number, amount, dates, company info, legal descriptions
of property - answerSchedule A
This schedule identifies exemptions that carry over and how they may have been
satisfied. IE gaps in time, lack of signatures on old documents - answerSchedule B
Temporary Work Certificates last for - answer6 months
This tenancy has right of survivorship - answerJoin Tenancy
ABC -> AB-> A -> D/E - answerJoint Tenancy
These affect Joint Tenancies - answerTime, Title, Interest, Possession
Tenancy in severalty - answerreal estate ownership by only one
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now