NJ Property Casualty Insurance Exam Set Questions and Answers (100 ... file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Property%
NJ Property/ Casualty Insurance Exam Set
Questions & Answers
1. Why was the commercial Insurance Deregulation Act Created?
Answer To protect the public from the adverse effects of excessive, inadequate, &
unfair discriminatory rates & marketing practices
2. Which policies issued must follow the provisions of the Commercial Insur-
ance Deregulation Act?
Answer Commercial policies
3. When must rate amendments & policy forms be filed with the commission-
er?
Answer 30 days before
4. What losses are excluded from flood insurance?
Answer -Landslides
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,NJ Property Casualty Insurance Exam Set Questions and Answers (100 ... file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Property%
-Sewer backup
-Windblown Rain
-Snow
-Sleet
5. Who administers the NFIP?
Answer Federal Insurance Administration (FIA)
6. What does the NFIP stand for?
Answer National Flood Insurance Program
7. Why was the National Flood insurance Program constructed?
Answer to fill in gaps of flood coverage by the private sector
8. What are the 3 NFIP requirements for coverage?
Answer -community land manage- ment & flood control programs must reduce
flood losses in the future
-Flood insurance required in specific flood prone areas as a condition for receiving
loans through/ backed by the federal government
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,NJ Property Casualty Insurance Exam Set Questions and Answers (100 ... file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Property%
-Property owners that fail to purchase flood insurance within 1 year after it is
available will not be eligible for full disaster relief funding. It will be reduced by an
amount of insurance that could have been purchased
9. What is the NFIP max coverage for a single family?
Answer Building $250K, Contents
$100K
10. What is the NFIP max coverage for other residential?
Answer Building $250K, Contents $100K
11. What is the NFIP max coverage for small business?
Answer Building $500K, Con- tents $500K
12. What is the NFIP max coverage for Other Non-Residential?
Answer Building $500k, Contents $500K
13. What is the NFIP subsidized rate for a single family?
Answer Building $35K, Con- tents $10K
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,NJ Property Casualty Insurance Exam Set Questions and Answers (100 ... file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Property%
14. What is the NFIP subsidized rate for Other Residential?
Answer Building $100K , Contents $100K
15. What is the NFIP subsidized rate for small businesses?
Answer Building $100K, Contents $100K
16. What is the NFIP subsidized rate for other non-residential?
Answer Building $100K, Contents $100K
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