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Exam (elaborations)

NJ Property Producer Exam Practice Questions All Solved.
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Dwelling Property Coverage - Answer • A: Dwelling • B: Other Structures (10% of Coverage A) • C: Personal property on premises, off premise covered at 10% • D: fair rental value • E: additional living expense • Coverage E is included with DP-2 and DP-3. It can be added to DP-1 b...

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Document information

  • November 10, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • dwelling property coverage

Written for

  • NJ Title Producer
  • NJ Title Producer

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NJ Property Producer Exam Practice
Questions All Solved.
Dwelling Property Coverage - Answer • A: Dwelling

• B: Other Structures (10% of Coverage A)

• C: Personal property on premises, off premise covered at 10%

• D: fair rental value

• E: additional living expense

• Coverage E is included with DP-2 and DP-3. It can be added to DP-1 by endorsement.



DP-1 - Answer "Basic Form" of Dwelling Policy.



Covers direct physical loss to property caused by only three perils: fire, lightning, and internal explosion
(coverage for other perils can be added by endorsement).



- Actual Cash Value (ACV)



DP-1 Other Coverages - Answer • Debris Removal

• Property Removed - 5 Days

• Reasonable Repairs

• Tenants Improvements (10% of coverage C)

• Fire Department Service Charge - $500 (no deductible)

• Worldwide personal property (10% of coverage C)



DP-2 and DP-3 - Answer All basic other coverages

Trees, shrubs, and plants

• Maximum of $500 each

• Total—5% of Coverage A

Collapse—caused by a covered peril

, Glass

Ordinance or law (10% of Coverage A)

Property removed—30 days (5 days DP-1)

• Replacement Cost



Homeowners Policies - Answer • HO-2 Broad: Owner Occupant

• HO-3 Special: Owner Occupant

• HO-4 Renters

• HO-5 Comprehensive: Owner Occupant

• HO-6 Condominium

• HO-8 Modified



Homeowners Coverages - Answer Coverage A: Dwelling

Coverage B: Other Structures

Coverage C: Personal Property

Coverage D: Loss of Use



HO-2 (broad form) - Answer covers the dwelling, other structures, and personal property on a named
perils basis



HO-3 (special form) - Answer covers the dwelling and other structures on a risk-of-direct-physical loss
basis. All direct physical losses are covered except those losses specifically excluded. Personal property is
covered on a named perils basis



HO-4 (contents broad form) - Answer The Contents Broad Form is also known as the renter's or tenant
homeowners policy. It doesn't provide any coverage for the dwelling or other structures because it's
designed to insure those who are tenants. The HO-4 insures personal property under Coverage C against
loss from the 16 named broad form perils found in the HO-2 and HO-3 forms. Personal property losses
are valued on an actual cash value basis, as they are on the HO-2 and HO-3 forms.



HO-5 Comprehensive Form - Answer provides open perils coverage ("all-risks coverage") on the
dwelling, other structures and personal property.

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