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An 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 writi...

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  • November 10, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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NJ Title Exam Questions With
Guaranteed Pass Solutions.
An 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 - Answer promise made by the
insurance company to the insured to provide coverage



Insurable Interest means - Answer type of investment that protects anything subject to a financial loss



A loss for which there is no protection under insurance policy terms - Answer exclusion



Modified Whole Life Policies - Answer The 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 - Answer DP - 3



In a level term life policy, _______ always remains constant - Answer death benefit



This is excluded on DP - 3 coverage - Answer Ice damage to homes



Dwelling Property Policy's cover - Answer mountain vacation homes used on weekends and summers



DP - 1 basic policy covers - Answer Lightning Strikes and Not Earthquakes



Grace periods protect policy holders from - Answer unintentional lapses of the policy



Dwelling Policy conditions describe how an insurance company - Answer has the option to repair to
pre-loss conditions



The policy and application constitute the complete agreement between the policyowner and the
insurance company - Answer Entire Contract Provision



Is switching the policy from one insured top another an ownership right? - Answer NO.



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 - Answer Benefits 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 - Answer Accumulation at interest



During the first 60 days an automobile policy is in force, when may an insurer cancel the policy? - Answer
by a statement of the specific reason



These are not covered by title insurance - Answer Exclusions

, These outline the relationships between insurance companies and the insured - Answer Conditions



Temporary transfer of title to insurance companies for litigation purposes - Answer subrogation



This schedule contains policy number, amount, dates, company info, legal descriptions of property -
Answer Schedule 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 - Answer Schedule B



Temporary Work Certificates last for - Answer 6 months



This tenancy has right of survivorship - Answer Join Tenancy



ABC -> AB-> A -> D/E - Answer Joint Tenancy



These affect Joint Tenancies - Answer Time, Title, Interest, Possession



Tenancy in severalty - Answer real estate ownership by only one



devises - Answer Also, preresiduary gift. A gift of real property by will. Under the Uniform Probate
Code, a gift of personal or real property by will.



Tenancy in Common - Answer Co-ownership of property in which each party owns an undivided
interest that passes to his or her heirs at death.



Tenancy by the Entirety - Answer The joint ownership, recognized in some states, of property acquired
by husband and wife during marriage. Upon the death of one spouse, the survivor becomes the owner
of the property.

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