Exam (elaborations)
Final Exam Questions Property and Casualty - NJ STATE EXAM WITH STUDY GUIDE EXAM
- Course
- Institution
Final Exam Questions Property and Casualty - NJ STATE EXAM WITH STUDY GUIDE EXAM
[Show more]
1 review
By: Americannursingaassociation • 16 hours ago
Content preview
Final Exam Questions Property and Casualty - NJ STATEEXAM WITH STUDY GUIDE EXAM 2024-2025
personal auto policy (PAP) (LMPDA/IMCONOV/BIPBIOPDO/10D/20D)
......answer.....provides protection for liability, medical payments, and damage to
the automobile for individuals and married couples and their owned and
nonowned vehicles; most widely used personal lines auto contract in US and
Alabama, limits of liability always written as BI per person, BI per occurrence, and
PD per occurrence; cancellation notices include 10 days after receiving for
nonpayment and 20 days after receiving for other reason;(cancellation applied
differently to policies under Assigned Risk plan, policies with 4 or more autos,
and policies insuring vehicles over 1,500 lbs or used in insured's business)
exclusions VMM (DG/T/B/L/E/VP) ......answer.....exclusions include damage to
glass, theft, burglary, larceny, explosion, and vacant premises if left for more than
60 days
umbrella liability coverage ......answer.....liability insurance that provides higher
limits for biz, orgs, and individuals and supplements basic liability coverage
(limits not same for all covered losses, certain losses excluded by primary
contracts covered, this becomes primary when underlying coverage exhausted)
,common exclusions to special open perils cause of loss form
(FDVUS/TITDUC/W/GELWTDMBSRSVF/SSBED/LAOI/C) ......answer.....freezing
damage to vacant, unoccupied structures (unless reasonable care has been taken
or to fences, pavement, patios, etc); theft in or to a dwelling under construction;
wind damage items like outside antenna and other such items; gradual and
expected losses such as wear and tear, deterioration, inherent vice, latent defect,
mechanical breakdown, smog, rust, etc; smoke, vapor, fumes, etc occurring over
a long period of time; settling, shrinking, bulging or expansion damage caused by
normal actions of this nature; losses caused by animals owned by insured;
collapse from most other causes
consultant ......answer.....a type of insurance person who does not actually sell
insurance but sells advice about insurance
commercial block policy (OPC/HVI/BC) ......answer.....generally provides open
perils coverage, items of high value, and bailee coverage (excludes protection
against employee dishonesty)
crop coverage exclusion under farm policy ......answer.....coverage designed to
cover cultivated agricultural plants like grain, vegetables, or fruit while still in
field; not eligible for coverage under farm program; damage from crop dusting
not covered
,negative equity insurance under PAP ......answer.....coverage sometimes sold by
auto dealers that covers difference in what the insurer will pay and what is owed
on the car under PAP; ex. auto covered under collision is total loss after accident,
insured owes $30,000 but actual cash value is $15,000= insurer pays $15,000
minus deductible since insured owed-ACV=amount for insurer-deductible
four L's rule (LOLA/PL/UTLII) ......answer.....rule stating that insured will collect
after a covered loss the lowest of the loss amount, the policy limit, or up to the
level of insurable interest
facultative reinsurance ......answer.....occurs in reinsurance policies when
reinsurer accepts one or all of a certain class of business from original insurer
via a prearrange treaty
reinsurance treaty ......answer.....occurs in a reinsurance policy when an entire
book of business is transferred from one insurer to another
four cause of loss forms used with commercial property policy (BBSE)
......answer.....basic, broad, special, and earthquake
vacant ......answer.....means property does not contain sufficient furnishings to
support its intended occupancy or use
, unoccupied ......answer.....means the insured property is not currently being used
but occupant intends to return
breakdown peril coverage under equipment breakdown form (FPVE/MF/EFAA)
......answer.....only peril covered under equipment breakdown; includes failure of
pressure/vacuum equipment, mechanical failure, electrical failure including
arcing and arson (excludes leakage of any valve, fitting, joint or connection)
policy format for PAP (DPD) ......answer.....declaration and policy definitions
PAP declaration page (PA/I/AC/PL/P/E) ......answer.....identifies all personal
aspects of contract, the insured, autos covered, policy limits, premiums, and
endorsements
named insured for PAP ......answer.....includes the insured and spouse if same
household
6 types of covered autos under PAP (DV/RA/NAA/TSA/TBTCA/FAUEB)
......answer.....vehicles shown in declarations, replacement auto, newly acquired
automobiles, temporary substitute autos, trailers being towed by covered auto,
furnished autos for use in employer's business covered; examples include trailer
attached to insured's auto, 1/2 ton van used on farm, and pick-up truck (on family
farm too)
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 IANNYAGA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now