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NJ Property Producer Exam Practice Questions and Answers 100% Solved
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NJ Property Producer Exam Practice
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NJ Property Producer Exam PracticeDwelling 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 - answerAll 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 - answerCoverage A: Dwelling
Coverage B: Other Structures
Coverage C: Personal Property
, Coverage D: Loss of Use
HO-2 (broad form) - answercovers the dwelling, other structures, and personal property
on a named perils basis
HO-3 (special form) - answercovers 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) - answerThe 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 - answerprovides open perils coverage ("all-risks
coverage") on the dwelling, other structures and personal property.
HO-6 (unit owners form) - answerDesigned for the owners of condominium units and
cooperative apartments.
Covers personal property on a named perils basis.
A minimum of $5,000 of insurance is also provided on the condominium unit that covers
improvements and additions.
HO-8 (modified coverage form) - answerdesigned for older homes. Dwelling and other
structures are based on the amount required to repair or replace using common
construction materials and methods
Mobile Home Insurance - answer• Endorsement to a dwelling or homeowners policy
• Can be separate policy
• Insures the home, other structures (10%), and contents
• Personal property- 40% of dwelling coverage
• Loss of use -20%
• Permanent foundation
Commercial Property Policy must include - answer• The commercial property
declarations form
• The commercial property conditions form;
• One or more commercial property coverage forms
• The cause of loss form; and
• Other mandatory endorsements
Commercial Property Coverage Forms - answer• Building and personal property
• Builders risk
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