NJ Property Producer License
Exam Questions and Answers
100% PASS
A "certification of license status" report can be run on any currently licensed
New Jersey producer, but can only contain information on formal
disciplinary actions taken within the past—ANSWER-4 Years
What is not an additional cause of loss in broad form commercial property
policies—ANSWER-Replacement Cost
An installation floater is used to insure—ANSWER-Appliances intended to
become a permanent part of the building.
The list of lines of insurance for which there is no reasonable or adequate
market in New Jersey, as determined by the Commissioner, is known as—
ANSWER-The exportable list.
If an insurer cancels an agency contract, it must notify the Commissioner in
writing within how many days?—ANSWER-15 Days
A unique feature in a bailee form is that it covers—ANSWER-Customers'
property whether or not the insured has been negligent.
, What condition is not commonly found in insurance policies?—ANSWER-
Insuring agreement
Which method of loss valuation is contrary to the basic concept of
indemnity?—ANSWER-Replacement cost
Replacement cost is defined as—ANSWER-Full replacement of property at its
current cost, new and without reduction for depreciation.
When is coinsurance formula not applied?—ANSWER-In Total Losses
The New Jersey Insurance Underwriting Association is supported by funds
from the—ANSWER-New Jersey Insurance Development Fund.
The New Jersey Commercial Insurance Deregulation Act requires insurers to
file rates and any changes or amendments with the Commissioner no later
than—ANSWER-30 days after becoming effective.
An insured's business is damaged because of a fire, and he is forced to close
the business temporarily for repairs. As a result, the insured lost income.
What type of loss is this?—ANSWER-Consequential
During renovations to a home, a roof opening is left exposed. A heavy
rainstorm causes $20,000 of damage to the interior of the home. How much
would the HO-2 policy pay for damages?—ANSWER-Nothing
The removal coverage that is included in the broad form dwelling policy will
cover property temporarily removed from the premises to protect it from
damage for how long?—ANSWER-30 Days
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
Exam Questions and Answers
100% PASS
A "certification of license status" report can be run on any currently licensed
New Jersey producer, but can only contain information on formal
disciplinary actions taken within the past—ANSWER-4 Years
What is not an additional cause of loss in broad form commercial property
policies—ANSWER-Replacement Cost
An installation floater is used to insure—ANSWER-Appliances intended to
become a permanent part of the building.
The list of lines of insurance for which there is no reasonable or adequate
market in New Jersey, as determined by the Commissioner, is known as—
ANSWER-The exportable list.
If an insurer cancels an agency contract, it must notify the Commissioner in
writing within how many days?—ANSWER-15 Days
A unique feature in a bailee form is that it covers—ANSWER-Customers'
property whether or not the insured has been negligent.
, What condition is not commonly found in insurance policies?—ANSWER-
Insuring agreement
Which method of loss valuation is contrary to the basic concept of
indemnity?—ANSWER-Replacement cost
Replacement cost is defined as—ANSWER-Full replacement of property at its
current cost, new and without reduction for depreciation.
When is coinsurance formula not applied?—ANSWER-In Total Losses
The New Jersey Insurance Underwriting Association is supported by funds
from the—ANSWER-New Jersey Insurance Development Fund.
The New Jersey Commercial Insurance Deregulation Act requires insurers to
file rates and any changes or amendments with the Commissioner no later
than—ANSWER-30 days after becoming effective.
An insured's business is damaged because of a fire, and he is forced to close
the business temporarily for repairs. As a result, the insured lost income.
What type of loss is this?—ANSWER-Consequential
During renovations to a home, a roof opening is left exposed. A heavy
rainstorm causes $20,000 of damage to the interior of the home. How much
would the HO-2 policy pay for damages?—ANSWER-Nothing
The removal coverage that is included in the broad form dwelling policy will
cover property temporarily removed from the premises to protect it from
damage for how long?—ANSWER-30 Days
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
