NJ Property Producer Exam
$5,000 - ANS-Fraud Fines
$5,000 for first offence and up to $10,000 for each subsequent violation. - ANS-Penalties from
the Commiccioner
168 Hours - ANS-How many hours for an Earthquake occurrence?
180 days - ANS-How long does a temporary insurance license last?
A federal law giving an applicant for insurance the right to contact a credit reporting agency
doing a credit check and be advised about information that may effect the granting of credit. -
ANS-Fair Credit Reporting Act
A provision in an insurance policy requiring the insured to pay a flat amount before the insurer
will make any benefit payments. - ANS-Deductible
Accident, including continuous or repeated exposure to the same general harmful conditions. -
ANS-Occurence
Added by endorsement - ANS-Additional Insured
Additional Living Expense- Included in DP-2 & DP-3 and pays for additional living expenses the
insured incurs after a loss. DP-1 by endorsement. - ANS-Dwelling Coverage E
An unforeseen. unintended event. - ANS-Accident
Attaches immediately upon the occurrence or loss - ANS-Primary Insurance
Basic Form - ANS-DP-1
Believed to be true - ANS-Representations
Broad Form - ANS-DP-2
Broad Form. Owner Occupied - ANS-HO-2
Business Income. Covers loss of income and expenses due to suspension of business following
a covered loss. - ANS-Time Element Coverage Forms
By definition - ANS-Insureds
, By endorsement to a DP or HO policy. Can be a separate policy. Insures home, other structures
(10%) and contents. Personal property - 40% of coverage. Permanent Foundation. -
ANS-Mobile Homes
Carelessness - ANS-Morale Hazard
Chance of loss only; insurable - ANS-Pure Risk
Chance of loss or gain; Not insurable - ANS-Speculative Risk
Changes to the original policy - ANS-Endorsements
Company and insured pay their own appraiser. Appraisers get an umpire if they can't agree
(cost shared). Agreement of any two of the three determines the amount. - ANS-Appraisal
conditions
Comprehensive Form (Open). Covers everything minus named exclusions. - ANS-HO-5
Condominium Owners - ANS-HO-6
Conducted when there is reason to believe that a person has been engaged in or is engaging in
any unfair method of competition or any unfair or deceptive act. Commissioner will give notice to
whomever is involved. - ANS-Notice and Hearing of the Commissioner
Consequence of physical loss - ANS-Indirect Loss
Contents remain but no people. No loss coverage. - ANS-Unoccupancy
Covers the insured for losses that cause injury or property damage to another person and which
the insured is found to be legally responsible. - ANS-Liability
Created in 1968 to offer flood insurance to eligible communities. - ANS-National Flood
Insurance Program (NFIP)
Currently licensed in another state with good standing.
Submitted the proper request for licensure and paid required fees.
Whose home state awards nonresidents insurance producer licenses to residents of NJ on the
same basis. - ANS-Non-resident Completed Applications Contain:
Detailed proof of loss - ANS-Duties of the Insured: Complete
Disagreement about other areas of the loss. - ANS-Arbitration
$5,000 - ANS-Fraud Fines
$5,000 for first offence and up to $10,000 for each subsequent violation. - ANS-Penalties from
the Commiccioner
168 Hours - ANS-How many hours for an Earthquake occurrence?
180 days - ANS-How long does a temporary insurance license last?
A federal law giving an applicant for insurance the right to contact a credit reporting agency
doing a credit check and be advised about information that may effect the granting of credit. -
ANS-Fair Credit Reporting Act
A provision in an insurance policy requiring the insured to pay a flat amount before the insurer
will make any benefit payments. - ANS-Deductible
Accident, including continuous or repeated exposure to the same general harmful conditions. -
ANS-Occurence
Added by endorsement - ANS-Additional Insured
Additional Living Expense- Included in DP-2 & DP-3 and pays for additional living expenses the
insured incurs after a loss. DP-1 by endorsement. - ANS-Dwelling Coverage E
An unforeseen. unintended event. - ANS-Accident
Attaches immediately upon the occurrence or loss - ANS-Primary Insurance
Basic Form - ANS-DP-1
Believed to be true - ANS-Representations
Broad Form - ANS-DP-2
Broad Form. Owner Occupied - ANS-HO-2
Business Income. Covers loss of income and expenses due to suspension of business following
a covered loss. - ANS-Time Element Coverage Forms
By definition - ANS-Insureds
, By endorsement to a DP or HO policy. Can be a separate policy. Insures home, other structures
(10%) and contents. Personal property - 40% of coverage. Permanent Foundation. -
ANS-Mobile Homes
Carelessness - ANS-Morale Hazard
Chance of loss only; insurable - ANS-Pure Risk
Chance of loss or gain; Not insurable - ANS-Speculative Risk
Changes to the original policy - ANS-Endorsements
Company and insured pay their own appraiser. Appraisers get an umpire if they can't agree
(cost shared). Agreement of any two of the three determines the amount. - ANS-Appraisal
conditions
Comprehensive Form (Open). Covers everything minus named exclusions. - ANS-HO-5
Condominium Owners - ANS-HO-6
Conducted when there is reason to believe that a person has been engaged in or is engaging in
any unfair method of competition or any unfair or deceptive act. Commissioner will give notice to
whomever is involved. - ANS-Notice and Hearing of the Commissioner
Consequence of physical loss - ANS-Indirect Loss
Contents remain but no people. No loss coverage. - ANS-Unoccupancy
Covers the insured for losses that cause injury or property damage to another person and which
the insured is found to be legally responsible. - ANS-Liability
Created in 1968 to offer flood insurance to eligible communities. - ANS-National Flood
Insurance Program (NFIP)
Currently licensed in another state with good standing.
Submitted the proper request for licensure and paid required fees.
Whose home state awards nonresidents insurance producer licenses to residents of NJ on the
same basis. - ANS-Non-resident Completed Applications Contain:
Detailed proof of loss - ANS-Duties of the Insured: Complete
Disagreement about other areas of the loss. - ANS-Arbitration
