Nj Psi Property And Casualty Study Guide 2026 Verified Questions And Detailed Answers Graded A+

NJ PSI PROPERTY AND CASUALTY STUDY
GUIDE 2026 VERIFIED QUESTIONS AND
DETAILED ANSWERS GRADED A+

⩥ DP-1.
Answer: Basic Form


⩥ DP-2.
Answer: Broad Form


⩥ DP-3.
Answer: Special Form


⩥ Dwelling Coverage A.
Answer: Dwelling- Covers dwelling, structures attached to dwelling, and
materials/supplies for the dwelling.


⩥ Dwelling Coverage B.
Answer: Other Structures- Insures buildings on premise but separate
from the dwelling.


⩥ Dwelling Coverage C.

,Answer: Personal Property- Covers the insured's personal property and
must be requested. If rental property, a tenant's property is not covered.


⩥ Dwelling Coverage D.
Answer: Fair Rental Value- Covers insured in the event a covered loss
makes the rental portion of a property unfit for normal use.


⩥ Dwelling Coverage E.
Answer: 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.


⩥ HO-2.
Answer: Broad Form. Owner Occupied


⩥ HO-3.
Answer: Special Form. Owner Occupied


⩥ HO-4.
Answer: Tenants or Renters.


⩥ HO-5.

, Answer: Comprehensive Form (Open). Covers everything minus named
exclusions.


⩥ HO-6.
Answer: Condominium Owners


⩥ HO-8.
Answer: Modified form. For special Risks. Think Antique homes.


⩥ Mobile Homes.
Answer: 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.


⩥ Time Element Coverage Forms.
Answer: Business Income. Covers loss of income and expenses due to
suspension of business following a covered loss.


⩥ Commercial Package Policy (CPP).
Answer: Must have at least 2 kinds of coverage.


⩥ CPP's can't contain:.