NJ Casualty Test 2023 Questions and Answers 100% Correct

when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER-Doctrine of reasonable expectations Doctrine of Reasonable Expectations - ANSWER-States: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. Which is not an agent's responsibility to the insured? - ANSWER-Settling and paying claims A women slips and falls on icy steps and breaks her leg. What may be a peril in this situation ? - ANSWER-The fall peril - ANSWER-cause of loss Part of the policy that can void the policy if they are breached, weather the breach was intended or not? - ANSWER-Warranties An insured's attempt to mitigate risk ? - ANSWER-Reduction Type of Insurance the government may step in to provide that is not ordinarily available for private insurers? - ANSWER-Residual Market One party of the contract has greater power over the other in drafting the contract. - ANSWER-Contract of adhesion Personal Insurance contract - ANSWER-An insurance contract insures the person who owns the property, not the actual property itself Excess Line carriers - ANSWER-Non-admitted/unlicensed carrier who is held to different regulations than other carriers. Protects insurance companies from catastrophic losses and from wild fluctuations in underwriting results - ANSWER-reinsurance Contract Against Public Policy is not enforceable due to what part of contract - ANSWER-legal purpose tort - ANSWER-a wrongful act or an infringement of a right leading to legal liability.