NJ Property Producer Exam Correctly Solved 2023.

NJ Property Producer Exam Correctly Solved 2023.Dwelling Policy - ANSWER Only insures property 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.