NJ TITLE GUARANTEED ANSWERS
EXAM WITH 100%
,NJ TITLE GUARANTEED ANSWERS
EXAM WITH 100%
Penalty for failure to maintain on file agency contracts and employment contracts - CORRECT
ANSWERS$100 per contract
Penalty for failure to notify the State of addition or deletion of more than 10% of officers, directors, and
partners - CORRECT ANSWERS$250
Penalty for failure by an employing producer, insurer, or other custodian to return a license - CORRECT
ANSWERS$500
Maximum penalties for Fraud - CORRECT ANSWERS$15,000
person who is authorized to perform certain legally binding act's on a principal's behalf - CORRECT
ANSWERSagent
An insurance agent is defined as an individual who transacts business on behalf of a _______ - CORRECT
ANSWERSa client
Knowingly making false statements which are derogatory against and meant solely to injure another -
CORRECT ANSWERSdefamation
Type of authority that is either stated orally or in writing and allows an agent to act on behalf of the
insurance company - CORRECT ANSWERSexpress authority
Type of authority holds an agent has when any reasonable person assumes the agent has - CORRECT
ANSWERSapparent authority
The chance or uncertainty of loss - CORRECT ANSWERSrisk
, Conditions and ground rules for a policy specify - CORRECT ANSWERSobligations and responsibilities for
the insurer and the insured
The insuring agreement of a property insurance policy includes - CORRECT ANSWERSpromise made by
the insurance company to the insured to provide coverage
Insurable Interest means - CORRECT ANSWERStype of investment that protects anything subject to a
financial loss
A loss for which there is no protection under insurance policy terms - CORRECT ANSWERSexclusion
Modified Whole Life Policies - CORRECT ANSWERSThe premium is lower than normal during the early
years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal property on a
named peril basis - CORRECT ANSWERSDP - 3
In a level term life policy, _______ always remains constant - CORRECT ANSWERSdeath benefit
This is excluded on DP - 3 coverage - CORRECT ANSWERSIce damage to homes
Dwelling Property Policy's cover - CORRECT ANSWERSmountain vacation homes used on weekends and
summers
DP - 1 basic policy covers - CORRECT ANSWERSLightning Strikes and Not Earthquakes
Grace periods protect policy holders from - CORRECT ANSWERSunintentional lapses of the policy
Dwelling Policy conditions describe how an insurance company - CORRECT ANSWERShas the option to
repair to pre-loss conditions
EXAM WITH 100%
,NJ TITLE GUARANTEED ANSWERS
EXAM WITH 100%
Penalty for failure to maintain on file agency contracts and employment contracts - CORRECT
ANSWERS$100 per contract
Penalty for failure to notify the State of addition or deletion of more than 10% of officers, directors, and
partners - CORRECT ANSWERS$250
Penalty for failure by an employing producer, insurer, or other custodian to return a license - CORRECT
ANSWERS$500
Maximum penalties for Fraud - CORRECT ANSWERS$15,000
person who is authorized to perform certain legally binding act's on a principal's behalf - CORRECT
ANSWERSagent
An insurance agent is defined as an individual who transacts business on behalf of a _______ - CORRECT
ANSWERSa client
Knowingly making false statements which are derogatory against and meant solely to injure another -
CORRECT ANSWERSdefamation
Type of authority that is either stated orally or in writing and allows an agent to act on behalf of the
insurance company - CORRECT ANSWERSexpress authority
Type of authority holds an agent has when any reasonable person assumes the agent has - CORRECT
ANSWERSapparent authority
The chance or uncertainty of loss - CORRECT ANSWERSrisk
, Conditions and ground rules for a policy specify - CORRECT ANSWERSobligations and responsibilities for
the insurer and the insured
The insuring agreement of a property insurance policy includes - CORRECT ANSWERSpromise made by
the insurance company to the insured to provide coverage
Insurable Interest means - CORRECT ANSWERStype of investment that protects anything subject to a
financial loss
A loss for which there is no protection under insurance policy terms - CORRECT ANSWERSexclusion
Modified Whole Life Policies - CORRECT ANSWERSThe premium is lower than normal during the early
years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal property on a
named peril basis - CORRECT ANSWERSDP - 3
In a level term life policy, _______ always remains constant - CORRECT ANSWERSdeath benefit
This is excluded on DP - 3 coverage - CORRECT ANSWERSIce damage to homes
Dwelling Property Policy's cover - CORRECT ANSWERSmountain vacation homes used on weekends and
summers
DP - 1 basic policy covers - CORRECT ANSWERSLightning Strikes and Not Earthquakes
Grace periods protect policy holders from - CORRECT ANSWERSunintentional lapses of the policy
Dwelling Policy conditions describe how an insurance company - CORRECT ANSWERShas the option to
repair to pre-loss conditions
