NJ Property Producer Exam / Questions with Correct Answers.

NJ Property Producer Exam /
Questions with Correct
Answers.

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Basic Form



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1 DP-1 2 Dwelling Coverage C




3 Short Rate 4 Time Element Coverage Forms



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Dwelling Policy Only insures property

DP-1 Basic Form

DP-2 Broad Form
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Terms in this set (122)

, DP-3 Special Form

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

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

Dwelling Coverage C 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 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 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 Broad Form. Owner Occupied

HO-3 Special Form. Owner Occupied

HO-4 Tenants or Renters.

HO-5 Comprehensive Form (Open). Covers everything minus
named exclusions.

HO-6 Condominium Owners

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

Mobile Homes 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 Business Income. Covers loss of income and expenses due to
Forms suspension of business following a covered loss.