NJ PSI PROPERTY AND CASUALTY 2025/2026 ANSWERS
AND QUESTIONS GRADED A+
✔✔Under Homeowners policies, Section II, the basic limit for Personal Liability
Coverage is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - ✔✔C. $100,000.
✔✔Under Section II Additional Coverage's of Homeowners policies, the insurer agrees
to pay?
A. The costs of defending a claim.
B. Premiums on bonds required in a suit.
C. Court costs.
D. All of the above. - ✔✔D. All of the above.
✔✔Under Homeowners and other policies, ACV is the abbreviation for which property
insurance valuation?
A. Approved Coverage Valuation.
B. Approximate Cash Value.
C. Actual Coverage Valuation.
D. Actual Cash Value. - ✔✔D. Actual Cash Value.
✔✔Under Homeowners and other policies, the definition of the property insurance
valuation known as Actual Cash Value (ACV) is?
A. Replacement Cost plus a cash payment.
B. Replacement Cost minus the cost of new material.
C. Replacement Cost minus depreciation.
D. Replacement Cost plus market value. - ✔✔C. Replacement Cost minus depreciation.
✔✔When dealing with jewelry, furs, or silverware, which carry special limits, a producer
should advise a client that if the value exceeds the limits specified in the policy, the
client should purchase?
A. A Scheduled Personal Property Endorsement.
B. Less Jewelry.
C. A Fine arts Endorsement.
D. Another policy. - ✔✔A. A Scheduled Personal Property Endorsement.
✔✔Under an NFIP Flood policy, the maximum amount of building coverage that can be
written on a single family property is?
A. $100,000.
B. $150,000.
C. $200,000.
, D. $250,000. - ✔✔D. $250,000.
✔✔Which of the following applies as regards either a Scheduled Personal Property
Endorsement or a Personal Articles Floater?
A. Fine arts can be covered on either a named perils or a special perils basis.
B. The personal property insured on either form is not subject to the policy deductible.
C. All personal property must be described and an amount of insurance must be shown
for each item.
D. All of the above. - ✔✔D. All of the above.
✔✔Under an NFIP Flood policy, in most cases the waiting period before an increase in
the coverage amount can be made effective is?
A. 15 days.
B. 30 days.
C. 45 days.
D. 60 days. - ✔✔B. 30 days.
✔✔All of the following are Additional Coverage's under Homeowners policies except?
A. Removal coverage for 30 days.
B. Debris removal expense.
C. Loss of use.
D. Fire department service charges. - ✔✔C. Loss of use.
✔✔Under Homeowners policies, Medical Payments do not apply to bodily injury to?
A. An insured.
B. Any person eligible to receive Workers Compensation.
C. Any person who regularly resides on the premises.
D. All of the above. - ✔✔D. All of the above.
✔✔Under homeowners policies, theft coverage does not cover theft?
A. Committed by the insured.
B. Any person eligible to receive Workers Compensation.
C. Any person who regularly resides on the premises.
D. All of the above. - ✔✔D. All of the above.
✔✔under an NFIP Flood policy, the maximum amount of personal property coverage
that can be written on a single family property is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - ✔✔C. $100,000.
✔✔Under an NFIP Flood policy, producers may issue blinders to effect flood coverage
for?
AND QUESTIONS GRADED A+
✔✔Under Homeowners policies, Section II, the basic limit for Personal Liability
Coverage is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - ✔✔C. $100,000.
✔✔Under Section II Additional Coverage's of Homeowners policies, the insurer agrees
to pay?
A. The costs of defending a claim.
B. Premiums on bonds required in a suit.
C. Court costs.
D. All of the above. - ✔✔D. All of the above.
✔✔Under Homeowners and other policies, ACV is the abbreviation for which property
insurance valuation?
A. Approved Coverage Valuation.
B. Approximate Cash Value.
C. Actual Coverage Valuation.
D. Actual Cash Value. - ✔✔D. Actual Cash Value.
✔✔Under Homeowners and other policies, the definition of the property insurance
valuation known as Actual Cash Value (ACV) is?
A. Replacement Cost plus a cash payment.
B. Replacement Cost minus the cost of new material.
C. Replacement Cost minus depreciation.
D. Replacement Cost plus market value. - ✔✔C. Replacement Cost minus depreciation.
✔✔When dealing with jewelry, furs, or silverware, which carry special limits, a producer
should advise a client that if the value exceeds the limits specified in the policy, the
client should purchase?
A. A Scheduled Personal Property Endorsement.
B. Less Jewelry.
C. A Fine arts Endorsement.
D. Another policy. - ✔✔A. A Scheduled Personal Property Endorsement.
✔✔Under an NFIP Flood policy, the maximum amount of building coverage that can be
written on a single family property is?
A. $100,000.
B. $150,000.
C. $200,000.
, D. $250,000. - ✔✔D. $250,000.
✔✔Which of the following applies as regards either a Scheduled Personal Property
Endorsement or a Personal Articles Floater?
A. Fine arts can be covered on either a named perils or a special perils basis.
B. The personal property insured on either form is not subject to the policy deductible.
C. All personal property must be described and an amount of insurance must be shown
for each item.
D. All of the above. - ✔✔D. All of the above.
✔✔Under an NFIP Flood policy, in most cases the waiting period before an increase in
the coverage amount can be made effective is?
A. 15 days.
B. 30 days.
C. 45 days.
D. 60 days. - ✔✔B. 30 days.
✔✔All of the following are Additional Coverage's under Homeowners policies except?
A. Removal coverage for 30 days.
B. Debris removal expense.
C. Loss of use.
D. Fire department service charges. - ✔✔C. Loss of use.
✔✔Under Homeowners policies, Medical Payments do not apply to bodily injury to?
A. An insured.
B. Any person eligible to receive Workers Compensation.
C. Any person who regularly resides on the premises.
D. All of the above. - ✔✔D. All of the above.
✔✔Under homeowners policies, theft coverage does not cover theft?
A. Committed by the insured.
B. Any person eligible to receive Workers Compensation.
C. Any person who regularly resides on the premises.
D. All of the above. - ✔✔D. All of the above.
✔✔under an NFIP Flood policy, the maximum amount of personal property coverage
that can be written on a single family property is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - ✔✔C. $100,000.
✔✔Under an NFIP Flood policy, producers may issue blinders to effect flood coverage
for?
