NJ PSI PROPERTY AND CASUALTY FINAL EXAM (
ACTUAL 2026) WITH VERIFIED ANSWERS
Under Homeowners policies, the base deductible applicable to property
losses, Section I, is?
A. $100
B. $250
C. $500
D. $1000 - ANSWER_B. $250
The National Flood Insurance Program (NFIP) is a ________ program?
A. State.
B. Municipal.
C. Federal.
D. Worldwide. - ANSWER_C. Federal.
All of the following are optional coverage's under Homeowners policies
except?
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM (
ACTUAL 2026) WITH VERIFIED ANSWERS
A. Personal Property Replacement Cost coverage.
B. Increased coverage limits from items suck as jewelry, furs, and
silverware.
C. Loss of Use coverage.
D. Earthquake coverage. - ANSWER_C. Loss of Use Coverage.
In conducting the business and affairs of the state compensation
insurance fund it must meet all of the following criteria EXCEPT –
ANSWER _Sell life insurance covering compensation benefits
Who is able to place business through the California Automobile
Assessed Risk Program? – ANSWER Only agent/brokers licensed in fire
and casualty who have also been certified through CAARP
Under the California Vehicle Code all of the following are acceptable to
satisfy the financial responsibility requirement EXCEPT - ANSWER_A
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM
(ACTUAL 2026) WITH VERIFIED ANSWERS
company with an escrow account that is licensed to do business in
California
Which two pieces of information are required to be on all business cards,
printed quotes, and printed advertisements distributed exclusively within
the state? – ANSWER _The license number of the licensee and the word
"insurance"
All of the following are part of the Minimum Liability Insurance
Requirements for Private Passenger Vehicles EXCEPT - ANSWER_5k
for medical services
The Managing General Agent negotiates and binds ceding insurance on
behalf of whom? - ANSWER_ The insurer
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM (
ACTUAL 2026) WITH VERIFIED ANSWERS
All of the following are designed as private passenger vehicles EXCEPT
- ANSWER_A four wheel vehicle used as a taxi by an individual and
not a company
Who is eligible to submit applications under the California Fair Access
to Insurance Requirements? – ANSWER _All insurers authorized to
transact basic property insurance in California are able to participate
Which is TRUE regarding expectant or contingent Interest? -
ANSWER_ Expectant or contingent interest does NOT constitute
insurable interest
Unless otherwise specified in the insurance contract, all of the following
are TRUE regarding return of premium EXCEPT - ANSWER_The
premium is forfeited if the policy is cancelled
ACTUAL 2026) WITH VERIFIED ANSWERS
Under Homeowners policies, the base deductible applicable to property
losses, Section I, is?
A. $100
B. $250
C. $500
D. $1000 - ANSWER_B. $250
The National Flood Insurance Program (NFIP) is a ________ program?
A. State.
B. Municipal.
C. Federal.
D. Worldwide. - ANSWER_C. Federal.
All of the following are optional coverage's under Homeowners policies
except?
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM (
ACTUAL 2026) WITH VERIFIED ANSWERS
A. Personal Property Replacement Cost coverage.
B. Increased coverage limits from items suck as jewelry, furs, and
silverware.
C. Loss of Use coverage.
D. Earthquake coverage. - ANSWER_C. Loss of Use Coverage.
In conducting the business and affairs of the state compensation
insurance fund it must meet all of the following criteria EXCEPT –
ANSWER _Sell life insurance covering compensation benefits
Who is able to place business through the California Automobile
Assessed Risk Program? – ANSWER Only agent/brokers licensed in fire
and casualty who have also been certified through CAARP
Under the California Vehicle Code all of the following are acceptable to
satisfy the financial responsibility requirement EXCEPT - ANSWER_A
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM
(ACTUAL 2026) WITH VERIFIED ANSWERS
company with an escrow account that is licensed to do business in
California
Which two pieces of information are required to be on all business cards,
printed quotes, and printed advertisements distributed exclusively within
the state? – ANSWER _The license number of the licensee and the word
"insurance"
All of the following are part of the Minimum Liability Insurance
Requirements for Private Passenger Vehicles EXCEPT - ANSWER_5k
for medical services
The Managing General Agent negotiates and binds ceding insurance on
behalf of whom? - ANSWER_ The insurer
, NJ PSI PROPERTY AND CASUALTY FINAL EXAM (
ACTUAL 2026) WITH VERIFIED ANSWERS
All of the following are designed as private passenger vehicles EXCEPT
- ANSWER_A four wheel vehicle used as a taxi by an individual and
not a company
Who is eligible to submit applications under the California Fair Access
to Insurance Requirements? – ANSWER _All insurers authorized to
transact basic property insurance in California are able to participate
Which is TRUE regarding expectant or contingent Interest? -
ANSWER_ Expectant or contingent interest does NOT constitute
insurable interest
Unless otherwise specified in the insurance contract, all of the following
are TRUE regarding return of premium EXCEPT - ANSWER_The
premium is forfeited if the policy is cancelled
