Nj property and casualty
insurance Exam Questions and
Answers 100% PASS
Aleatory Contract—ANSWER-Insurance policy is based upon uncertainty of
a loss, equal value is not given by the parties to the contract.
Utmost Good Faith—ANSWER-Parties to the contract rely upon the integrity
of one another.
Insuring Agreement—ANSWER-The section of an insurance policy
containing the insurer's promise to pay, the description of coverage provided
and perils insured against.
Conditions—ANSWER-The rights and responsibilities of all parties of the
contract.
Exclusions—ANSWER-Rights and responsibilities of both parties to the
contract
Monoline Policy—ANSWER-Policy that covers only one line of business
Multiline policy—ANSWER-Policy that includes more than one type of
insurance coverage.
, Property—Personal Lines Insurance—ANSWER-Dwelling and contents,
homeowners , mobile homes, personal inland marine floaters, personal
watercraft,flood,earthquake
Property—Commercial Lines Insurance—ANSWER-Business owners BOP,
commercial package policy CPP, boiler and machinery, commercial inland
and ocean marine floaters
Casualty— personal lines—ANSWER-Personal liability, personal auto policy
PAP, personal umbrella policy
Casualty— Commercial lines—ANSWER-Commercial general liability CGL,
Business auto coverage, workers compensation and liability insurance,
surety bonds, commercial crime insurance and Fidelity bonds, personal
liability insurance, commercial umbrella policies and excess coverages.
Surplus Lines—ANSWER-any type of insurance for which there is no
available market within the state, and the coverage must be placed with a
non admitted insurer, are often allow to operate under open competition
Residual market coverage—ANSWER-A responsibility assumes by insurance
regulators to step in and provide insurance situations where private
insurance is not readily available when the government provides a type of
insurance or mechanism to procure insurance
Examples of surplus lines-federal level—ANSWER-FloodInsurance, Federal
crop insurance, nuclear energy liability insurance, terrorism insurance
program.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
insurance Exam Questions and
Answers 100% PASS
Aleatory Contract—ANSWER-Insurance policy is based upon uncertainty of
a loss, equal value is not given by the parties to the contract.
Utmost Good Faith—ANSWER-Parties to the contract rely upon the integrity
of one another.
Insuring Agreement—ANSWER-The section of an insurance policy
containing the insurer's promise to pay, the description of coverage provided
and perils insured against.
Conditions—ANSWER-The rights and responsibilities of all parties of the
contract.
Exclusions—ANSWER-Rights and responsibilities of both parties to the
contract
Monoline Policy—ANSWER-Policy that covers only one line of business
Multiline policy—ANSWER-Policy that includes more than one type of
insurance coverage.
, Property—Personal Lines Insurance—ANSWER-Dwelling and contents,
homeowners , mobile homes, personal inland marine floaters, personal
watercraft,flood,earthquake
Property—Commercial Lines Insurance—ANSWER-Business owners BOP,
commercial package policy CPP, boiler and machinery, commercial inland
and ocean marine floaters
Casualty— personal lines—ANSWER-Personal liability, personal auto policy
PAP, personal umbrella policy
Casualty— Commercial lines—ANSWER-Commercial general liability CGL,
Business auto coverage, workers compensation and liability insurance,
surety bonds, commercial crime insurance and Fidelity bonds, personal
liability insurance, commercial umbrella policies and excess coverages.
Surplus Lines—ANSWER-any type of insurance for which there is no
available market within the state, and the coverage must be placed with a
non admitted insurer, are often allow to operate under open competition
Residual market coverage—ANSWER-A responsibility assumes by insurance
regulators to step in and provide insurance situations where private
insurance is not readily available when the government provides a type of
insurance or mechanism to procure insurance
Examples of surplus lines-federal level—ANSWER-FloodInsurance, Federal
crop insurance, nuclear energy liability insurance, terrorism insurance
program.
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
