Final Exam Questions Property and Casualty - NJ
STATE EXAM WITH STUDY GUIDE EXAMFX
$16,000. - ANS-Insured had HO4 with $30,000 limit for personal property. While traveling a fire
destroys clothing luggage and jewelry with total replacement cost of $20,000. At 20%
depreciation how much is paid?
ON State exam!!
Replacement cost-depreciation value
$20,000-20% (20) 20%=0.2 = 20/100
$20,000-4,000= $16,000
$5,000.00. - ANS-Maximum penalty for the 1st violation of insurance law.
Page 105
ON State exam!
30 Days - ANS-Producer must notify Commissioner within how many days of a conviction of a
crime. Page 111
A. 30 Days before they become affective - ANS-Commercial Insurance Deregulation Act policy
forms must be filed. page 59
A. Electrician - ANS-All of the following are ineligible under the BOP EXCEPT.
A. Errors and Omissions
Page 46 - ANS-Professional liability policies protect against liability resulting from
A. Exportable List - ANS-List of lines or classes of insurance for there exists no reasonable
market among authorized insurers in the state. Page 61
A. Faulty package of cereal caused spoilage that resulted in someone getting sick -
ANS-Examples of a products liability claims would be. Page 16
A. Get permission from insurance - ANS-Assignment provision of policy to another person
without written consent
page 51
, A. Hail damage to your car - ANS-Which is covered under other than collision section of your
auto policy. Page 26
A. Inspection & loss contol - ANS-Majority of premium in equipment breakdown pays for. page
67
A. Occurrence Policy - ANS-Several years after liability loss a bus owner is made aware of her
incident. Page 17
A. Renewal forms lost in the mail - ANS-Waiver of license renewal procedures may be granted
to a producer in all the following instances EXCEPT. Page 110
A. Submitted & declined by 3 authorized - ANS-In NJ diligent effort placing a risk in authorized
be surplus. Page 61
A.Extra expense - ANS-Coverage needed when business can't afford to be shut down for
repairs.
page 62
B. 15 days - ANS-Insurance company cancels your Agency contract . Page 112
B. 24 hours every 2 years, including 3 hours ethics - ANS-CE Education required is. Page 109
B. 60 Days after expiration date - ANS-Mini-Tail or Extended. Page 60
B. Addition to the policy - ANS-Supplementary payments are made in. Page 21
B. After execution of contract - ANS-CGL excludes liability assumed under contracts. The
exclusion does not apply for insured contracts as long as bodily injury/physical damage occurs.
Page 17
B. Client - ANS-When you are acting as a broker you represent the
B. Garage policy - ANS-A car dealership needs which policy?
page 35
B. Inland marine form - ANS-Nationwide Marine Define classifies risks can be written. Page 95
B. Notify the insured if financial difficulty - ANS-Duties of insurer include all of the following
EXCEPT
B. Outdoor signs attached to building - ANS-Which will be paid under the BOP.
Page 70
STATE EXAM WITH STUDY GUIDE EXAMFX
$16,000. - ANS-Insured had HO4 with $30,000 limit for personal property. While traveling a fire
destroys clothing luggage and jewelry with total replacement cost of $20,000. At 20%
depreciation how much is paid?
ON State exam!!
Replacement cost-depreciation value
$20,000-20% (20) 20%=0.2 = 20/100
$20,000-4,000= $16,000
$5,000.00. - ANS-Maximum penalty for the 1st violation of insurance law.
Page 105
ON State exam!
30 Days - ANS-Producer must notify Commissioner within how many days of a conviction of a
crime. Page 111
A. 30 Days before they become affective - ANS-Commercial Insurance Deregulation Act policy
forms must be filed. page 59
A. Electrician - ANS-All of the following are ineligible under the BOP EXCEPT.
A. Errors and Omissions
Page 46 - ANS-Professional liability policies protect against liability resulting from
A. Exportable List - ANS-List of lines or classes of insurance for there exists no reasonable
market among authorized insurers in the state. Page 61
A. Faulty package of cereal caused spoilage that resulted in someone getting sick -
ANS-Examples of a products liability claims would be. Page 16
A. Get permission from insurance - ANS-Assignment provision of policy to another person
without written consent
page 51
, A. Hail damage to your car - ANS-Which is covered under other than collision section of your
auto policy. Page 26
A. Inspection & loss contol - ANS-Majority of premium in equipment breakdown pays for. page
67
A. Occurrence Policy - ANS-Several years after liability loss a bus owner is made aware of her
incident. Page 17
A. Renewal forms lost in the mail - ANS-Waiver of license renewal procedures may be granted
to a producer in all the following instances EXCEPT. Page 110
A. Submitted & declined by 3 authorized - ANS-In NJ diligent effort placing a risk in authorized
be surplus. Page 61
A.Extra expense - ANS-Coverage needed when business can't afford to be shut down for
repairs.
page 62
B. 15 days - ANS-Insurance company cancels your Agency contract . Page 112
B. 24 hours every 2 years, including 3 hours ethics - ANS-CE Education required is. Page 109
B. 60 Days after expiration date - ANS-Mini-Tail or Extended. Page 60
B. Addition to the policy - ANS-Supplementary payments are made in. Page 21
B. After execution of contract - ANS-CGL excludes liability assumed under contracts. The
exclusion does not apply for insured contracts as long as bodily injury/physical damage occurs.
Page 17
B. Client - ANS-When you are acting as a broker you represent the
B. Garage policy - ANS-A car dealership needs which policy?
page 35
B. Inland marine form - ANS-Nationwide Marine Define classifies risks can be written. Page 95
B. Notify the insured if financial difficulty - ANS-Duties of insurer include all of the following
EXCEPT
B. Outdoor signs attached to building - ANS-Which will be paid under the BOP.
Page 70
