NJ Casualty Test Exam with 100% Correct Answers 2023

NJ Casualty Test Exam with 100% Correct Answers 2023 when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - Correct Answer-Doctrine of reasonable expectations Doctrine of Reasonable Expectations - Correct Answer-States: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. Which is not an agent's responsibility to the insured? - Correct Answer-Settling and paying claims A women slips and falls on icy steps and breaks her leg. What may be a peril in this situation ? - Correct Answer-The fall peril - Correct Answer-cause of loss Part of the policy that can void the policy if they are breached, weather the breach was intended or not? - Correct Answer-Warranties An insured's attempt to mitigate risk ? - Correct Answer-Reduction Type of Insurance the government may step in to provide that is not ordinarily available for private insurers? - Correct Answer-Residual Market One party of the contract has greater power over the other in drafting the contract. - Correct Answer-Contract of adhesion Personal Insurance contract - Correct Answer-An insurance contract insures the person who owns the property, not the actual property itself Excess Line carriers - Correct Answer-Non-admitted/unlicensed carrier who is held to different regulations than other carriers. Protects insurance companies from catastrophic losses and from wild fluctuations in underwriting results - Correct Answer-reinsurance Contract Against Public Policy is not enforceable due to what part of contract - Correct Answer-legal purpose tort - Correct Answer-a wrongful act or an infringement of a right leading to legal liability. An insured is found legally liable for the loss of another and is ordered to pay general damages - Correct Answer-Damages compensate for pain and suffering. Under CGL which is covered under supplementary payments - Correct Answer-cost of bail bonds which is true When the insured's limits of insurance apply per occurrence - Correct Answer-coverage is triggered for smoke damage to siding caused by repeated acts by the insured's neighbor The fair credit reporting act permits consumer reporting agencies to include applicant information about bankruptcies more than 10 years older. - Correct Answer-the applicant is seeking a transaction greater than $150,000 Insured with split liability limits of 100/300/100 is at fault in an auto accident and the other vehicle sustains $6,500 in property damages as well as two occupants have bodily injuries and are claiming $150,000 each. What is the most insurance will pay to each occupant ? - Correct Answer-$100,000 Which best describes CGL ? - Correct Answer-Coverage A,B, an C apply ins sum and are the most that will be paid subject to the general aggregate annual limit. Insurable Interest - Correct Answer-something of value that, if lost, would cause you financial harm determining an adequate indemnification after a loss is a duty of - Correct Answer-The insured's insurance company. A property damage liability policy would offer protection for - Correct Answer-Damages done to a gas station due to insured's parking collision. Under the insured's personal auto policy, for a newly acquired car to be covered prior to reporting it to the insurance company - Correct Answer-All coverages extends if the insured reports the car within 14 days. Part D Auto - Correct Answer-Coverage for Damage to Your Auto Underinsured Motorist Coverage - Correct Answer-pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage. Your underinsured coverage will pay the difference comprehensive coverage - Correct Answer-protection against damages to your car from causes other than collision or rolling over Symbol 2 on Auto declarations - Correct Answer-Owned auto's only Under liability coverage, the following will trigger coverage for property damage - Correct Answer-Unintended damage to tangible property of others How does an extended period attached to a general liability policy provide coverage - Correct Answer-Provides coverage for claims made outside the policy term. The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? - Correct Answer-Retroactive Date Form triggering coverage for a loss under the commercial general liability policy if a loss happens during the policy period - Correct Answer-Occurrence form Business liability exposure type of a slip and fall - Correct Answer-Premises and operations theft - Correct Answer-Taking another person's possessions burglary - Correct Answer-entering a building unlawfully with intent to commit a felony or to steal valuable property An employer sends employee out of state on work related basis, what does employer need to do to ensure the appropriate workers comp coverage - Correct Answer-List the state on the information page for "other states coverage" workers comp insurance is subject to all employees expect - Correct Answer-Crew members of an ocean vessel