NJ Casualty Test Questions And Answers

when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - Answer- Doctrine of reasonable expectations Doctrine of Reasonable Expectations - 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? - 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 ? - Answer- The fall peril - Answer- cause of loss Part of the policy that can void the policy if they are breached, weather the breach was intended or not? - Answer- Warranties An insured's attempt to mitigate risk ? - Answer- Reduction Type of Insurance the government may step in to provide that is not ordinarily available for private insurers? - Answer- Residual Market One party of the contract has greater power over the other in drafting the contract. - Answer- Contract of adhesion Personal Insurance contract - Answer- An insurance contract insures the person who owns the property, not the actual property itself Excess Line carriers - 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 - Answer- reinsurance Contract Against Public Policy is not enforceable due to what part of contract - Answer- legal purpose tort - 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 - Answer- Damages compensate for pain and suffering.