Nj Property and Casualty Insurance Exam Questions and Answers. ( 100% Verified)

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