NJ Property, Casualty, and Auto Licensing Exam Questions and Answers. (GRADED A+)
Insuring Agreement - ANSWER-company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - ANSWER-what the policy will not pay for Definitions - ANSWER-names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - ANSWER-coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - ANSWER-defense costs over and above liability limits, post-judgement interest, bail bonds and appeal bonds Property Policies - ANSWER-debris removal, falls within the insured dwelling limit and cannot exceed the limit Binder - ANSWER-temporary proof of coverage before policy is issued (oral is good for 10 days, written for 60 days)
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