NJ Property Insurance Exam 2023 with Complete Solutions.(SCORED A+)

Abandonment - ANSWER-the abdication of insured property into the hands of another, or into the possession of no one in particular accident - ANSWER-an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. ACV. actual cash value - ANSWER-the required amount to pay damages for property loss, which is calculated based on the property's current replacement value minus depreciation additional coverage - ANSWER-A provision in an insurance policy that allows for more coverage for specific loss expense without increase in premium. additional insureds - ANSWER-Individuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest. Adhesion - ANSWER-a contract offered on a take it or leave it basis by an insurer, in which the insured only option is to accept or reject the contract. Any ambiguities in the contract will be settled in favor of the insured