Nj property and casualty insurance exam 2024 with 100% correct answers

Aleatory Contract - correct answer Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith - correct answer Parties to the contract rely upon the integrity of one another. Insuring Agreement - correct answer The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against. Conditions - correct answer The rights and responsibilities of all parties of the contract. Exclusions - correct answer Rights and responsibilities of both parties to the contract Monoline Policy - correct answer Policy that covers only one line of business Multiline policy - correct answer Policy that includes more than one type of insurance coverage. Property—Personal Lines Insurance - correct answer Dwelling and contents, homeowners , mobile homes, personal inland marine floaters, personal watercraft,flood,earthquake Property—Commercial Lines Insurance - correct answer Business owners BOP, commercial package policy CPP, boiler and machinery, commercial inland and ocean marine floaters Casua