NJ Casualty Test 2024 Latest Update Accurate 100%(RATED A+)

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. Under CGL which is covered under supplementary payments - ANSWER cost of bail bonds which is true When the insured's limits of insurance apply per occurrence - ANSWER coverage is triggered for smoke damage to siding caused by repeated acts by the insured's neighbor The fair credit reporting act permits consumer reporting agencies to include applicant information about bankruptcies more than 10 years older. - ANSWER the applicant is seeking a transaction greater than $150,000 Insured with split liability limits of 100/300/100 is at fault in an auto accident and the other vehicle sustains $6,500 in property damages as well as two occupants have bodily injuries and are claiming $150,000 each. What is the most insurance will pay to each occupant ? - ANSWER $100,000