NJ Property Producer License Questions and Answers Rated A+

NJ Property Producer License Questions and Answers Rated A+ A "certification of license status" report can be run on any currently licensed New Jersey producer, but can only contain information on formal disciplinary actions taken within the past 4 Years What is not an additional cause of loss in broad form commercial property policies Replacement Cost An installation floater is used to insure Appliances intended to become a permanent part of the building. The list of lines of insurance for which there is no reasonable or adequate market in New Jersey, as determined by the Commissioner, is known as The exportable list. If an insurer cancels an agency contract, it must notify the Commissioner in writing within how many days? 15 Days A unique feature in a bailee form is that it covers Customers' property whether or not the insured has been negligent. What condition is not commonly found in insurance policies? Insuring agreement Which method of loss valuation is contrary to the basic concept of indemnity? Replacement cost Replacement cost is defined as Full replacement of property at its current cost, new and without reduction for depreciation. When is coinsurance formula not applied? In Total Losses The New Jersey Insurance Underwriting Association is supported by funds from the New Jersey Insurance Development Fund. The New Jersey Commercial Insurance Deregulation Act requires insurers to file rates and any changes or amendments with the Commissioner no later than 30 days after becoming effective. An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss is this? Consequential During renovations to a home, a roof opening is left exposed. A heavy rainstorm causes $20,000 of damage to the interior of the home. How much would the HO-2 policy pay for damages? Nothing The removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long? 30 Days Besides the peril of earthquake, which other peril is covered by the earthquake cause of loss form under a commercial property policy? Volcanic eruption What policy covers a carrier for liability for loss to cargo while it is being transported in a truck? Motor truck cargo policy - carriers form A commercial package policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of the insured's business. What is not available in a CPP? Workers compensation coverage What is an example of what would be covered under the Utility Services - Time Element endorsement? Loss of business income arising from loss of utility service caused by an insured peril When transacting business in this state an insurer formed under the laws of another country is known as a/an Alien insurer. If an insurer and insured have a dispute about whether a particular loss is covered under a policy, which authority will settle the dispute? Court System Which part of an insurance policy covers claims-related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss, or defense expenses? Additional coverage The declarations page of the homeowners policy does not include A statement that earthquake damage is not covered