NJ Property Producer Exam with Certified Solutions

NJ Property Producer Exam with Certified Solutions Dwelling Policy Only insures property DP-1 Basic Form DP-2 Broad Form DP-3 Special Form Dwelling Coverage A Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C Personal Property- Covers the insured's personal property and must be requested. If rental property, a tenant's property is not covered. Dwelling Coverage D Fair Rental Value- Covers insured in the event a covered loss makes the rental portion of a property unfit for normal use. Dwelling Coverage E Additional Living Expense- Included in DP-2 & DP-3 and pays for additional living expenses the insured incurs after a loss. DP-1 by endorsement. HO-2 Broad Form. Owner Occupied HO-3 Special Form. Owner Occupied HO-4 Tenants or Renters. HO-5 Comprehensive Form (Open). Covers everything minus named exclusions. HO-6 Condominium Owners HO-8 Modified form. For special Risks. Think Antique homes. Mobile Homes By endorsement to a DP or HO policy. Can be a separate policy. Insures home, other structures (10%) and contents. Personal property - 40% of coverage. Permanent Foundation. Time Element Coverage Forms Business Income. Covers loss of income and expenses due to suspension of business following a covered loss. Commercial Package Policy (CPP) Must have at least 2 kinds of coverage. CPP's can't contain: Workers' Compensation, Life Insurance, Health and Disability Insurance, Certain types of Professional Liability Equipment Breakdown Coverage NOT a maintenance policy, Designed to cover breakdown, Failure of pressure or vacuum equipment, Mechanical failure (including rupture or bursting caused by centrifugal force), Electrical failure. Business-owners Policy Similar to CPP, but more for small business owners. Inland Marine Insurance for property in transit Personal Floaters For individuals who want to insure their belongings while traveling. Commercial Property Floaters Protect property that a company does not store at a permanent location. National Flood Insurance Program (NFIP) Created in 1968 to offer flood insurance to eligible communities.