NJ Property, Casualty, and Auto Licensing Exam STUDY GUIDE Questions and Answers 100% Correct ||(2024) Graded A+!!!

Insuring Agreement - company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - what the policy will not pay for Definitions - names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage - coverages under a policy that are provided by the insurer at no extra cost Casualty Policies - defense costs over and above liability limits, post-judgement interest, bail bonds and appeal bonds Property Policies - debris removal, falls within the insured dwelling limit and cannot exceed the limit Binder - temporary proof of coverage before policy is issued (oral is good for 10 days, written for 60 days) Bodily Injury and Property Damage Coverage Amounts - Minimum: 15k per person/30k per accident/5k for property; Max is $500k