NJ PROPERTY PRODUCER Exam Questions with Answers 100% Correct || (2024) Certified!!!

Declarations - Section of an insurance policy containing the basic underwriting information such as the insured's name, address, amount of coverage and premiums, and a description of insured's location. Where is Declarations page found? - Usually first page. Insuring Agreement - Section of an insurance policy containing the insurer's promise to pay. What does the insuring agreement list? - Insuring agreement lists the parties to the contract, effective and renewal dates, the description of coverage provided, and perils. Conditions - Indicates the general rules or procedures that the insurer and insured agree to follow under the terms of the policy. Examples of Conditions - 1. Inspection 2. Changes to policy 3. Liberalization clause 4. Return of premium Inspection (Condition) - As needed by insurer. Insurance company reserves the right to inspect or examine the insured's location or books to determine the exact exposure for underwriting and rating purposes. Changes to policy (Condition) - Must be m