NJ Property Casualty Insurance Exam With Detailed And Real Updated Solutions 2024

NJ Property Casualty Insurance Exam With Detailed And Real Updated Solutions 2024 Why was the commercial Insurance Deregulation Act Created? - correct answer.To protect the public from the adverse effects of excessive, inadequate, & unfair discriminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - correct answer.Commercial policies When must rate amendments & policy forms be filed with the commissioner? - correct answer.30 days before What losses are excluded from flood insurance? - correct answer.-Landslides -Sewer backup -Windblown Rain -Snow -Sleet Who administers the NFIP? - correct answer.Federal Insurance Administration (FIA) What does the NFIP stand for? - correct answer.National Flood Insurance Program Why was the National Flood insurance Program constructed? - correct fill in gaps of flood coverage by the private sector What are the 3 NFIP requirements for coverage? - correct answer.-community land management & flood control programs must reduce flood losses in the future -Flood insurance required in specific flood prone areas as a condition for receiving loans through/ backed by the federal government -Property owners that fail to purchase flood insurance within 1 year after it is available will not be eligible for full disaster relief funding. It will be reduced by an amount of insurance that could have been purchased What is the NFIP max coverage for a single family? - correct answer.Building $250K, Contents $100K What is the NFIP max coverage for other residential? - correct answer.Building $250K, Contents $100K What is the NFIP max coverage for small business? - correct answer.Building $500K, Contents $500K What is the NFIP max coverage for Other Non-Residential? - correct answer.Building $500k, Contents $500K What is the NFIP subsidized rate for a single family? - correct answer.Building $35K, Contents $10K What is the NFIP subsidized rate for Other Residential? - correct answer.Building $100K , Contents $100K What is the NFIP subsidized rate for small businesses? - correct answer.Building $100K, Contents $100K What is the NFIP subsidized rate for other non-residential? - correct answer.Building $100K, Contents $100K What is the wait period before flood insurance can be effective? - correct answer.30 days, no binders issued What are the exceptions to the 30 day NFIP wait period? - correct answer.-1st 30 days after coverage, community enters standard or emergency program, coverage will begin at 12:01 am the date after application and premium were mailed -When an existing policy was assigned to a property purchaser -At 12:01 am on the 5th day after an endorsement request & premium has been mailed for existing policy What was the Supreme Court's decision regarding the Paul v. Virginia case? - correct ance was NOT interstate commerce and could not be regulated by the federal govt. Who heard the Paul v. Virginia case? - correct answer.Supreme Court Who heard the US v Southeastern Underwriting Association case? - correct answer.Supreme Court What was the decision in the US v Southeastern Underwriting Association Case? - correct answer.Insurance is interstate commerce and should be subject to federal regulations (currently in effect today) What is the McCarran-Ferguson Act? - correct answer.The federal go