NJ Casualty Test Questions with 100% Correct Answers

When the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? Correct answer doctrine of reasonable expectations Doctrine of reasonable expectations correct answer states: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. Which is not an agent's responsibility to the insured? Correct answer settling and paying claims A women slips and falls on icy steps and breaks her leg. What may be a peril in this situation ? Correct answer the fall Peril correct answer cause of loss Part of the policy that can void the policy if they are breached, weather the breach was intended or not? Correct answer warranties An insured's attempt to mitigate risk ? Correct answer reduction Type of insurance the government may step in to provide that is not ordinarily available for private insurers? Correct answer residual market One party of the contract has greater power over the other in drafting the contract. Correct answer contract of adhesion Personal insurance contract correct answer an insurance contract insures the person who owns the property, not the actual property itself Excess line carriers correct answer non-admitted/unlicensed carrier who is held to different regulations than other carriers. Protects insurance companies from catastrophic losses and from wild fluctuations in underwriting results correct answer reinsurance Contract against public policy is not enforceable due to what part of contract correct answer legal purpose Tort correct answer a wrongful act or an infringement of a right leading to legal liability. An insured is found legally liable for the loss of another and is ordered to pay general damages correct answer damages compensate for pain and suffering.