NJ Property/ Casualty Insurance Exam Set Questions and Answers 2024( A+ GRADED 100% VERIFIED).

NJ Property/ Casualty Insurance Exam Set
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WhypwaspthepcommercialpInsurancepDeregulationpActpCreated?p-pANS-
Topprotectptheppublicpfrompthepadversepeffectspofpexcessive,pinadequate,p&punfairpdiscriminatoryprat
esp&pmarketingppractices

WhichppoliciespissuedpmustpfollowpthepprovisionspofpthepCommercialpInsurancepDeregulationpAct?
-pANS-Commercialppolicies

Whenpmustpratepamendmentsp&ppolicypformspbepfiledpwithpthepcommissioner?p-pANS-
30pdayspbefore

Whatplossesparepexcludedpfrompfloodpinsurance?p-pANS--Landslides
-Sewerpbackup
-WindblownpRain
-Snow
-Sleet

WhopadministerspthepNFIP?p-pANS-

FederalpInsurancepAdministrationp(FIA)pWhatpdoespthepNFIPpstandpfor?p-pANS-

NationalpFloodpInsurancepProgram

WhypwaspthepNationalpFloodpinsurancepProgrampconstructed?p-pANS-
topfillpinpgapspofpfloodpcoveragepbypthepprivatepsector

Whatparepthep3pNFIPprequirementspforpcoverage?p-pANS--
communityplandpmanagementp&pfloodpcontrolpprogramspmustpreducepfloodplossespinpthepfuture
-
Floodpinsuranceprequiredpinpspecificpfloodppronepareaspaspapconditionpforpreceivingploanspthroug
h/pbackedpbypthepfederalpgovernment
-
Propertypownerspthatpfailptoppurchasepfloodpinsurancepwithinp1pyearpafterpitpispavailablepwillpnotpbep
eligiblepforpfullpdisasterpreliefpfunding.pItpwillpbepreducedpbypanpamountpofpinsurancepthatpcouldphav
epbeenppurchased

WhatpispthepNFIPpmaxpcoveragepforpapsinglepfamily?p-pANS-

Buildingp$250K,pContentsp$100KpWhatpispthepNFIPpmaxpcoveragepforpotherpresidential?p-pANS-

Buildingp$250K,pContentsp$100KpWhatpispthepNFIPpmaxpcoveragepforpsmallpbusiness?p-pANS-

Buildingp$500K,pContentsp$500KpWhatpispthepNFIPpmaxpcoveragepforpOtherpNon-Residential?p-

,ANS-Buildingp$500k,pContents
p

$500K

,WhatpispthepNFIPpsubsidizedpratepforpapsinglepfamily?p-pANS-Buildingp$35K,pContentsp$10K

WhatpispthepNFIPpsubsidizedpratepforpOtherpResidential?p-pANS-Buildingp$100Kp,pContents
$100K

WhatpispthepNFIPpsubsidizedpratepforpsmallpbusinesses?p-pANS-

Buildingp$100K,pContentsp$100KpWhatpispthepNFIPpsubsidizedpratepforpotherpnon-residential?p-

ANS-Buildingp$100K,pContents
p

$100K

Whatpispthepwaitpperiodpbeforepfloodpinsurancepcanpbepeffective?p-pANS-
30pdays,pnopbinderspissued

Whatparepthepexceptionsptopthep30pdaypNFIPpwaitpperiod?p-pANS--
1stp30pdayspafterpcoverage,pcommunitypenterspstandardporpemergencypprogram,pcoveragepwillp
beginpatp12:01pampthepdatepafterpapplicationpandppremiumpwerepmailed
-Whenpanpexistingppolicypwaspassignedptopappropertyppurchaser
-
Atp12:01pamponpthep5thpdaypafterpanpendorsementprequestp&ppremiumphaspbeenpmailedpforpe
xistingppolicy

WhatpwaspthepSupremepCourt'spdecisionpregardingpthepPaulpv.pVirginiapcase?p-pANS-
insurancepwaspNOTpinterstatepcommercepandpcouldpnotpbepregulatedpbypthepfederalpgovt.

WhopheardpthepPaulpv.pVirginiapcase?p-pANS-SupremepCourt

WhopheardpthepUSpvpSoutheasternpUnderwritingpAssociationpcase?p-pANS-

SupremepCourtpWhatpwaspthepdecisionpinpthepUSpvpSoutheasternpUnderwritingpAssociationpCas

e?p-
ANS-
Insurancepispinterstatepcommercepandpshouldpbepsubjectptopfederalpregulationsp(currentlypinpeffectpto
day)

WhatpispthepMcCarran-FergusonpAct?p-pANS-
Thepfederalpgovtpwon'tpregulatepinsurancepbusinesspasplongpaspstatespperformpanpadequatepjobpofp
managingptheirpownpinsurancepindustries.

WhenpwaspthepMcCarran-FergusonpActppassed?p-pANS-Marchp9,p1945

Topwhompdoespthepinsurancepcommissionerphaveptopprovidepapreport?p-pANS-
Governorp&pLegislature

HowpoftenpmustpthepinsurancepCommissionerpprovidepapreport?p-pANS-Annually

, Howplongpbeforepapdisciplinaryphearingpmustpthepinsurancepcommissionerpnotifypinterestedpparties
?p-pANS-10pdayspbefore