2024 NJ PROPERTY PRODUCER EXAM-WITH 100%
CORRECT ANSWERS GRADED A+
•
1. Dwelling PolicyANSWERS Only insures property
2. DP-1ANSWERS Basic Form
3. DP-2ANSWERS Broad Form
4. DP-3ANSWERS Special Form
Dwelling Coverage AANSWERS Dwelling- Covers dwelling, structures attached to
5.
dwelling, and materials/supplies for the dwelling.
6. Dwelling Coverage BANSWERS Other Structures- Insures buildings on premise bu
separate from the dwelling.
7.Dwelling Coverage CANSWERS Personal Property- Covers the insured's personal
property and must be requested. If rental property, a tenant's property is not covered.
8.Dwelling Coverage DANSWERS Fair Rental Value- Covers insured in the event a
covered loss makes the rental portion of a property unfit for normal use.
9.Dwelling Coverage EANSWERS Additional Living Expense- Included in DP-2 &
DP-3 and pays for additional living expenses the insured incurs after a loss. DP-1 by
endorsement.
10. HO-2ANSWERS Broad Form. Owner Occupied
11. HO-3ANSWERS Special Form. Owner Occupied
12. HO-4ANSWERS Tenants or Renters.
13. HO-5ANSWERS Comprehensive Form (Open). Covers everything minus named
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, exclusions.
14. HO-6ANSWERS Condominium Owners
15. HO-8ANSWERS Modified form. For special Risks. Think Antique homes.
16.Mobile HomesANSWERS By endorsement to a DP or HO policy. Can be a
separate policy. Insures home, other structures (10%) and contents. Personal property -
40% of coverage. Permanent Foundation.
17.Time Element Coverage FormsANSWERS Business Income. Covers loss
of income and expenses due to suspension of business following a covered loss.
18. Commercial Package Policy (CPP)ANSWERS Must have at least 2 kind
of coverage.
19.CPP's can't containANSWERSANSWERS Workers' Compensation, Life
Insurance, Health and Disability Insurance, Certain types of Professional Liability
20. Equipment Breakdown CoverageANSWERS NOT a maintenance policy,
Designed to cover breakdown, Failure of pressure or vacuum equipment, Mechanical
failure (including rupture or bursting caused by centrifugal force), Electrical failure.
21. Business-owners PolicyANSWERS Similar to CPP, but more for small busines
owners.
22. Inland MarineANSWERS Insurance for property in transit
23. Personal FloatersANSWERS For individuals who want to insure their belongings
while traveling.
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CORRECT ANSWERS GRADED A+
•
1. Dwelling PolicyANSWERS Only insures property
2. DP-1ANSWERS Basic Form
3. DP-2ANSWERS Broad Form
4. DP-3ANSWERS Special Form
Dwelling Coverage AANSWERS Dwelling- Covers dwelling, structures attached to
5.
dwelling, and materials/supplies for the dwelling.
6. Dwelling Coverage BANSWERS Other Structures- Insures buildings on premise bu
separate from the dwelling.
7.Dwelling Coverage CANSWERS Personal Property- Covers the insured's personal
property and must be requested. If rental property, a tenant's property is not covered.
8.Dwelling Coverage DANSWERS Fair Rental Value- Covers insured in the event a
covered loss makes the rental portion of a property unfit for normal use.
9.Dwelling Coverage EANSWERS Additional Living Expense- Included in DP-2 &
DP-3 and pays for additional living expenses the insured incurs after a loss. DP-1 by
endorsement.
10. HO-2ANSWERS Broad Form. Owner Occupied
11. HO-3ANSWERS Special Form. Owner Occupied
12. HO-4ANSWERS Tenants or Renters.
13. HO-5ANSWERS Comprehensive Form (Open). Covers everything minus named
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, exclusions.
14. HO-6ANSWERS Condominium Owners
15. HO-8ANSWERS Modified form. For special Risks. Think Antique homes.
16.Mobile HomesANSWERS By endorsement to a DP or HO policy. Can be a
separate policy. Insures home, other structures (10%) and contents. Personal property -
40% of coverage. Permanent Foundation.
17.Time Element Coverage FormsANSWERS Business Income. Covers loss
of income and expenses due to suspension of business following a covered loss.
18. Commercial Package Policy (CPP)ANSWERS Must have at least 2 kind
of coverage.
19.CPP's can't containANSWERSANSWERS Workers' Compensation, Life
Insurance, Health and Disability Insurance, Certain types of Professional Liability
20. Equipment Breakdown CoverageANSWERS NOT a maintenance policy,
Designed to cover breakdown, Failure of pressure or vacuum equipment, Mechanical
failure (including rupture or bursting caused by centrifugal force), Electrical failure.
21. Business-owners PolicyANSWERS Similar to CPP, but more for small busines
owners.
22. Inland MarineANSWERS Insurance for property in transit
23. Personal FloatersANSWERS For individuals who want to insure their belongings
while traveling.
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