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Policy Study Guide questions and answers 2023 Coverage A Dwelling Coverage B Personal Property 00:16 01:13 Coverage C Loss of Use Coverage A is the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar connec...

Coverage A - Answer- Dwelling Coverage B - Answer- Personal Property Coverage C - Answer- Loss of Use Coverage A - Answer- is the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar connection are still considered to be other structu...

What is a Business Owners Policy (BOP)? - ANSWER-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages required by a business owner in one bundle. What are the features of a BOP Policy? - ANSWER-Property Liability, Business Income, and General Liability What is the method of valuation on building and business personal property? - ANSWER-Replacement Cost / 80% or more of the full replacement cost of the property How long is the "Period of Res...

Under Section 1, homeowners insurance must include A. Liability coverage B. Immediate coverage C. Negligence coverage D. Property Coverage D. Property coverage An insured has a personal property replacement cost endorsement under her homeowners policy. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? A. 70% of the replacement cost B. 80% of the replacement cost C. 100% of the actual ...

NJ Property & Casualty Exam Practice with 100% Correct Answers 2023 What is a Business Owners Policy (BOP)? - Correct Answer-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages required by a business owner in one bundle. What are the features of a BOP Policy? - Correct Answer-Property Liability, Business Income, and General Liability What is the method of valuation on building and business personal property? - Correct Answer-Replacement Cost...

LAW OF LARGE NUMBERS: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A RANDOMLY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY RELIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE PREDICTABLE THE AMOUNT OF LOSSES WILL BE IN A GIVEN PERIOD 3. PRINCIPLE OF INDEMNITY: IS AN INSURANCE PRINCIPLE STATING THAT AN INSURED MAY NOT BE COMPENSATED BY INSURANCE COMPANY IN AN AMOUNT EXCEEDING THE INSURED'S ECONOMIC LOSS. 4. LIMITS OF LIABILITY: THE MA...

What is a Business Owners Policy (BOP)? - ANSWER-They usually are targeted at small and medium-sized businesses. This assembles the basic coverages required by a business owner in one bundle. What are the features of a BOP Policy? - ANSWER-Property Liability, Business Income, and General Liability What is the method of valuation on building and business personal property? - ANSWER-Replacement Cost / 80% or more of the full replacement cost of the property How long is the "Period of Res...

Coverage A Dwelling Coverage B Personal Property Coverage C Loss of Use Coverage A is the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar connection are still considered to be other structures. Examples of dwellin...

Storm drainage sump pumps shall be of a capacity and head appropriate to _______ use requirements. anticipated Electrical services within the scope of the IRC are limited to _____-volt, 0- to _____- ampere, single-phase systems. 120/240 & 400 Boiler pressure-relief valve discharge shall be pipes to drains by gravity to within _____ inches of the floor or to an open receptor. 18 Polyethylene tubing for hydronic piping systems shall be installed with _____ ______ joints. h...

Appraisal - Answer An estimation of a property's value, usually prepared by a professional who is licensed in this field. Brokerage - Answer The business of bringing people together in a real estate transaction. Commerical - Answer The types of properties that include office spaces, shopping centers, stores, theaters, hotels, parking facilities, etc. Development - Answer The term for the construction of improvements upon the land. Elevation Certificate - Answer Insurance agents are ...