NJ Title
An insurance agent is defined as an individual who transacts business on behalf of a _______
a client
Knowingly making false statements which are derogatory against and meant solely to injure
another
defama on
Type of authority that is either stated orally or in wri ng and allows an agent to act on
behalf of the insurance company
express authority
Type of authority holds an agent has when any reasonable person assumes the agent has
apparent authority
The chance or uncertainty of loss
risk
Condi ons and ground rules for a policy specify
obliga ons and responsibili es for the insurer and the insured
The insuring agreement of a property insurance policy includes
promise made by the insurance company to the insured to provide coverage
Insurable Interest means
type of investment that protects anything subject to a financial loss
A loss for which there is no protec on under insurance policy terms
exclusion
Modified Whole Life Policies
The premium is lower than normal during the early years and increases to a fixed premium
a&er a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis
DP - 3
In a level term life policy, _______ always remains constant
, death benefit
This is excluded on DP - 3 coverage
Ice damage to homes
Dwelling Property Policy's cover
mountain vaca on homes used on weekends and summers
DP - 1 basic policy covers
Lightning Strikes and Not Earthquakes
Grace periods protect policy holders from
uninten onal lapses of the policy
Dwelling Policy condi ons describe how an insurance company
has the op on to repair to pre-loss condi ons
The policy and applica on cons tute the complete agreement between the policyowner and
the insurance company
En re Contract Provision
Is switching the policy from one insured top another an ownership right?
NO.
Under the misstatement of age provision, what happens if it is determined at death that the
insured's age or gender was misstated on a life insurance policy applica on
Benefits are adjusted to an amount that the premium would have purchased at the correct
age or gender
______ is NOT a nonforfeiture op on available in a Whole Life Policy
Accumula on at interest
During the first 60 days an automobile policy is in force, when may an insurer cancel the
policy?
by a statement of the specific reason
These are not covered by tle insurance
Exclusions
These outline the rela onships between insurance companies and the insured
Condi ons
An insurance agent is defined as an individual who transacts business on behalf of a _______
a client
Knowingly making false statements which are derogatory against and meant solely to injure
another
defama on
Type of authority that is either stated orally or in wri ng and allows an agent to act on
behalf of the insurance company
express authority
Type of authority holds an agent has when any reasonable person assumes the agent has
apparent authority
The chance or uncertainty of loss
risk
Condi ons and ground rules for a policy specify
obliga ons and responsibili es for the insurer and the insured
The insuring agreement of a property insurance policy includes
promise made by the insurance company to the insured to provide coverage
Insurable Interest means
type of investment that protects anything subject to a financial loss
A loss for which there is no protec on under insurance policy terms
exclusion
Modified Whole Life Policies
The premium is lower than normal during the early years and increases to a fixed premium
a&er a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis
DP - 3
In a level term life policy, _______ always remains constant
, death benefit
This is excluded on DP - 3 coverage
Ice damage to homes
Dwelling Property Policy's cover
mountain vaca on homes used on weekends and summers
DP - 1 basic policy covers
Lightning Strikes and Not Earthquakes
Grace periods protect policy holders from
uninten onal lapses of the policy
Dwelling Policy condi ons describe how an insurance company
has the op on to repair to pre-loss condi ons
The policy and applica on cons tute the complete agreement between the policyowner and
the insurance company
En re Contract Provision
Is switching the policy from one insured top another an ownership right?
NO.
Under the misstatement of age provision, what happens if it is determined at death that the
insured's age or gender was misstated on a life insurance policy applica on
Benefits are adjusted to an amount that the premium would have purchased at the correct
age or gender
______ is NOT a nonforfeiture op on available in a Whole Life Policy
Accumula on at interest
During the first 60 days an automobile policy is in force, when may an insurer cancel the
policy?
by a statement of the specific reason
These are not covered by tle insurance
Exclusions
These outline the rela onships between insurance companies and the insured
Condi ons
