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NJ PROPERTY PRODUCER EXAM
QUESTIONS AND ANSWERS
Dwelling Policy - correct answer- Only insures property
DP-1 - correct answer- Basic Form
DP-2 - correct answer- Broad Form
DP-3 - correct answer- Special Form
Dwelling Coverage A - correct answer- Dwelling- Covers
dwelling, structures attached to dwelling, and materials/supplies
for the dwelling.
Dwelling Coverage B - correct answer- Other Structures-
Insures buildings on premise but separate from the dwelling.
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Dwelling Coverage C - correct answer- Personal Property-
Covers the insured's personal property and must be requested.
If rental property, a tenant's property is not covered.
Dwelling Coverage D - correct answer- Fair Rental Value-
Covers insured in the event a covered loss makes the rental
portion of a property unfit for normal use.
Dwelling Coverage E - correct answer- 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.
HO-2 - correct answer- Broad Form. Owner Occupied
HO-3 - correct answer- Special Form. Owner Occupied
HO-4 - correct answer- Tenants or Renters.
HO-5 - correct answer- Comprehensive Form (Open). Covers
everything minus named exclusions.
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HO-6 - correct answer- Condominium Owners
HO-8 - correct answer- Modified form. For special Risks. Think
Antique homes.
Mobile Homes - correct answer- 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.
Time Element Coverage Forms - correct answer- Business
Income. Covers loss of income and expenses due to
suspension of business following a covered loss.
Commercial Package Policy (CPP) - correct answer- Must have
at least 2 kinds of coverage.
CPP's can't contain: - correct answer- Workers' Compensation,
Life Insurance, Health and Disability Insurance, Certain types of
Professional Liability
NJ PROPERTY PRODUCER EXAM
QUESTIONS AND ANSWERS
Dwelling Policy - correct answer- Only insures property
DP-1 - correct answer- Basic Form
DP-2 - correct answer- Broad Form
DP-3 - correct answer- Special Form
Dwelling Coverage A - correct answer- Dwelling- Covers
dwelling, structures attached to dwelling, and materials/supplies
for the dwelling.
Dwelling Coverage B - correct answer- Other Structures-
Insures buildings on premise but separate from the dwelling.
,2 | Page
Dwelling Coverage C - correct answer- Personal Property-
Covers the insured's personal property and must be requested.
If rental property, a tenant's property is not covered.
Dwelling Coverage D - correct answer- Fair Rental Value-
Covers insured in the event a covered loss makes the rental
portion of a property unfit for normal use.
Dwelling Coverage E - correct answer- 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.
HO-2 - correct answer- Broad Form. Owner Occupied
HO-3 - correct answer- Special Form. Owner Occupied
HO-4 - correct answer- Tenants or Renters.
HO-5 - correct answer- Comprehensive Form (Open). Covers
everything minus named exclusions.
, 3 | Page
HO-6 - correct answer- Condominium Owners
HO-8 - correct answer- Modified form. For special Risks. Think
Antique homes.
Mobile Homes - correct answer- 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.
Time Element Coverage Forms - correct answer- Business
Income. Covers loss of income and expenses due to
suspension of business following a covered loss.
Commercial Package Policy (CPP) - correct answer- Must have
at least 2 kinds of coverage.
CPP's can't contain: - correct answer- Workers' Compensation,
Life Insurance, Health and Disability Insurance, Certain types of
Professional Liability
