Study guides, Class notes & Summaries

Nj State Exam With Study Guide Final Exam Questions And Answers Property And Casualty 2024/Final Exam Questions Property and Casualty - NJ STATE EXAM WITH STUDY GUIDE EXAMFX (IMAGES). Professional liability policies protect against liability resulting from A. Errors and Omissions Page 46 Mini-Tail or Extended. Page 60 B. 60 Days after expiration date Not an exclusion under auto physical damage selection. Page 28 C. Carpools Not a covered territory in the personal auto policy. Page 25...

NJ Property State Exam With 100% Correct Answers 2023 Risk the chance or uncertainty of loss Risk used within the insurance industry to refer to the subject of the insurance policy Possibility of loss the concept of risk involves ___________________ Insurance a formal social device used to accomplish the transfer of risk from an insured to the insurer Insurance policy a legal contract in which the premium paid represents a small certain cost exchanged so that the insurer will cover...

New Jersey Property And Casualty Insurance Exam With 100% Correct Answers 2023. Bail a security depost that guarantees the appearance of a defendant in court for trail, forgeited if the defendant fails to appear for trail; also the act of delivering goods to another to be helf in trust for a special purpose bailee a person one who has care, custody, or control of another's property, usually for repair, cleaning, processing, storage, ro service bailee's customer policy this provides c...

Nj Property And Casualty Insurance Exam With 100% Correct Answers 2023 Aleatory Contract Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract. Utmost Good Faith Parties to the contract rely upon the integrity of one another. Insuring Agreement The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against. Conditions The rights and responsibilities of...

NJ Casualty Test Exam With 100% Correct Answers 2023. when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? Doctrine of reasonable expectations Doctrine of Reasonable Expectations States: that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. Which is not an agent's responsibility to the insured? Settling and paying claims A women slips and fa...

NJ Property Producer Exam With 100% Correct Answers 2023 Dwelling Policy Only insures property DP-1 Basic Form DP-2 Broad Form DP-3 Special Form Dwelling Coverage A Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C Personal Property- Covers the insured's personal property and must be requested. If rental prope...

NJ Property Producer Exam With 100% Correct Answers 2023 Dwelling Policy Only insures property DP-1 Basic Form DP-2 Broad Form DP-3 Special Form Dwelling Coverage A Dwelling- Covers dwelling, structures attached to dwelling, and materials/supplies for the dwelling. Dwelling Coverage B Other Structures- Insures buildings on premise but separate from the dwelling. Dwelling Coverage C Personal Property- Covers the insured's personal property and must be requested. If rental prope...

NJ Property Insurance Law Exam With 100% Correct Answers 2023. In New Jersey, and insurer must provide at least______ advance notice for cancellation of property coverages for nonpayment of premium 10 days The employment of another producer by a producer is subject to all of the following requirements, except a. the employer shall examine the credentials of the kinds of business described in the contract. b. the employer shall be responsible for the insurance related conduct of the empl...

NJ Property Insurance Exam With 100% Correct Answers 2024. Abandonment the abdication of insured property into the hands of another, or into the possession of no one in particular accident an unfortunate incident that happens unexpectedly and unintentionally, typically resulting in damage or injury. ACV. actual cash value the required amount to pay damages for property loss, which is calculated based on the property's current replacement value minus depreciation additional coverage ...

NJ Property Insurance Practice Exam With 100% Correct Answers 2023 What are the nine prohibited trade practices? 1. misrepresentation 2. false advertising 3. defamation 4. rebates 5. false financial statements 6. stock operations & advisory contracts 7. boycott, coercion, intimidation 8. unfair discrimination 9. unfair claim settlement practices Which government body has principal responsibility for regulating the insurance industry in NJ? a. insurance department b. governor c....