Risk Management and Insurance > QUESTIONS & ANSWERS > NJ Property, Casualty, and Auto Licensing Exam Questions and Answers 100% Pass (All)

NJ Property, Casualty, and Auto Licensing Exam Questions and Answers 100% Pass

Document Content and Description Below

NJ Property, Casualty, and Auto Licensing Exam Questions and Answers 100% Pass Insuring Agreement ✔✔company's obligation to pay, includes the perils and coverage for specific or named peril po... licies Exclusions ✔✔what the policy will not pay for Definitions ✔✔names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage ✔✔coverages under a policy that are provided by the insurer at no extra cost Casualty Policies ✔✔defense costs over and above liability limits, post-judgement interest, bail bonds and appeal bonds Property Policies ✔✔debris removal, falls within the insured dwelling limit and cannot exceed the limit Binder ✔✔temporary proof of coverage before policy is issued (oral is good for 10 days, written for 60 days) Bodily Injury and Property Damage Coverage Amounts ✔✔Minimum: 15k per person/30k per accident/5k for property; Max is $500k Auto - Personal Assigned Risk Policy ✔✔PAIP; standard risk 0 points, non-standard risk 1-8 points, assigned risk 9 points. (blank) classification runs for 3 years Auto - Commercial Assigned Risk Policy ✔✔CAIP; assigned risk policy for commercial vehicles, including private vehicles owned by the business Personal Injury Protection ✔✔PIP or No-Fault, NJ Representations Act; mandatory, encourage the insured to recover under his/her own policy, tries to reduce premiums and hasten settlements through avoidance of lengthy litigation that would normally be the case. The benefits of the standard policy are statutory and therefor minimal Fire ✔✔A named peril policy. (blank) policies must be filed with the DOBI commissioner before use and must provide a fairly uniform look, and provide ample space for coverage, limits, rates, policy inception, and expiration dates Friendly Fire ✔✔fire is within it's intended confines (not covered) Hostile Fire ✔✔fire is outside it's intended confines Covered Fire Perils ✔✔fire - hostile, lightening, debris removal, theft within first 5 days Excluded Fire Perils ✔✔theft (after first 5 days of fire), neglect that gives rise to proximate cause of fire, war, government action, fire - friendly Fair Plan ✔✔(blank) policies are designed to prevent redlining in urban areas: improve property conditions from an availability standpoint, stabilize the property insurance market, provide coverage for risks which insurance cannot be obtained in the open market $1.5 million ✔✔FAIR Plan max limit Covered FAIR Plan Perils ✔✔FAIR: fire, lightening, debris removal Excluded FAIR Plan Perils ✔✔FAIR: burglary damage, flood, farms (farms are not urban) Dwelling Policy ✔✔1st party coverage only, not necessary to be owner-occupied, no more than 4 families or 5 roomers Basic Peril Coverage - DP1 ✔✔basic peril coverage - named perils - most basic dwelling policy Broad Peril Coverage - DP2 ✔✔named perils, but more perils than DP1 Special Peril Coverage - DP3 ✔✔ALL-RISK on dwelling unless specifically excluded and BROAD on contents or personal property Coverage A ✔✔dwelling + attached structures - no co-insurance requirement unlike homeowners policy Coverage B ✔✔detached structures - limited to 10% of coverage A amount Coverage C ✔✔personal property - limited to 50% of coverage A amount / 10% of secondary insurance Coverage D ✔✔fair rental value - limited to 10% of coverage A amount Coverage E ✔✔additional living expense - limited to 20% of coverage A amount Boat Owner's Policy ✔✔similar to auto insurance policy, except that PIP or "no-fault" is not available. damage from waves is referred to as "hull-damage" and is covered. no workers' compensation coverage Yacht Owner's Policy ✔✔for boats that pl [Show More]

Last updated: 1 year ago

Preview 1 out of 25 pages

Add to cart

Instant download

document-preview

Buy this document to get the full access instantly

Instant Download Access after purchase

Add to cart

Instant download

Also available in bundle (1)

PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

PROPERTY AND CASUALTY BUNDLED EXAMS QUESTIONS AND ANSWERS WITH APPROVED SOLUTIONS (LATEST 2022)

By Nutmegs 1 year ago

$25

29  

Reviews( 2 )

user-profile-pic


by Ismeerika · 1 year ago

awesome

Thank you for your review & feedback. All the best! by Nutmegs. 1 year ago

user-profile-pic


by Nutmegs · 1 year ago

Thank you for your review & feedback. All the best!

$10.00

Add to cart

Instant download

Can't find what you want? Try our AI powered Search

OR

REQUEST DOCUMENT
166
1

Document information


Connected school, study & course


About the document


Uploaded On

Oct 30, 2022

Number of pages

25

Written in

Seller


seller-icon
Nutmegs

Member since 3 years

578 Documents Sold


Additional information

This document has been written for:

Uploaded

Oct 30, 2022

Downloads

 1

Views

 166

Document Keyword Tags


$10.00
What is Browsegrades

In Browsegrades, a student can earn by offering help to other student. Students can help other students with materials by upploading their notes and earn money.

We are here to help

We're available through e-mail, Twitter, Facebook, and live chat.
 FAQ
 Questions? Leave a message!

Follow us on
 Twitter

Copyright © Browsegrades · High quality services·