NJ Property Casualty Insurance Exam (26)

Which of the following items would not automatically be covered under an HO-3 form?   the insured’s driveaway, if damaged by falling object The insured’s pedigreed collie valued at $6000 or $7000 A lawnmower in the insured’s garage personal property of the insured’s daughter who is away from college

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An insured is purchasing a Building and Personal Property Coverage Form (BPP) to cover her business. She asks the agent to explain how her property will be valued in the event of a loss. Which one of the following statements made by her agent accurately describes how the covered property will be valued in the event of loss?     The insurer is obligated to pay replacement cost regardless of whether or not the property has actually been repaired or replaced.     The insurer is obligated to pay the cost to replace the damaged or destroyed property with new property of like kind and quality without any deduction for depreciation or obsolescence.     Insurers underwrite the coverage carefully because some items that can be difficult to value, such as manuscripts, works of art, antiques, and rare articles, are covered for replacement cost.     If the insured elects to accept an ACV claim settlement, the insured is barred from later requesting payment of replacement cost.

When you purchase a(n) ________, you are obtaining an extension to a homeowner's insurance policy that provides coverage for all personal property regardless of where it is located. A) uninsured property addendum B) property addendum C) personal rider D) personal articles floater E) none of the above

63 Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur fure items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant OA) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite OB Nothing. The loss is not covered. OC The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis Ilimit OD That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal property

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QUESTION 10 Yousif has purchased insurance for his home with four different companies, Company A covers 3,797, Company B covers 3,796, Company C covers 3,934 and Company d covers 4,540. Assuming the insurers follow a pro rata liability method, how much will company B pay if a loss of 5,154 occurs?

almalina purschased and installed a new safe in her store in may 1 2021 she paid 7000 for the safe she elects to depreciate it under the ads system instead of the gds system what recovery period will she uses

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1. which of the following life situations does not qualify you for a student loan deferment A. Long term disabilitu B. Currently enrolled college C. Religious commitment/serivce D. Recently fired/loss of job

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Virginia has business property that is stolen and partially destroyed by the time it was recovered. She receives an insurance reimbursement of $5,000 on property that had a $14,000 basis and a decrease in market value of $10,000 due to damage caused by the theft. What is the amount of Virginia's casualty loss? a.$4,000 b.$5,000 c.$14,000 d.$10,000 e.None of these choices are correct.

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