NJ Property Casualty Insurance Exam (15)

STATE: Which of the following statements regarding homeowner's insurance is true? A. The listing agent should advise the seller to cancel homeowner's insurance immediately after by the seller's standard homeowner's going under contract B. Vacant properties are always covered insurance police C. A seller that retains possession after closing may not be covered under their homeowner's insurance policy D. Homeowner's insurance policy premiums are not affected by previous claims

Which of the following statements is correct about perils in property insurance policies?   An (HO-2) form provides coverage for more perils than a (HO-3) Form.  a Peril is defined as the cause of a loss  A peril  increases the chance of a loss  a property insurance policy must contain a list of all cover perils

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3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policy

The PRIMARY function of an umbrella liability insurance policy is to provide coverage for   • A. personal property damage caused by inclement weather.   B. legal claims that exceed the policyholder's primary liability insurance limits.   C. multiple dwellings and vehicles under a single insurance policy.   D. vehicles that are either rented or borrowed by the policyholder.

A "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choice

uge to or loss of a dwelling and personal property of of g protects the beneficiary against the financial aspects of a traffic accident. TUSS, damage, or injury. May result in either financial gain or financial loss. 24. Financial service used to protect against loss. 25. Completion Amount of money or other services to which you are entitled under the terms of your insurance policy. Complete each statement. 26. A(n) endorsement 27. The Premium is an attachment to existing insurance coverage. is the amount the insured pays for insurance coverage. 28. The amount the insured is responsible for paying when a claim is made is the deductible 29. The process of documenting a loss against an insurance policy is called filing a(n) Claim 30. depreciation is a decrease in the value of property as a result of age or wear and tear. 31. The replacement cost minus depreciation is known as actual cash value 32. All 50 states have financial responsibility laws that require drivers to show proof of…

. A __________  __________ is a part of a fire insurance policy that requires the policyholder to purchase coverage at least equal to a specified percentage of the replacement cost of the property to obtain full reimbursement for losses.

Certain Accident Benefits limits under O.A.P. 1 Owner's Policy can be increased or extended at the option of the insured. Which one (1) of the following benefits CANNOT be changed?   Death and Funeral Benefits. Income Replacement Benefit. Caregiver Benefit for Catastrophic Injuries. Disability Benefit after Age 65.

What does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductible

C. Claim form D. Policy form 20. The written insurance document that may include all clauses, exception and conditions is called O A. endorsement O B. claim form O C. certificate of insurance O D. policy form 21. What is the form that filled out by insured if a loss is suffered? *

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Name a peril that is often excluded from an home or auto insurance policy.  Why is the peril included in an insurance policy

One purpose of casualty policy’s condition section is to list the property that is to be covered list the perils that are to be insured against provide for extension of coverage specify the insured responsibilities in the event of loss