NJ Property Casualty Insurance Exam (33)

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Miami Dade College, Miami *

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MISC

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Economics

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Nov 24, 2024

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pdf

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1

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NJ Property/ Casualty Insurance Exam Set With Correct Answers 2023 A premium discount is applied to Workers Comp when an insured owes a total standard premium of more than ________. A. $500 B. $1000 C. $3,000 D. $5,000 - Answer D. $5,000 Which of the following is not a coverage type that a business owner may not be able to select under a Commercial Package Policy? A. Crime B. Boiler and Machinery C. Workers Compensation D. Liability - Answer C. Workers Compensation If an insurance policy has an annual aggregate limit this would be the predetermined: A. Dollar amount a policy will cover each year B. Number of claims a policy will cover each year C. Maximum dollar amount a policy owner will pay for premiums each year D. Dollar amount a policyowner can borrow against the policy in any given year - Answer A. Dollar amount a policy will cover each year When may a nonresident agent conduct business under an assumed name? A. Never B. After submitting the name to the Commissioner C. After filing the name with the Commissioner's office and paying the fee D. After sending a completed Assumed Name Form to the Commissioner's office and paying the appropriate fee - Answer A. Never Records of management funds must be maintained by producers and insurers for how long? A. 5 years after their termination of coverage B. 2 years after their termination of coverage C. 1 year D. 90 days - Answer A. 5 years after their termination of coverage Teddy is a nonresident producer that just moved to New Jersey. He would like to become a resident producer. What must Teddy do to obtain his resident license? A. No action is necessary B. Teddy can sell insurance in New Jersey after completing his continuing education hours C. Teddy must apply for a pre-licensing waiver, submit the application and pay the fee D. Teddy must complete 20 hours of training - Answer C. Teddy must apply for a pre-licensing waiver, submit the application and pay the fee A Certificate of License Status Report can be issued for a producer. What is the maximum time that the report can contain background disciplinary information on the producer?
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