Nj property and casualty insurance Exam Questions and Answers (Solved Papers) Aleatory Contract - Correct Answers ✅Insurance policy is based upon uncertainty of a loss, equal value is not given by the parties to the contract.Utmost Good Faith - Correct Answers ✅Parties to the contract rely upon the integrity of one another.Insuring Agreement - Correct Answers ✅The section of an insurance policy containing the insurer's promise to pay, the description of coverage provided and perils insured against.Conditions - Correct Answers ✅The rights and responsibilities of all parties of the contract.Exclusions - Correct Answers ✅Rights and responsibilities of both parties to the contract Monoline Policy - Correct Answers ✅Policy that covers only one line of business Multiline policy - Correct Answers ✅Policy that includes more than one type of insurance coverage.Property—Personal Lines Insurance - Correct Answers ✅Dwelling and contents, homeowners , mobile homes, 1 / 2
Nj property and casualty insurance Exam Questions and Answers (Solved Papers) personal inland marine floaters, personal watercraft,flood,earthquake Property—Commercial Lines Insurance - Correct Answers ✅Business owners BOP, commercial package policy CPP, boiler and machinery, commercial inland and ocean marine floaters Casualty— personal lines - Correct Answers ✅Personal liability, personal auto policy PAP, personal umbrella policy Casualty— Commercial lines - Correct Answers ✅Commercial general liability CGL, Business auto coverage, workers compensation and liability insurance, surety bonds, commercial crime insurance and Fidelity bonds, personal liability insurance, commercial umbrella policies and excess coverages.Surplus Lines - Correct Answers ✅any type of insurance for which there is no available market within the state, and the coverage must be placed with a non admitted insurer, are often allow to operate under open competition Residual market coverage - Correct Answers ✅A responsibility assumes by insurance regulators to step in and provide insurance situations where private insurance is not
- / 2