New Jersey Title Insurance Exam|
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An insurance agent is defined as an individual who transacts business on behalf of a
_______ - Answer✅✅a client
Knowingly making false statements which are derogatory against and meant solely
to injure another - Answer✅✅defamation
Type of authority that is either stated orally or in writing and allows an agent to act
on behalf of the insurance company - Answer✅✅express authority
Type of authority holds an agent has when any reasonable person assumes the
agent has - Answer✅✅apparent authority
The chance or uncertainty of loss - Answer✅✅risk
Conditions and ground rules for a policy specify - Answer✅✅obligations and
responsibilities for the insurer and the insured
, The insuring agreement of a property insurance policy includes -
Answer✅✅promise made by the insurance company to the insured to provide
coverage
Insurable Interest means - Answer✅✅type of investment that protects anything
subject to a financial loss
A loss for which there is no protection under insurance policy terms -
Answer✅✅exclusion
Modified Whole Life Policies - Answer✅✅The premium is lower than normal during
the early years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis - Answer✅✅DP - 3
In a level term life policy, _______ always remains constant - Answer✅✅death
benefit
This is excluded on DP - 3 coverage - Answer✅✅Ice damage to homes
Dwelling Property Policy's cover - Answer✅✅mountain vacation homes used on
weekends and summers
DP - 1 basic policy covers - Answer✅✅Lightning Strikes and Not Earthquakes
Grace periods protect policy holders from - Answer✅✅unintentional lapses of the
policy
Dwelling Policy conditions describe how an insurance company - Answer✅✅has
the option to repair to pre-loss conditions
The policy and application constitute the complete agreement between the
policyowner and the insurance company - Answer✅✅Entire Contract Provision
Is switching the policy from one insured top another an ownership right? -
Answer✅✅NO.
Under the misstatement of age provision, what happens if it is determined at death
that the insured's age or gender was misstated on a life insurance policy application -
Answer✅✅Benefits are adjusted to an amount that the premium would have
purchased at the correct age or gender
______ is NOT a nonforfeiture option available in a Whole Life Policy -
Answer✅✅Accumulation at interest
Brand New Exam Questions with
100% Correct Clear Verified
Answers| All Graded A+|Latest
Premium Update| 100%
Guaranteed Success.
An insurance agent is defined as an individual who transacts business on behalf of a
_______ - Answer✅✅a client
Knowingly making false statements which are derogatory against and meant solely
to injure another - Answer✅✅defamation
Type of authority that is either stated orally or in writing and allows an agent to act
on behalf of the insurance company - Answer✅✅express authority
Type of authority holds an agent has when any reasonable person assumes the
agent has - Answer✅✅apparent authority
The chance or uncertainty of loss - Answer✅✅risk
Conditions and ground rules for a policy specify - Answer✅✅obligations and
responsibilities for the insurer and the insured
, The insuring agreement of a property insurance policy includes -
Answer✅✅promise made by the insurance company to the insured to provide
coverage
Insurable Interest means - Answer✅✅type of investment that protects anything
subject to a financial loss
A loss for which there is no protection under insurance policy terms -
Answer✅✅exclusion
Modified Whole Life Policies - Answer✅✅The premium is lower than normal during
the early years and increases to a fixed premium after a 3-5 year period
In which of the DP Forms is the dwelling covered under open perils and the personal
property on a named peril basis - Answer✅✅DP - 3
In a level term life policy, _______ always remains constant - Answer✅✅death
benefit
This is excluded on DP - 3 coverage - Answer✅✅Ice damage to homes
Dwelling Property Policy's cover - Answer✅✅mountain vacation homes used on
weekends and summers
DP - 1 basic policy covers - Answer✅✅Lightning Strikes and Not Earthquakes
Grace periods protect policy holders from - Answer✅✅unintentional lapses of the
policy
Dwelling Policy conditions describe how an insurance company - Answer✅✅has
the option to repair to pre-loss conditions
The policy and application constitute the complete agreement between the
policyowner and the insurance company - Answer✅✅Entire Contract Provision
Is switching the policy from one insured top another an ownership right? -
Answer✅✅NO.
Under the misstatement of age provision, what happens if it is determined at death
that the insured's age or gender was misstated on a life insurance policy application -
Answer✅✅Benefits are adjusted to an amount that the premium would have
purchased at the correct age or gender
______ is NOT a nonforfeiture option available in a Whole Life Policy -
Answer✅✅Accumulation at interest
