NJ PSI Property and Casualty Exam 2026
Questions and Answers Latest (2026 /
2027) (Verified Answers) Updated And
A+ Graded
Under Homeowners policies, Section II, the basic limit for Personal Liability
Coverage is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - Correct Answer -C. $100,000.
Under Section II Additional Coverage's of Homeowners policies, the insurer agrees
to pay?
A. The costs of defending a claim.
B. Premiums on bonds required in a suit.
C. Court costs.
D. All of the above. - Correct Answer -D. All of the above.
, Under Homeowners and other policies, ACV is the abbreviation for which property
insurance valuation?
A. Approved Coverage Valuation.
B. Approximate Cash Value.
C. Actual Coverage Valuation.
D. Actual Cash Value. - Correct Answer -D. Actual Cash Value.
Under Homeowners and other policies, the definition of the property insurance
valuation known as Actual Cash Value (ACV) is?
A. Replacement Cost plus a cash payment.
B. Replacement Cost minus the cost of new material.
C. Replacement Cost minus depreciation.
D. Replacement Cost plus market value. - Correct Answer -C. Replacement Cost
minus depreciation.
When dealing with jewelry, furs, or silverware, which carry special limits, a
producer should advise a client that if the value exceeds the limits specified in the
policy, the client should purchase?
A. A Scheduled Personal Property Endorsement.
B. Less Jewelry.
C. A Fine arts Endorsement.
D. Another policy. - Correct Answer -A. A Scheduled Personal Property
Endorsement.
Questions and Answers Latest (2026 /
2027) (Verified Answers) Updated And
A+ Graded
Under Homeowners policies, Section II, the basic limit for Personal Liability
Coverage is?
A. $50,000.
B. $75,000.
C. $100,000.
D. $150,000. - Correct Answer -C. $100,000.
Under Section II Additional Coverage's of Homeowners policies, the insurer agrees
to pay?
A. The costs of defending a claim.
B. Premiums on bonds required in a suit.
C. Court costs.
D. All of the above. - Correct Answer -D. All of the above.
, Under Homeowners and other policies, ACV is the abbreviation for which property
insurance valuation?
A. Approved Coverage Valuation.
B. Approximate Cash Value.
C. Actual Coverage Valuation.
D. Actual Cash Value. - Correct Answer -D. Actual Cash Value.
Under Homeowners and other policies, the definition of the property insurance
valuation known as Actual Cash Value (ACV) is?
A. Replacement Cost plus a cash payment.
B. Replacement Cost minus the cost of new material.
C. Replacement Cost minus depreciation.
D. Replacement Cost plus market value. - Correct Answer -C. Replacement Cost
minus depreciation.
When dealing with jewelry, furs, or silverware, which carry special limits, a
producer should advise a client that if the value exceeds the limits specified in the
policy, the client should purchase?
A. A Scheduled Personal Property Endorsement.
B. Less Jewelry.
C. A Fine arts Endorsement.
D. Another policy. - Correct Answer -A. A Scheduled Personal Property
Endorsement.
