NJ Property/ Casualty
Insurance Exam Set Questions
and Answers 100% PASS
Why was the commercial Insurance Deregulation Act Created?—ANSWER-
To protect the public from the adverse effects of excessive, inadequate, &
unfair discriminatory rates & marketing practices
Which policies issued must follow the provisions of the Commercial
Insurance Deregulation Act?—ANSWER-Commercial policies
When must rate amendments & policy forms be filed with the
commissioner?—ANSWER-30 days before
What losses are excluded from flood insurance?—ANSWER--Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet
Who administers the NFIP?—ANSWER-Federal Insurance Administration
(FIA)
, What does the NFIP stand for?—ANSWER-National Flood Insurance Program
Why was the National Flood insurance Program constructed?—ANSWER-to
fill in gaps of flood coverage by the private sector
What are the 3 NFIP requirements for coverage?—ANSWER--community
land management & flood control programs must reduce flood losses in the
future
-Flood insurance required in specific flood prone areas as a condition for
receiving loans through/ backed by the federal government
-Property owners that fail to purchase flood insurance within 1 year after it
is available will not be eligible for full disaster relief funding. It will be
reduced by an amount of insurance that could have been purchased
What is the NFIP max coverage for a single family?—ANSWER-Building
$250K, Contents $100K
What is the NFIP max coverage for other residential?—ANSWER-Building
$250K, Contents $100K
What is the NFIP max coverage for small business?—ANSWER-Building
$500K, Contents $500K
What is the NFIP max coverage for Other Non-Residential?—ANSWER-
Building $500k, Contents $500K
What is the NFIP subsidized rate for a single family?—ANSWER-Building
$35K, Contents $10K
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
Insurance Exam Set Questions
and Answers 100% PASS
Why was the commercial Insurance Deregulation Act Created?—ANSWER-
To protect the public from the adverse effects of excessive, inadequate, &
unfair discriminatory rates & marketing practices
Which policies issued must follow the provisions of the Commercial
Insurance Deregulation Act?—ANSWER-Commercial policies
When must rate amendments & policy forms be filed with the
commissioner?—ANSWER-30 days before
What losses are excluded from flood insurance?—ANSWER--Landslides
-Sewer backup
-Windblown Rain
-Snow
-Sleet
Who administers the NFIP?—ANSWER-Federal Insurance Administration
(FIA)
, What does the NFIP stand for?—ANSWER-National Flood Insurance Program
Why was the National Flood insurance Program constructed?—ANSWER-to
fill in gaps of flood coverage by the private sector
What are the 3 NFIP requirements for coverage?—ANSWER--community
land management & flood control programs must reduce flood losses in the
future
-Flood insurance required in specific flood prone areas as a condition for
receiving loans through/ backed by the federal government
-Property owners that fail to purchase flood insurance within 1 year after it
is available will not be eligible for full disaster relief funding. It will be
reduced by an amount of insurance that could have been purchased
What is the NFIP max coverage for a single family?—ANSWER-Building
$250K, Contents $100K
What is the NFIP max coverage for other residential?—ANSWER-Building
$250K, Contents $100K
What is the NFIP max coverage for small business?—ANSWER-Building
$500K, Contents $500K
What is the NFIP max coverage for Other Non-Residential?—ANSWER-
Building $500k, Contents $500K
What is the NFIP subsidized rate for a single family?—ANSWER-Building
$35K, Contents $10K
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law, Copyrighted By Katelyn Whitman
