Nj Property And Casualty Insurance Exam With 100%
Correct Answers 2023
Aleatory Contract
Insurance policy is based upon uncertainty of a loss, equal value is not given by the
parties to the contract.
Utmost Good Faith
Parties to the contract rely upon the integrity of one another.
Insuring Agreement
The section of an insurance policy containing the insurer's promise to pay, the
description of coverage provided and perils insured against.
Conditions
The rights and responsibilities of all parties of the contract.
Exclusions
Rights and responsibilities of both parties to the contract
Monoline Policy
Policy that covers only one line of business
Multiline policy
Policy that includes more than one type of insurance coverage.
Property—Personal Lines Insurance
Dwelling and contents, homeowners , mobile homes, personal inland marine floaters,
personal watercraft,flood,earthquake
Property—Commercial Lines Insurance
Business owners BOP, commercial package policy CPP, boiler and machinery,
commercial inland and ocean marine floaters
Casualty— personal lines
Personal liability, personal auto policy PAP, personal umbrella policy
Casualty— Commercial lines
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
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
A responsibility assumes by insurance regulators to step in and provide insurance
situations where private insurance is not readily available when the government
provides a type of insurance or mechanism to procure insurance
Examples of surplus lines-federal level
FloodInsurance, Federal crop insurance, nuclear energy liability insurance, terrorism
insurance program.
Examples of surplus lines—State level
Correct Answers 2023
Aleatory Contract
Insurance policy is based upon uncertainty of a loss, equal value is not given by the
parties to the contract.
Utmost Good Faith
Parties to the contract rely upon the integrity of one another.
Insuring Agreement
The section of an insurance policy containing the insurer's promise to pay, the
description of coverage provided and perils insured against.
Conditions
The rights and responsibilities of all parties of the contract.
Exclusions
Rights and responsibilities of both parties to the contract
Monoline Policy
Policy that covers only one line of business
Multiline policy
Policy that includes more than one type of insurance coverage.
Property—Personal Lines Insurance
Dwelling and contents, homeowners , mobile homes, personal inland marine floaters,
personal watercraft,flood,earthquake
Property—Commercial Lines Insurance
Business owners BOP, commercial package policy CPP, boiler and machinery,
commercial inland and ocean marine floaters
Casualty— personal lines
Personal liability, personal auto policy PAP, personal umbrella policy
Casualty— Commercial lines
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
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
A responsibility assumes by insurance regulators to step in and provide insurance
situations where private insurance is not readily available when the government
provides a type of insurance or mechanism to procure insurance
Examples of surplus lines-federal level
FloodInsurance, Federal crop insurance, nuclear energy liability insurance, terrorism
insurance program.
Examples of surplus lines—State level
