NJ Casualty Test Exam With 100% Correct
Answers 2023.
when the courts usually resolve any ambiguity in policy wording in favor of the
insured this is because what?
Doctrine of reasonable expectations
Doctrine of Reasonable Expectations
States: that a policy includes coverages that an average person would reasonably
expect it to include, regardless of what the policy actually provides.
Which is not an agent's responsibility to the insured?
Settling and paying claims
A women slips and falls on icy steps and breaks her leg. What may be a peril in
this situation ?
The fall
peril
cause of loss
Part of the policy that can void the policy if they are breached, weather the breach
was intended or not?
Warranties
An insured's attempt to mitigate risk ?
Reduction
Type of Insurance the government may step in to provide that is not ordinarily
available for private insurers?
Residual Market
One party of the contract has greater power over the other in drafting the
contract.
Contract of adhesion
Personal Insurance contract
An insurance contract insures the person who owns the property, not the actual
property itself
Excess Line carriers
Non-admitted/unlicensed carrier who is held to different regulations than other carriers.
Protects insurance companies from catastrophic losses and from wild
fluctuations in underwriting results
reinsurance
Contract Against Public Policy is not enforceable due to what part of contract
legal purpose
tort
a wrongful act or an infringement of a right leading to legal liability.
An insured is found legally liable for the loss of another and is ordered to pay
general damages
Damages compensate for pain and suffering.
Under CGL which is covered under supplementary payments
cost of bail bonds
Answers 2023.
when the courts usually resolve any ambiguity in policy wording in favor of the
insured this is because what?
Doctrine of reasonable expectations
Doctrine of Reasonable Expectations
States: that a policy includes coverages that an average person would reasonably
expect it to include, regardless of what the policy actually provides.
Which is not an agent's responsibility to the insured?
Settling and paying claims
A women slips and falls on icy steps and breaks her leg. What may be a peril in
this situation ?
The fall
peril
cause of loss
Part of the policy that can void the policy if they are breached, weather the breach
was intended or not?
Warranties
An insured's attempt to mitigate risk ?
Reduction
Type of Insurance the government may step in to provide that is not ordinarily
available for private insurers?
Residual Market
One party of the contract has greater power over the other in drafting the
contract.
Contract of adhesion
Personal Insurance contract
An insurance contract insures the person who owns the property, not the actual
property itself
Excess Line carriers
Non-admitted/unlicensed carrier who is held to different regulations than other carriers.
Protects insurance companies from catastrophic losses and from wild
fluctuations in underwriting results
reinsurance
Contract Against Public Policy is not enforceable due to what part of contract
legal purpose
tort
a wrongful act or an infringement of a right leading to legal liability.
An insured is found legally liable for the loss of another and is ordered to pay
general damages
Damages compensate for pain and suffering.
Under CGL which is covered under supplementary payments
cost of bail bonds
