NJ Property, Casualty, and Auto Licensing Exam Questions 100% Answered

Insuring Agreement -ANSWER company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions -ANSWER what the policy will not pay for Definitions -ANSWER names of the persons insured in addition to the named insured are listed here, along with any other (blank) of terms in the policy Additional Coverage -ANSWER coverages under a policy that are provided by the insurer at no extra cost Casualty Policies -ANSWER defense costs over and above liability limits, post-judgement interest, bail bonds and appeal bonds Property Policies -ANSWER debris removal, falls within the insured dwelling limit and cannot exceed the limit Binder -ANSWER temporary proof of coverage before policy is issued (oral is good for 10 days, written for 60 days)