-
NJ PSI PROPERTY AND CASUALTY EXAM NEWEST 2024
ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A
The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile homes under the?
A. HO-1 (Basic Form)
B. HO-2 (Broad Form)
C. HO-3 (Special Form)
D. HO-2 or HO-3 (Broad and Special) - answer-D. HO-2 or HO-3 (Broad and Special)
All of the following are eligible for coverage under Homeowners policy except?
A. A condominium unit owner.
B. A farm owner.
C. A mobile home owner.
D. A tenant in an apartment building. - answer-B. A farm owner.
Which of the following situations under dwelling policy conditions describe how the insurance
company will settle a loss?
-Pay the full value of a pair of earrings when only one is lost
-Company has the option to repair to pre-loss condition
-If loss is covered by other insurance the other insurance pays full loss
-Property is replaced by company at full replacement value at loss - answer-Company has the option
to repair to pre-loss condition
Which part of the commercial general liability designates who is an insured?
-conditions
-declarations
-definitions
-insuring agreement - answer-Declarations
,-
When the policy term ends and either the insured or the insurance company wants to discontinue
coverage which provision is applied?
-Expiration
Flat Cancel
-Cancellation
-Nonrenewal - answer-Nonrenewal
All of the following are listed in the duties of the insured following loss EXCEPT:
-Notice of claim
-Proof of loss
-Submitting to examination
-Contracting for restoration - answer-Contracting for restoration
The insured is mowing his lawn when a stranger is noticed in the backyard. The stranger claims to be a
substitute delivery person. Several days later a gold watch can not be found. Which of the following
describes the loss?
-Robbery -Burglary
-Theft of property
-Mysterious disappearance - answer-Mysterious Disappearance
Federal Crop Insurance is a type of insurance sometimes called which one of the following?
-Voluntary private insurance
-Special broadened forms insurance
-National association coverage insurance
-Residual market insurance - answer-Residual market insurance
All of the following are the most commonly used personal inland marine forms EXCEPT:
Personal property form
, -
-Personal articles form
-Builder's floater form
-Personal effects form - answer-Builders floater form
How does the BOP differ from the CPP?
-The BOP covers property damage only
-The BOP is specifically designed for larger companies
-The BOP covers small businesses that have multiple locations.
-The BOP prepackages a group of coverages desirable to small businesses. - answer-The BOP
prepackages a group of coverages desirable to small businesses.
All of the following are examples of direct loss EXCEPT:
-after a car crash you have to rent a replacement vehicle -a fire destroys your personal property in your
rental apartment.
-a thief takes your computer from your locker.
-a truck throws a stone and cracks your windshield. - answer-after a car crash you have to rent a
replacement vehicle
Which of the following would be covered by a commercial package policy?
-Small to medium sized businesses
-Ocean marine
-Loss due to crime
-Injury to worker on the job - answer-Loss due to crime
Which applies when an insured is found legally liable for the loss of another and is ordered to pay
general damages?
NJ PSI PROPERTY AND CASUALTY EXAM NEWEST 2024
ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A
The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile homes under the?
A. HO-1 (Basic Form)
B. HO-2 (Broad Form)
C. HO-3 (Special Form)
D. HO-2 or HO-3 (Broad and Special) - answer-D. HO-2 or HO-3 (Broad and Special)
All of the following are eligible for coverage under Homeowners policy except?
A. A condominium unit owner.
B. A farm owner.
C. A mobile home owner.
D. A tenant in an apartment building. - answer-B. A farm owner.
Which of the following situations under dwelling policy conditions describe how the insurance
company will settle a loss?
-Pay the full value of a pair of earrings when only one is lost
-Company has the option to repair to pre-loss condition
-If loss is covered by other insurance the other insurance pays full loss
-Property is replaced by company at full replacement value at loss - answer-Company has the option
to repair to pre-loss condition
Which part of the commercial general liability designates who is an insured?
-conditions
-declarations
-definitions
-insuring agreement - answer-Declarations
,-
When the policy term ends and either the insured or the insurance company wants to discontinue
coverage which provision is applied?
-Expiration
Flat Cancel
-Cancellation
-Nonrenewal - answer-Nonrenewal
All of the following are listed in the duties of the insured following loss EXCEPT:
-Notice of claim
-Proof of loss
-Submitting to examination
-Contracting for restoration - answer-Contracting for restoration
The insured is mowing his lawn when a stranger is noticed in the backyard. The stranger claims to be a
substitute delivery person. Several days later a gold watch can not be found. Which of the following
describes the loss?
-Robbery -Burglary
-Theft of property
-Mysterious disappearance - answer-Mysterious Disappearance
Federal Crop Insurance is a type of insurance sometimes called which one of the following?
-Voluntary private insurance
-Special broadened forms insurance
-National association coverage insurance
-Residual market insurance - answer-Residual market insurance
All of the following are the most commonly used personal inland marine forms EXCEPT:
Personal property form
, -
-Personal articles form
-Builder's floater form
-Personal effects form - answer-Builders floater form
How does the BOP differ from the CPP?
-The BOP covers property damage only
-The BOP is specifically designed for larger companies
-The BOP covers small businesses that have multiple locations.
-The BOP prepackages a group of coverages desirable to small businesses. - answer-The BOP
prepackages a group of coverages desirable to small businesses.
All of the following are examples of direct loss EXCEPT:
-after a car crash you have to rent a replacement vehicle -a fire destroys your personal property in your
rental apartment.
-a thief takes your computer from your locker.
-a truck throws a stone and cracks your windshield. - answer-after a car crash you have to rent a
replacement vehicle
Which of the following would be covered by a commercial package policy?
-Small to medium sized businesses
-Ocean marine
-Loss due to crime
-Injury to worker on the job - answer-Loss due to crime
Which applies when an insured is found legally liable for the loss of another and is ordered to pay
general damages?
