NJ PSI PROPERTY AND CASUALTY EXAM NEWEST 2024
ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A
Employees are barred from suing employers in court to obtain compensation for injuries covered by
workers' compensation because of which of the following doctrines?
-Employer liability -Exclusive
remedy
-Workman liability
-No fault insurance - answer-Exclusive Remedy
Which document would a lender ask an insured for as evidence that a policy has been written?
-Certificate
-Declarations
-Endorsement
-Policy - answer-Certificate
Which coverage forms are used when the insured sustains loss of revenue due to direct physical loss
from a peril insured against that forces the insured to suspend operations during the period of
restoration?
-Causes of Loss forms
-Business Income Coverage forms
-Suspension forms
-Commercial Casualty forms - answer-Business Income Coverage forms
When does the coverage begin for a builders risk form?
-The date the policy premium is paid
-On the date any construction begins
-On the date construction starts above the highest basement floor if there is a basement
-On the date construction starts above the lowest basement floor if there is a basement - answer-On
the date construction starts above the lowest basement floor if there is a basement
,If the insured has a loss with a private passenger nonowned temporary substitute vehicle how will the
loss be treated by the insured's own policy for physical damage?
-Insured has excess coverage only.
-No coverage extends from insured's policy.
Liability coverage extends to the owner of the vehicle.
The broadest coverage available extends from the insured's policy. - answer-The broadest coverage
available extends from the insured's policy
All of the following are used to establish negligence EXCEPT:
-proximate cause.
-legal duty owed.
-breach of legal duty owed.
-cost of damages. - answer-Cost of damages
Which of the following limits of insurance on the dwelling are available and apply to Coverage D-Fair
Rental Value?
-10 %
-15 %
-20 %
-25 % - answer-20 %
Which part of an insurance contract describes a loss for which the insured will not be indemnified for?
-Conditions
-Declarations
, -Exclusions
-Insuring Agreement - answer-Exclusions
The Causes of Loss form for farm property lists which of the following?
-the type of property insured
the amount of insurance provided perils
property is insured against
-exclusions to named insureds - answer-perils property is insured against
Which of the following would trigger coverage under business income form with extra expense
coverage?
-Carpet cleaning after a water main break
-Employee pay after a building structure is damaged
-Building inspectors fees after a loss
-Unit rent when tenant is liable - answer-Carpet Cleaning after a water main break
All of the following would be considered an insured person under Part A of a personal automobile policy
EXCEPT:
-Other persons or organizations that use the car to the extent that they share liability with the insured
person.
-Anyone using the insured's car with the insured's permission or the reasonable belief that they are
entitled to do so.
-The named insured and members of the insured's family for the ownership, maintenance and use of any
auto or trailer.
-Other persons or organizations for their liability from an accident involving an auto or trailer used by the
insured but owned by that person or organization. - answer-Other persons or organizations for their
liability from an accident involving an auto or trailer used by the insured but owned by that person or
organization.
ACTUAL EXAM 180 QUESTIONS AND CORRECT DETAILED
ANSWERS |ALREADY GRADED A
Employees are barred from suing employers in court to obtain compensation for injuries covered by
workers' compensation because of which of the following doctrines?
-Employer liability -Exclusive
remedy
-Workman liability
-No fault insurance - answer-Exclusive Remedy
Which document would a lender ask an insured for as evidence that a policy has been written?
-Certificate
-Declarations
-Endorsement
-Policy - answer-Certificate
Which coverage forms are used when the insured sustains loss of revenue due to direct physical loss
from a peril insured against that forces the insured to suspend operations during the period of
restoration?
-Causes of Loss forms
-Business Income Coverage forms
-Suspension forms
-Commercial Casualty forms - answer-Business Income Coverage forms
When does the coverage begin for a builders risk form?
-The date the policy premium is paid
-On the date any construction begins
-On the date construction starts above the highest basement floor if there is a basement
-On the date construction starts above the lowest basement floor if there is a basement - answer-On
the date construction starts above the lowest basement floor if there is a basement
,If the insured has a loss with a private passenger nonowned temporary substitute vehicle how will the
loss be treated by the insured's own policy for physical damage?
-Insured has excess coverage only.
-No coverage extends from insured's policy.
Liability coverage extends to the owner of the vehicle.
The broadest coverage available extends from the insured's policy. - answer-The broadest coverage
available extends from the insured's policy
All of the following are used to establish negligence EXCEPT:
-proximate cause.
-legal duty owed.
-breach of legal duty owed.
-cost of damages. - answer-Cost of damages
Which of the following limits of insurance on the dwelling are available and apply to Coverage D-Fair
Rental Value?
-10 %
-15 %
-20 %
-25 % - answer-20 %
Which part of an insurance contract describes a loss for which the insured will not be indemnified for?
-Conditions
-Declarations
, -Exclusions
-Insuring Agreement - answer-Exclusions
The Causes of Loss form for farm property lists which of the following?
-the type of property insured
the amount of insurance provided perils
property is insured against
-exclusions to named insureds - answer-perils property is insured against
Which of the following would trigger coverage under business income form with extra expense
coverage?
-Carpet cleaning after a water main break
-Employee pay after a building structure is damaged
-Building inspectors fees after a loss
-Unit rent when tenant is liable - answer-Carpet Cleaning after a water main break
All of the following would be considered an insured person under Part A of a personal automobile policy
EXCEPT:
-Other persons or organizations that use the car to the extent that they share liability with the insured
person.
-Anyone using the insured's car with the insured's permission or the reasonable belief that they are
entitled to do so.
-The named insured and members of the insured's family for the ownership, maintenance and use of any
auto or trailer.
-Other persons or organizations for their liability from an accident involving an auto or trailer used by the
insured but owned by that person or organization. - answer-Other persons or organizations for their
liability from an accident involving an auto or trailer used by the insured but owned by that person or
organization.
