NJ PROPERTY PRODUCER EXAM QUESTIONS AND ANSWERS
Dwelling Policy - (ANSWER)Only insures property
DP-1 - (ANSWER)Basic Form
DP-2 - (ANSWER)Broad Form
DP-3 - (ANSWER)Special Form
Dwelling Coverage A - (ANSWER)Dwelling- Covers dwelling, structures attached to dwelling, and
materials/supplies for the dwelling.
Dwelling Coverage B - (ANSWER)Other Structures- Insures buildings on premise but separate from the
dwelling.
Dwelling Coverage C - (ANSWER)Personal Property- Covers the insured's personal property and must be
requested. If rental property, a tenant's property is not covered.
Dwelling Coverage D - (ANSWER)Fair Rental Value- Covers insured in the event a covered loss makes the
rental portion of a property unfit for normal use.
Dwelling Coverage E - (ANSWER)Additional Living Expense- Included in DP-2 & DP-3 and pays for
additional living expenses the insured incurs after a loss. DP-1 by endorsement.
HO-2 - (ANSWER)Broad Form. Owner Occupied
HO-3 - (ANSWER)Special Form. Owner Occupied
HO-4 - (ANSWER)Tenants or Renters.
, NJ PROPERTY PRODUCER EXAM QUESTIONS AND ANSWERS
HO-5 - (ANSWER)Comprehensive Form (Open). Covers everything minus named exclusions.
HO-6 - (ANSWER)Condominium Owners
HO-8 - (ANSWER)Modified form. For special Risks. Think Antique homes.
Mobile Homes - (ANSWER)By endorsement to a DP or HO policy. Can be a separate policy. Insures
home, other structures (10%) and contents. Personal property - 40% of coverage. Permanent
Foundation.
Time Element Coverage Forms - (ANSWER)Business Income. Covers loss of income and expenses due to
suspension of business following a covered loss.
Commercial Package Policy (CPP) - (ANSWER)Must have at least 2 kinds of coverage.
CPP's can't contain: - (ANSWER)Workers' Compensation, Life Insurance, Health and Disability Insurance,
Certain types of Professional Liability
Equipment Breakdown Coverage - (ANSWER)NOT a maintenance policy, Designed to cover breakdown,
Failure of pressure or vacuum equipment, Mechanical failure (including rupture or bursting caused by
centrifugal force), Electrical failure.
Business-owners Policy - (ANSWER)Similar to CPP, but more for small business owners.
Inland Marine - (ANSWER)Insurance for property in transit
Personal Floaters - (ANSWER)For individuals who want to insure their belongings while traveling.
Dwelling Policy - (ANSWER)Only insures property
DP-1 - (ANSWER)Basic Form
DP-2 - (ANSWER)Broad Form
DP-3 - (ANSWER)Special Form
Dwelling Coverage A - (ANSWER)Dwelling- Covers dwelling, structures attached to dwelling, and
materials/supplies for the dwelling.
Dwelling Coverage B - (ANSWER)Other Structures- Insures buildings on premise but separate from the
dwelling.
Dwelling Coverage C - (ANSWER)Personal Property- Covers the insured's personal property and must be
requested. If rental property, a tenant's property is not covered.
Dwelling Coverage D - (ANSWER)Fair Rental Value- Covers insured in the event a covered loss makes the
rental portion of a property unfit for normal use.
Dwelling Coverage E - (ANSWER)Additional Living Expense- Included in DP-2 & DP-3 and pays for
additional living expenses the insured incurs after a loss. DP-1 by endorsement.
HO-2 - (ANSWER)Broad Form. Owner Occupied
HO-3 - (ANSWER)Special Form. Owner Occupied
HO-4 - (ANSWER)Tenants or Renters.
, NJ PROPERTY PRODUCER EXAM QUESTIONS AND ANSWERS
HO-5 - (ANSWER)Comprehensive Form (Open). Covers everything minus named exclusions.
HO-6 - (ANSWER)Condominium Owners
HO-8 - (ANSWER)Modified form. For special Risks. Think Antique homes.
Mobile Homes - (ANSWER)By endorsement to a DP or HO policy. Can be a separate policy. Insures
home, other structures (10%) and contents. Personal property - 40% of coverage. Permanent
Foundation.
Time Element Coverage Forms - (ANSWER)Business Income. Covers loss of income and expenses due to
suspension of business following a covered loss.
Commercial Package Policy (CPP) - (ANSWER)Must have at least 2 kinds of coverage.
CPP's can't contain: - (ANSWER)Workers' Compensation, Life Insurance, Health and Disability Insurance,
Certain types of Professional Liability
Equipment Breakdown Coverage - (ANSWER)NOT a maintenance policy, Designed to cover breakdown,
Failure of pressure or vacuum equipment, Mechanical failure (including rupture or bursting caused by
centrifugal force), Electrical failure.
Business-owners Policy - (ANSWER)Similar to CPP, but more for small business owners.
Inland Marine - (ANSWER)Insurance for property in transit
Personal Floaters - (ANSWER)For individuals who want to insure their belongings while traveling.
