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NJ PROPERTY/ CASUALTY INSURANCE Exam Bundle
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NJ PSI Property and Casualty Exam 2023 with complete solutions
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 (Specia... [Show More] l 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. The term Insured Location under Section II of Homeowners policies refers to all of the following except? A. The insured premises. B. Farm land. C. A non-owned premises where an insured temporarily resides. D. A newly-acquired premises. - ANSWER-B. Farm land. All of the following would be considered insured's under a Homeowner's policy expect? A. Resident relatives of the insured. B. A non-relative resident under age 21 in the care of the insured. C. The insured's spouse if the spouse lives in the household. D. A non-relative resident over age 21. - ANSWER-D. A non-relative resident over age 21. All of the following homeowners policies provide dwelling coverage except? A. HO-2 B. HO-3 C. HO-4 D. HO-1 - ANSWER-C. HO-4 Dwelling coverage A includes all of the following except? A. The dwelling. B. The deck on the back of the dwelling. C. A Gazebo. D. Construction materials on the residence premises for use in the repair of the dwelling. - ANSWER-C. A Gazebo. Under Homeowners policies, the base deductible applicable to property losses, Section I, is? A. $100 B. $250 C. $500 D. $1000 - ANSWER-B. $250 The National Flood Insurance Program (NFIP) is a ________ program? A. State. B. Municipal. C. Federal. D. Worldwide. - ANSWER-C. Federal. All of the following are optional coverage's under Homeowners policies except? A. Personal Property Replacement Cost coverage. B. Increased coverage limits from items suck as jewelry, furs, and silverware. C. Loss of Use coverage. D. Earthquake coverage. - ANSWER-C. Loss of Use Coverage. The National Flood Insurance Program (NFIP) standards are set by, and the Program is administered by, the? A. National Flood Management Association (NFMA) B. National Emergency Standards Agency (NESA) C. Federal Flood Coverage Association (FFCA) D. Federal Emergency Management Agency (FEMA) - ANSWER-D. Federal Emergency Management Agency (FEMA) Under Homeowners policies, which of the following is/are considered optional property coverage endorsement(s)? A. Earthquake. B. Fine Arts. C. Replacement Cost coverage on personal property. D. All of the above. - ANSWER-D. All of the above. Under an NFIP Flood policy, flood is broadly defined as all of the following except? A. The overflow of inland or tidal waters. B. Mudflow, a river of liquid and flowing mud on the surfaces of normally dry land area, as when earth is carried by a current of water. C. Heavy, driving sheets of wind blown rain. D. The collapse of subsidence of land along the shore of a lake or similar body of water as a result of erosion or undermining caused by waves or currents of water exceeding anticipated cyclical levels that result in a flood. - ANSWER-C. Heavy, driving sheets of wind blown rain. Under an NFIP Flood policy, in most cases the waiting period before a new policy can be made effective is? A. 10 days. B. 20 days. C. 30 days. D. 60 days. - ANSWER-C. 30 days. If your baby sitter falls down the stairs in your home and breaks her leg, her injury will be covered by? A. Your Homeowners policy. B. Your Medical Insurance policy. C. The babysitter's Homeowners policy. D. The babysitter's Medical Insurance policy. - ANSWER-A. Your Homeowners policy. On Homeowners policies, the full limit on personal property (Coverage C) applies to personal property while it is? A. In the state of residence only. B. In the United States only. C. Anywhere in the world. D. In the United States and Canada only. - ANSWER-C. Anywhere in the world. Under an NFIP Flood policy, there is coverage for? A. Both direct damage and loss of use. B. Direct damage only. C. Loss of use only. D. Consequential loss only. - ANSWER-B. Direct damage only. Loses to which of the following are not covered under Homeowners policies? A. Property of roomers or boarders. B. Articles separately described and specifically covered by other insurance. C. Animals, birds, and fish. D. All of the above. - ANSWER-D. All of the above. A scheduled Personal Property Endorsement is usually written on a ______ basis? A. Special Perils. B. Named Perils. C. Premises. D. Blanket. - ANSWER-A. Special Perils. Under Homeowners policies, Section II, the basic limit for Personal Liability Coverage is? A. $50,000. B. $75,000. C. $100,000. D. $150,000. - ANSWER-C. $100,000. Under Section II Additional Coverage's of Homeowners policies, the insurer agrees to pay? A. The costs of defending a claim. B. Premiums on bonds required in a suit. C. Court costs. D. All of the above. - ANSWER-D. All of the above. Under Homeowners and other policies, ACV is the abbreviation for which property insurance valuation? A. Approved Coverage Valuation. B. Approximate Cash Value. [Show Less]
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NJ Property/ Casualty Insurance Exam Set Questions and Answers 2023
Why was the commercial Insurance Deregulation Act Created? - ANSWER-To protect the public from the adverse effects of excessive, inadequate, & unfair discr... [Show More] iminatory rates & marketing practices Which policies issued must follow the provisions of the Commercial Insurance Deregulation Act? - ANSWER-Commercial policies When must rate amendments & policy forms be filed with the commissioner? - ANSWER-30 days before What losses are excluded from flood insurance? - ANSWER--Landslides -Sewer backup -Windblown Rain -Snow -Sleet Who administers the NFIP? - ANSWER-Federal Insurance Administration (FIA) What does the NFIP stand for? - ANSWER-National Flood Insurance Program Why was the National Flood insurance Program constructed? - ANSWER-to fill in gaps of flood coverage by the private sector What are the 3 NFIP requirements for coverage? - ANSWER--community land management & flood control programs must reduce flood losses in the future -Flood insurance required in specific flood prone areas as a condition for receiving loans through/ backed by the federal government -Property owners that fail to purchase flood insurance within 1 year after it is available will not be eligible for full disaster relief funding. It will be reduced by an amount of insurance that could have been purchased What is the NFIP max coverage for a single family? - ANSWER-Building $250K, Contents $100K What is the NFIP max coverage for other residential? - ANSWER-Building $250K, Contents $100K What is the NFIP max coverage for small business? - ANSWER-Building $500K, Contents $500K What is the NFIP max coverage for Other Non-Residential? - ANSWER-Building $500k, Contents $500K What is the NFIP subsidized rate for a single family? - ANSWER-Building $35K, Contents $10K What is the NFIP subsidized rate for Other Residential? - ANSWER-Building $100K , Contents $100K What is the NFIP subsidized rate for small businesses? - ANSWER-Building $100K, Contents $100K What is the NFIP subsidized rate for other non-residential? - ANSWER-Building $100K, Contents $100K What is the wait period before flood insurance can be effective? - ANSWER-30 days, no binders issued What are the exceptions to the 30 day NFIP wait period? - ANSWER--1st 30 days after coverage, community enters standard or emergency program, coverage will begin at 12:01 am the date after application and premium were mailed -When an existing policy was assigned to a property purchaser -At 12:01 am on the 5th day after an endorsement request & premium has been mailed for existing policy What was the Supreme Court's decision regarding the Paul v. Virginia case? - ANSWER-insurance was NOT interstate commerce and could not be regulated by the federal govt. Who heard the Paul v. Virginia case? - ANSWER-Supreme Court Who heard the US v Southeastern Underwriting Association case? - ANSWER-Supreme Court What was the decision in the US v Southeastern Underwriting Association Case? - ANSWER-Insurance is interstate commerce and should be subject to federal regulations (currently in effect today) What is the McCarran-Ferguson Act? - ANSWER-The federal govt won't regulate insurance business as long as states perform an adequate job of managing their own insurance industries. When was the McCarran-Ferguson Act passed? - ANSWER-March 9, 1945 To whom does the insurance commissioner have to provide a report? - ANSWER-Governor & Legislature How often must the insurance Commissioner provide a report? - ANSWER-Annually How long before a disciplinary hearing must the insurance commissioner notify interested parties? - ANSWER-10 days before What is the fine for failing to comply with a court-ordered subpoena? - ANSWER-$5000 If the commissioner decides one has violated the insurance code, what is the fine for unintentional acts performed? - ANSWER-$1000 If the commissioner decides one has violated the insurance code, what is the max fine? - ANSWER-1st offense: $5K, 2nd offense $10K, each additional $15K If the insurance commissioner decides one has violated the insurance code, what is the fine for violating a cease & desist? - ANSWER-$5k each violation If the insurance commissioner decides one has violated the insurance code, what is the fine for unlawful acts with intentional & material thought? - ANSWER-$5k What is the fine for not contacting the dept with an address or name change within 30 days? - ANSWER-$250 max if over 60 days What is the fine for if a license fee check is returned for insufficient funds? - ANSWER-$500 What is the fine for if you do not contact the department regarding a change in partners, owners, officers, or directors? - ANSWER-$250 What is the fine for not returning a license to a producer? - ANSWER-$500 What is the fine for not maintaining an office address or employment contracts on file with the department? - ANSWER-$100 for each contract What document is required before an insurance company may transact business in a state? - ANSWER-Certificate of Authority What is a domestic insurer? - ANSWER-An insurer that conducts business in the state in which it was incorporated A producer who is appointed with more than one insurer is considered to be... - ANSWER-A Licensed Solicitor Implied authority is defined as... - ANSWER-Ability to act outside the authority specifically granted in an agency agreement & extends company's liability What kind of clause relates to this statement: E&N Company issued a policy in consideration of the representations on an application & the payment of the 1st premium? - ANSWER-Consideration An insured's representations and warranties are incorrectly stated in which of the following statements? a. Statements made by an applicant that are guaranteed true are considered to be warranties b. Statements that an applicant believes to be true, but does not guarantee to be true, are considered to be representations c. An applicant's statements on an application are considered warranties d. An applicant's statements on an application are considered representations - ANSWER-c. An applicant's statements on an application are considered warranties What term relates to an agreement without legal effect? - ANSWER-Void An authorized but non-admitted insurer can be represented in this state only by which of the following? - ANSWER-Surplus lines broker In franchise groups, how many master policies will be issued? - ANSWER-None Self-insurance is an example of what kind of risk management? - ANSWER-retention What kind of plan is a Stock life insurance company conducting when it issues participating and non-participating policies? - ANSWER-Mixed What is the fine for if you do not contact the department regarding a change in partners, owners, officers, or directors? - ANSWER-$250 What is this an example of: Doctors pooling their funds to cover their malpractice exposures? - ANSWER-risk sharing Which entity makes an enforceable promise in a unilateral contract? - ANSWER-Insurer In a court of law, any ambiguity found in a policy will go in favor of the insured because an insurance policy is what kind of contract? - ANSWER-contract of adhesion In regard to an informal contract, when will it become binding? - ANSWER-When one party makes an offer and the other party accepts the offer When a risk is insurable, what must be calculable? - ANSWER-chance of loss What is a non-profit provider of insurance that is covered by a unique section of the insurance code called? - ANSWER-Fraternal Life Insurance Organization All of the following are examples of conditions except: a. Inspections b. Liberalization clause c. Return of premium d. Appraisal - ANSWER-d. Appraisal If a driver had lots of accidents & violations, compared to other drivers their age, which rating type would most closely reflect their risk? - ANSWER-Merit What construction class has a 2 hour fire resistance rating? - ANSWER-fire resistive What rating system is the most common approach used in the insurance industry? - ANSWER-class A consequential loss is known as what kind of loss? - ANSWER-indirect What is ACV? - ANSWER-Actual cash value Replacement cost-depreciation= ACV Which kind of penalty does the insured suffer if the insured does NOT carry sufficient insurance to meet the policy requirement? - ANSWER-coinsurance Which policy part contains the policy's premium & coverage? - ANSWER-declarations The Pro Rata provision is most closely associated with which principle? - ANSWER-indemnity Jan rarely cleans her home & often lets trash build up on her steps. What type of hazard is this? - ANSWER-physical What is the location of the property called? - ANSWER-policy territory What would be the result if a producer sold a policy at a loss cost rate? - ANSWER-Financial loss to an insurer What contract part contains an insurer's promise to pay? - ANSWER-insuring agreement What determines the unit of exposure in the measure of insurance? - ANSWER-rate An individual insured under a policy that is not named is known as: - ANSWER-the insured William wants to know whether theft will be covered under his basic form dwelling policy. Will it be covered? - ANSWER-No, it will not be covered. Which coverage insures contents damaged by fire? - ANSWER-Coverage c The broad form dwelling policy with removal coverage will cover property temporarily removed from the premises to protect it from damage. What is the length of this coverage? - ANSWER-30 days What would be covered by Jan's dwelling policy? a. Theft of her car from detached garage b. Death of her dog due to smoke inhalation c. Fire damage to her canoe in her garage d. Fire damage to her garage on her premises used as a repair shop for cars - ANSWER-c. Fire damage to her canoe in her garage Sally is moving to a new location. Her personal property coverage under her dwelling policy will apply on a pro rata basis for how many days? - ANSWER-30 days Which coverage provides additional living expenses? - ANSWER-Coverage E What are the max coverage limits for Coverage A and Coverage C under the JIA? - ANSWER-$455,000 & $228,000 Vandalism would be covered if an insured's premises was vacant for how many days? - ANSWER-35 Under dwelling policy coverage C, which is included a. Small plane belonging to a renter b. Sofa belonging to a renter c. Watch belonging to a guest d. Garden shed belonging to a neighbor - ANSWER-c. Watch belonging to a guest Which of the following is not covered in the broad and special form dwelling policy? a. glass breakage b. trees c. collapse d. theft of personal property - ANSWER-d. theft of personal property Under a dwelling policy, how many separate causes of loss forms are available? - ANSWER-3 Which coverage would replace the cost of a dwelling? - ANSWER-DP-2 & DP-3 Frank had his dwelling policy for 30 days. How much notice must his insurer give to cancel his policy? - ANSWER-10 days Which of the following is NOT covered under a dwelling policy: a. earth movement b. other structures c. debris removal d. improvements - ANSWER-a. earth movement When do mobile homes qualify for basic coverage? - ANSWER-If permanently located on a private lot What is excluded from other coverages in the Basic Dwelling policy? - ANSWER-breakage of glass DP-2 differs from dwelling basic form with extended coverage because DP-2 adds... - ANSWER-coverage for damage caused by burgulars Which of the following clauses under a Dwelling policy would apply to Jane who lost one of her two matching crystal candlesticks? - ANSWER-Pair or set In all homeowner's forms, additional coverage for a fire department service charge covers charges made by the fire department to... - ANSWER-save covered property from a fire What homeowner's policy has the broad form? - ANSWER-HO-2 What condition voids a homeowner's policy? - ANSWER-Concealment/fraud An exclusive home would likely be insured under which form? - ANSWER-HO-8 The Jackson's house is under repair after last month's storm. Which coverage will allow the family to maintain its normal standard of living? - ANSWER-Additional Living Expense Coverage When can a policy be voided if an insured committed fraud? - ANSWER-Before or after a loss All forms of homeowner's policies exclude: a. hail b. earth movement c. volcanic explosion d. cyclones - ANSWER-b. earth movement Which homeowner's policy is called the renter's policy? - ANSWER-HO-4 Which of the following would be considered an insured location under the HO-3? a. cemetery plot of the insured b. aircraft c. stored business data d. rented, vacant farmland - ANSWER-d. rented, vacant farmland Failure to use reasonable means to save & preserve property after a loss is... - ANSWER-Neglect Coverage F- medical payments to others contains a basic limit of which amount? - ANSWER-$1,000 Under the homeowner's program, which policy contains the modified coverage form? - ANSWER-HO-8 Which HO policy has the contents broad form? - ANSWER-HO-4 What will a HO policy pay for the removal of one fallen tree in a covered loss? - ANSWER-$500 What is the HO-8 limit on worldwide coverage? - ANSWER-$1,000 Under a homeowner's policy, which of the following statements are TRUE regarding coverage of the Fire Dept. Service charge: a. the cost is included in Dwelling Coverage A b. the cost is included in addition to the limit of insurance property c. included in personal coverage c d. no coverage at all - ANSWER-b. the cost is included in addition to the limit of insurance property Under the HO-5 landlord furnishings in a rental apartment is limited to what amount? - ANSWER-$2500 The collapse additional coverage is included in what form? - ANSWER-All forms except HO-8 Under HO Property additional coverage, how much is covered for debris removal? - ANSWER-All reasonable costs up to $1,000 What is the limitation on platinum coins under a HO policy? - ANSWER-$200 When does a watercraft endorsement cover a rented [Show Less]
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Casualty Producer NJ Exam Questions with Verified Answers
Powers and duties of Commissioner - ANSWER-Conduct research Make reasonable rules and regulations Issue orders and notices Issue insurance licenses and ... [Show More] certificates of authority Impose penalties Approve insurance policy forms and rates Amount of days notice before hearing - ANSWER-10 Retrocession - ANSWER-When a reinsurer transfers risks it has accepted to another insurer Producers can be - ANSWER-Agents, brokers or both Insurance agent - ANSWER-a licensed insurance producer who is appointed by an insurer to sell insurance. An agent represents the insurer not the insured Insurance broker - ANSWER-a licensed insurance producer who negotiates insurance on behalf of insureds or policy owners, not on behalf of an insurer or agent. Brokers represent their clients, not the insurer or agent Insurance consultant - ANSWER-a person who, for a fee, acts or holds himself out to the public or any licensee as offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages under any policy issued in this state Insurance related conduct - ANSWER-Soliciting, negotiating or binding policies of insurance All communications with insureds concerning any term or condition of policy insurance Office management policies affecting insureds Processing claims Transmitting funds between insureds, produces, premium finance companies, and insurance companies Producer license requirements - ANSWER-18 years old Have no committed any act that is ground for denial, suspension or revocation of a license Complete the pre-licensing education requirement Complete the application and pay the fee Pass the licensing exams for the lines of authority for which the individual has applied Business entity producer application must include - ANSWER--Business entity legal name and addresses -Other business names if any -Names, License number, License lines of authorities for each licensed officer or partner and, if any, all persons owing 10% or more of the business entity -Responses to questions concerning the applicant's character, fitness and financial responsibility For the Commissioner to issue and insurance producers license to a qualified nonresident producers, the person must... - ANSWER--Be currently licensed and in good standing in her resident state -Submit the proper application and fees -the home state of the person must award insurance producer licenses to producers of this state on the same basis Who are exempt from state licensing examination - ANSWER--Nonresident producer applicants -Nonresident producers moving to this state from a reciprocal state who apply for resident license within 90 days How many days must a producer (res or nonresident) provide a certification from the new resident state the change of legal residence - ANSWER-30 Surplus lines producer must hold what - ANSWER-Property and casualty producer license How long does a temporary work authority last - ANSWER-60 days How long for an insurer to provide written notice to the commissioner that an agency contract has been cancelled - ANSWER-15 days and the notice must include the reason for cancellation How many days can the commissioner issue a temporary license and for what reasons - ANSWER-180 days -for the death or disability of a licensed producer and active military service of the licensed insurance producer -can be issued to the spouse, executive, employee or other designee How often does a producer license renew - ANSWER-every 24 months if continuing education is completed of long can a lapsed producer license bee reinstated - ANSWER-12 months without passing an exam. fee may apply How long does a producer have to tell the Commissioner of any administrative action taken against the producer in another jurisdiction or by another governmental agency in this state or any criminal prosecution - ANSWER-30 days penalties for unfair trade practice - ANSWER-up to $1000 for each act. up to $5000 if the violator know or should have known the act was illegal how long does insurer have to reply to a receipt of inquiry - ANSWER-15 working days how long do you have to notify the commissioner a change of name, address or email address - ANSWER-30 days and reply it must be in writing Branch office - ANSWER-Office in NJ other than a principle office where a licensee conducts insurance business. Must file a branch office registration form and fee within 30 days of conducting business. One licensed producer must be present to conduct insurance related conduct Standard of conduct - ANSWER-Premium receipts must be kept for 5 years.Producers must maintain adequate records of transactions for 5 years. Must reply to department inquiry no longer than 15 calendar days insurance fraud - ANSWER-False claims made to an insurance company. $5000 first violation $10000 second violation $15000 each subsequent Where to file an insurance fraud complaint - ANSWER-Division of anti-fraud compliance information privacy - ANSWER-each licensee must implement a comprehensive written information security program the includes administrative, technical and physical safeguards for the protection of the customer information Commercial insurance deregulation - ANSWER-Purpose of act: -encourage independent action by price competition among insurers in the writing of commercial lines -prevent practices that tend to bring about monopoly or lesson or destroy competition -encourage the most efficient rating and marketing practices RULES: Policy mist be filed no later than 30 days after their effective date -Except medical malpractice insurance, rates must be filed no later than 30 days after their effectiveness -Medical malpractice rates are effective no less than 30 days after files (can only change 5% to 15%) Surplus lines - ANSWER-Only coverages not procurable from an authorized insurer may be places with a surplus lines insurer. -Risk must be declined by 3 authorized insurer for it to be placed in surplus lines (must be diligent effort by producer) -exportable list means a list of classes of insurance coverages or risks declared by the commissioner for which there is no reasonable or adequate market among authorized insurers in this state [Show Less]
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NJ Casualty Test 2023 (Answered)
when the courts usually resolve any ambiguity in policy wording in favor of the insured this is because what? - ANSWER-Doctrine of reasonable expectations ... [Show More] Doctrine of Reasonable Expectations - ANSWER-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? - ANSWER-Settling and paying claims A women slips and falls on icy steps and breaks her leg. What may be a peril in this situation ? - ANSWER-The fall peril - ANSWER-cause of loss Part of the policy that can void the policy if they are breached, weather the breach was intended or not? - ANSWER-Warranties An insured's attempt to mitigate risk ? - ANSWER-Reduction Type of Insurance the government may step in to provide that is not ordinarily available for private insurers? - ANSWER-Residual Market One party of the contract has greater power over the other in drafting the contract. - ANSWER-Contract of adhesion Personal Insurance contract - ANSWER-An insurance contract insures the person who owns the property, not the actual property itself Excess Line carriers - ANSWER-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 - ANSWER-reinsurance Contract Against Public Policy is not enforceable due to what part of contract - ANSWER-legal purpose tort - ANSWER-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 - ANSWER-Damages compensate for pain and suffering. Under CGL which is covered under supplementary payments - ANSWER-cost of bail bonds which is true When the insured's limits of insurance apply per occurrence - ANSWER-coverage is triggered for smoke damage to siding caused by repeated acts by the insured's neighbor The fair credit reporting act permits consumer reporting agencies to include applicant information about bankruptcies more than 10 years older. - ANSWER-the applicant is seeking a transaction greater than $150,000 Insured with split liability limits of 100/300/100 is at fault in an auto accident and the other vehicle sustains $6,500 in property damages as well as two occupants have bodily injuries and are claiming $150,000 each. What is the most insurance will pay to each occupant ? - ANSWER-$100,000 Which best describes CGL ? - ANSWER-Coverage A,B, an C apply ins sum and are the most that will be paid subject to the general aggregate annual limit. Insurable Interest - ANSWER-something of value that, if lost, would cause you financial harm determining an adequate indemnification after a loss is a duty of - ANSWER-The insured's insurance company. A property damage liability policy would offer protection for - ANSWER-Damages done to a gas station due to insured's parking collision. Under the insured's personal auto policy, for a newly acquired car to be covered prior to reporting it to the insurance company - ANSWER-All coverages extends if the insured reports the car within 14 days. Part D Auto - ANSWER-Coverage for Damage to Your Auto Underinsured Motorist Coverage - ANSWER-pays from your coverage if you are in an accident with another motorist that has lower liability coverage than your coverage. Your underinsured coverage will pay the difference comprehensive coverage - ANSWER-protection against damages to your car from causes other than collision or rolling over Symbol 2 on Auto declarations - ANSWER-Owned auto's only Under liability coverage, the following will trigger coverage for property damage - ANSWER-Unintended damage to tangible property of others How does an extended period attached to a general liability policy provide coverage - ANSWER-Provides coverage for claims made outside the policy term. The claims-made liability form provides coverage from a date that precedes the policy effective date. Which of the following defines that date? - ANSWER-Retroactive Date Form triggering coverage for a loss under the commercial general liability policy if a loss happens during the policy period - ANSWER-Occurrence form Business liability exposure type of a slip and fall - ANSWER-Premises and operations theft - ANSWER-Taking another person's possessions burglary - ANSWER-entering a building unlawfully with intent to commit a felony or to steal valuable property An employer sends employee out of state on work related basis, what does employer need to do to ensure the appropriate workers comp coverage - ANSWER-List the state on the information page for "other states coverage" workers comp insurance is subject to all employees expect - ANSWER-Crew members of an ocean vessel Replacement of a portion of loss of wages - ANSWER-Workers comp benefits Workers compensation coverage is rated on the basis of - ANSWER-Employers Payroll What insurance policies would provide coverage to ABC company in a suit brought by a fired employee for wrongful discharge? - ANSWER-Employment practices liability Fidelity Bond - ANSWER-insurance policy that pays the employer money in the case of employees' theft Surety Bond - ANSWER-A guarantee that protects a business when another person or business fails to fulfill the terms of a contract between them [Show Less]
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NJ Property, Casualty, and Auto Licensing Exam Questions and Answers
Insuring Agreement - ANSWER-company's obligation to pay, includes the perils and coverage for specific or named peril policies Exclusions - ANSWER-what ... [Show More] 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) Bodily Injury and Property Damage Coverage Amounts - ANSWER-Minimum: 15k per person/30k per accident/5k for property; Max is $500k Auto - Personal Assigned Risk Policy - ANSWER-PAIP; standard risk 0 points, non-standard risk 1-8 points, assigned risk 9 points. (blank) classification runs for 3 years Auto - Commercial Assigned Risk Policy - ANSWER-CAIP; assigned risk policy for commercial vehicles, including private vehicles owned by the business Personal Injury Protection - ANSWER-PIP or No-Fault, NJ Representations Act; mandatory, encourage the insured to recover under his/her own policy, tries to reduce premiums and hasten settlements through avoidance of lengthy litigation that would normally be the case. The benefits of the standard policy are statutory and therefor minimal Fire - ANSWER-A named peril policy. (blank) policies must be filed with the DOBI commissioner before use and must provide a fairly uniform look, and provide ample space for coverage, limits, rates, policy inception, and expiration dates Friendly Fire - ANSWER-fire is within it's intended confines (not covered) Hostile Fire - ANSWER-fire is outside it's intended confines Covered Fire Perils - ANSWER-fire - hostile, lightening, debris removal, theft within first 5 days Excluded Fire Perils - ANSWER-theft (after first 5 days of fire), neglect that gives rise to proximate cause of fire, war, government action, fire - friendly Fair Plan - ANSWER-(blank) policies are designed to prevent redlining in urban areas: improve property conditions from an availability standpoint, stabilize the property insurance market, provide coverage for risks which insurance cannot be obtained in the open market $1.5 million - ANSWER-FAIR Plan max limit Covered FAIR Plan Perils - ANSWER-FAIR: fire, lightening, debris removal Excluded FAIR Plan Perils - ANSWER-FAIR: burglary damage, flood, farms (farms are not urban) Dwelling Policy - ANSWER-1st party coverage only, not necessary to be owner-occupied, no more than 4 families or 5 roomers Basic Peril Coverage - DP1 - ANSWER-basic peril coverage - named perils - most basic dwelling policy Broad Peril Coverage - DP2 - ANSWER-named perils, but more perils than DP1 Special Peril Coverage - DP3 - ANSWER-ALL-RISK on dwelling unless specifically excluded and BROAD on contents or personal property Coverage A - ANSWER-dwelling + attached structures - no co-insurance requirement unlike homeowners policy Coverage B - ANSWER-detached structures - limited to 10% of coverage A amount Coverage C - ANSWER-personal property - limited to 50% of coverage A amount / 10% of secondary insurance Coverage D - ANSWER-fair rental value - limited to 10% of coverage A amount Coverage E - ANSWER-additional living expense - limited to 20% of coverage A amount Boat Owner's Policy - ANSWER-similar to auto insurance policy, except that PIP or "no-fault" is not available. damage from waves is referred to as "hull-damage" and is covered. no workers' compensation coverage Yacht Owner's Policy - ANSWER-for boats that ply international waters, high seas, and engage in commercial fishing. workers' compensation coverage is included Flood Insurance Policy - ANSWER-operated by HUD to provide coverage in flood-prone areas for one-family residential homes, commercial buildings, and house contents. basic policy covers loss due to flood, inundation of tidal waters, mudslide, and soil erosion. can request additional coverage at any time, but there is a 30 day waiting perod before the insurance can go into effect Flood Insurance Policy Exclusions - ANSWER-landslide, damage from water main breakage, sewer main breakage, and wind-driven rain. not a general flood condition (your house is the only one that is flooded but your neighbor's houses are not - your house is not covered) Personal Injury - ANSWER-defamation (slander-oral, libel-written), false arrest or imprisonment, wrongful eviction, invasion of privacy, copyright infringement, industrial espionage - do not confuse with bodily injury Advertising Liability - ANSWER-injury arising from advertising activities, libel in an advertisement, and misrepresentation of a competitor Contractual Liability - ANSWER-coverage is restricted to those that are automatically covered; Lease, Easement, Agreement to indemnity municipality, Side track also known as spur agreement for a rail road loading facility, and Elevator maintenance or L.E.A.S.E Medical Payments - ANSWER-party must incur and report (blank) within 1 year, must arise from business operations on or off premises. max amount is $5,000 Occurrence Basis - ANSWER-incident must have occurred during the policy period, report of incident may be made after the policy period Claims-made Basis - ANSWER-Incident must have happened during the policy period, and not before a retroactive date arising from an arbitrary period of time incorporated in the policy that can be made longer by additional premium Extended Reporting Period - ANSWER-basic - 60 days after expiration date if occurrence is within policy period, but was unknown/unreported Supplemental Basis of Claim - ANSWER-provides coverage for claims resulting from occurrences before the inception date but after the retroactive date (max is 3 years) Business Income Coverage Form - ANSWER-net loss of profit during interruption of business i.e. the restoration period. starts on date of loss and ends on expected date of restoration as determined by the insurance company Extra Expense Coverage Form - ANSWER-appropriate for business that cannot afford to shut down or they might permanently lose their client base (newspapers, magazines, banks, dairies, dry cleaners, potato chip manufacturers) Special Multi-Peril Policy - ANSWER-SMP; a policy for a small business that is not a package, the insured selects what is needed and pays for each part separately Nationwide Inland Marine Policy - ANSWER-covers property that has no fixed location - property in transit, imports and exports, domestic shipments, means of transportation, communication - bridges, tunnels, transmission lines etc. Buildings, skyscrapers, and cement mixers are NOT covered Ocean Marine Policy - ANSWER-covers property at sea, international waters, or high sea Destruction Policy - ANSWER-covers moneys and securities on and off the premises; dishonest acts of customers (shop-lifting) and mysterious disappearance Workers' Compensation Policy - ANSWER-covers all active employees whose sickness or injury arises out of the course of the employer's business, whether or not on the premises Assumption of Risk - ANSWER-by taking the job, the employee assumed the risk, known and unknown Contributory Negligence - ANSWER-the relative negligence of the plaintiff and defendant contributed to the injury or sickness Fellow Servant Negligence - ANSWER-an employer was not liable because the sickness or injury was the result or a fellow servant or co-employee's acts Aggregate Limit - ANSWER-total amount of coverage available for all claims during a policy period, e.g. $1 million per year Insurance Limit - ANSWER-limit of an insurance policy is its policy limit e.g. $100,000 per incident Penalty - ANSWER-limit of a bond - fidelity or surety bond Warranty - ANSWER-A pledge, a promise, a guaranty - what one is warranting must be true in all aspects - existence of a sprinkler system, security guard, or limitation of boat usage Representation - ANSWER-true to the best of one's belief and knowledge. answers to questions on an insurance application and proof of loss are (blank)s. Material Fact - ANSWER-something done or existed of such importance whose disclosure would alter the underwriter's decision or loss settlement. e.g. brother is a convicted arsonist and he lives with insured, if insured told the insurance company about him, they would not write the policy Concealment - ANSWER-act of not disclosing a material fact; would void a policy Peril - ANSWER-cause of a possible loss - fire, lightening, etc Hazard - ANSWER-any condition that may cause or increase the chance of loss from a covered peril Physical Hazard - ANSWER-hazards - broken sidewalk & faulty wiring Moral Hazard - ANSWER-hazards - character defect such as dishonesty, arsonist, etc Morale Hazard - ANSWER-hazards - indifference, "i don't care", business owner places expensive computer on the edge of a table and does not care if it falls because it is covered Inherent Vice - ANSWER-natural ability of the property to self-destruct e.g. wear-and-tear is not covered Theft - ANSWER-stealing of property without visible signs of forcible entry or robbery. can be all by itself, or can be included in robbery or burglary Burglary - ANSWER-theft of articles where forcible entry or exit is evident Premises Burglary - ANSWER-premises must be closed/locked for there to be a claim for (blank) Vacant - ANSWER-totally empty, commercial coverage void after 60 days, home owners coverage void after 30 days, fire is always covered Unoccupied - ANSWER-no occupants, but furnishings remain. same coverage rules at vacant - if you go away for 60 days on vacation from your business or 30 days away from your home, you need additional coverage Robbery and Safe - ANSWER-there is a threat of violence or actual violence involved in the theft; gold coins are covered Barratry - ANSWER-criminal acts by a ship's master or crew Inchmaree - ANSWER-negligence of a ship's captain or crew members - includes navigational errors Moral Responsibiity - ANSWER-a homeowner borrows a neighbor's lawnmower and damages is by striking a rock while using it. the homeowner can request up to $500 from the insurance company to pay the neighbor Event or Accident - ANSWER-1. definite time and place 2. neither expected nor intended 3. results in bodily injury or property damage 4. sudden, unforeseen, fortuitous. (blank)s must occur during the policy period but may be reported after the policy expires Occurrence - ANSWER-accident + continuous and repeated exposure to injurious conditions. example: fumes over an extended time caused death, working with asbestos. (blank) must occur during the policy but may be reported after the policy expires Statute of Limitations - ANSWER-the time period after the incident during which one is allowed to use Direct Loss - ANSWER-(blank) happening immediately and direction from a hazard that has been insured against e.g. wind knocks down a lamp; the lamp starts a fire and the damage resulting from the fireman putting out the fire , all give rise to (blank) Indirect Loss - ANSWER-(blank) resulting from a peril, but not resulting directly and immediately from the peril e.g. loss of income during restoration period - usually covered by an endorsement Proof of Loss - ANSWER-insured must fill this out and submit to the insurance company within 60 days: describe what happened, demand for payment, pr [Show Less]
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NJ Property Producer Exam with complete solutions
NJ Property Producer Exam with complete solutions
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NJ P&C Insurance Exam 2023 Questions with Verified Answers (Graded A)
A flood damages a single-family dwelling that is in a community in the early stages of participation in the NFIP, but they are not yet considered participa... [Show More] ting. What is the maximum a resident may receive for damages to their personal property? - ANSWER-$10,000 Under the Dwelling Broad Form, losses to an unattached garage are paid on which basis? - ANSWER-Replacement Cost Which of the following is false regarding the Building and Personal Property Coverage Form? - ANSWER-The policy covers vehicles licensed for road use In which type of system does an employer have the choice to provide Workers' Compensation benefits at its own option? - ANSWER-Elective When coverage applies to losses from all perils except those specifically excluded, the policy is said to be written on which of the following basis? - ANSWER-Open Perils A manufacturer is held liable if a product caused an injury whether the product was or was not defective. This describes what type of liability? - ANSWER-Strict Which of the following perils is not covered by Crop/Hail insurance? - ANSWER-Failure to harvest Which of the following is not true concerning Section II of the Homeowners Policy? - ANSWER-The Damage to Property of Others duplicates coverage that is included in Section I Who among the following may place business with the Association? - ANSWER-All producers licensed to do business in the state Which of the following losses would be covered under all dwelling forms? - ANSWER-Fire damage to building materials and supplies that are located on the insured premises All of the following are false about Damage to Your Auto, except: - ANSWER-In the event of total loss, adjustment will be made for the physical condition of the vehicle Which of the following statements is not true about a claim payment for a collision loss under the PAP? - ANSWER-If the insurer recovers and returns stolen property to the insured, no further payment is due Choose the physical damage claim that would be covered under the Personal Auto Policy. - ANSWER-Malicious mischief to the tires A building valued at $200,000 is insured for $150,000 with an 80% coinsurance requirement and a $1,000 deductible. After the building is totally destroyed, incurring debris removal expenses of $10,000, how much will the Building and Personal Property Coverage Form pay? - ANSWER-$159,000 Which of the following would not be covered under Coverage C of the Special Dwelling Form? - ANSWER-The insured's golden retriever Fine arts and antiques are classes of property insured on a: - ANSWER-Valued basis Flood is a specified cause of loss under which section of the Garage Coverage Form? - ANSWER-Section IV A hazard is best defined as: - ANSWER-Something that increases the chance of loss Which statement is true concerning Dwelling policies? - ANSWER-The Special Form insures the dwelling on an open perils basis, and insures the contents against the broad form perils Which of the following is true under the Dwelling policy? - ANSWER-The Basic Form covers the perils of fire, lightning and internal explosion Rates are referred to as which of the following when the insurance company files for approval and then implements the rates? - ANSWER-File and Use Which of the following is not true about an insurance policy? - ANSWER-The insuring agreement includes the name of the insured Which of the following is not an implied warranty in relation to Ocean Marine Insurance? - ANSWER-Full value All of the following are true of a Yacht Policy, except: - ANSWER-A yacht is covered regardless of its location Which of the following would be an eligible risk under the BOP? - ANSWER-Fast food restaurant The Garage Liability section of the Garage Coverage Form covers which of the following? - ANSWER-Property damage for which the insured is legally responsible Which of the following would not be covered by the Ordinance or Law endorsement. - ANSWER-Building code fines Which statement is true regarding the Employers Liability Insurance Part of Workers' Compensation? - ANSWER-It provides coverage for employment-related liability outside of Workers' Compensation statute Benefits from which of the following will begin when other benefits end, and after the claimant applies for fund benefits? - ANSWER-Second injury fund A value limitation for a shipment is not included in which type of bill of lading? - ANSWER-Straight Which of the following is true regarding liability insurance? - ANSWER-A liability policy provides coverage for unintentional torts Which of the following is not a characteristic of the employer-employee relationship as it related to Workers' Compensation coverage? - ANSWER-The employer signs a contract with the employee Which of the following is not considered 'occupying an automobile'? - ANSWER-Standing by the car exchanging insurance information A fire sprinkler system installed in a factory is considered which of the following methods of managing risk? - ANSWER-Reduction The part of a property policy that gives basic information such as the named insured, a description of the property, the location of the property, and the amount of premium involved, is known as the: - ANSWER-Declarations Which Business Auto Symbol is the most broad of all Symbols? - ANSWER-Symbol 1 Which of the following is not covered under the Building and Personal Property Coverage Form? - ANSWER-Accounts, bills, currency, deeds, evidence of debt, money or securities A CGL policy provides coverage for: - ANSWER-Operations Liability A liability policy contains a per person bodily injury limit of $25,000 and a per occurrence limit of $50,000. If an accident were to occur and three persons have claims of $20,000 each, the total amount paid is: - ANSWER-$50,000 Which of the following claims would be covered under the Personal Injury Endorsement attached to an HO-3 Policy? - ANSWER-Liability arising from publication of material that violates another person's right of privacy The Condominium Commercial Unit-Owners Coverage Form does not cover which of the following? - ANSWER-Building exterior wall Which of the following is not an element of an insurable risk? - ANSWER-Catastrophic perils Which of the following homeowners coverages does not have a deductible? - ANSWER-Damage to Property of Others To which insurance would the Commercial Insurance Deregulation Act of 1982 apply? - ANSWER-Businessowners Loss of income suffered by a storeowner after his/her store is destroyed in a fire is considered a(n): - ANSWER-Indirect Loss Which of the following would be an insured under the CGL policy? - ANSWER-Spouse of a partner All of the following about the CGL's products liability coverage are correct, except: - ANSWER-Damage to the product itself is covered The maximum amount a policy will pay in the event of a loss, regardless of the number of insureds, claims made, lawsuits filed, or parties making claims is the: - ANSWER-Limit of liability A guest falls in K's house and is injured in an amount of $1,000. How much will K's Homeowners Policy pay regardless of fault, if the Coverage F limit is $1,500? - ANSWER-$1,000 Which of the following is true regarding the Business Auto Coverage Form? - ANSWER-The main distinction between a hired auto and a non-owned auto is whether or not the auto is owned by an employee A manager started receiving anonymous messages threatening damage to the company's facilities unless it changed its hiring practices. The manager chose not to report the threats to the insurer to minimize publicity and dealt the problem privately until the threats escalated to an incident of vandalism that caused significant damage to the company premises. How would the insurer respond to this loss? - ANSWER-The damage would be excluded because the insured did not report the extortionist's demands Under a Homeowners Policy, Coverage A includes coverage for: - ANSWER-The dwelling on the premises plus structures that are attached to the dwelling The definition of bodily injury in the Personal Auto Policy includes which of the following? - ANSWER-Bodily harm, sickness or disease Coverage B of a dwelling policy will not apply to a detached garage if which of the following is being stored? - ANSWER-A helium tank used for the insured's business Which of the following statements regarding Multi-Peril Crop Insurance is correct: - ANSWER-Multi-peril crop insurance is reinsured by the federal government by FCIC Coverage C of the Homeowners policy would cover which of the following? - ANSWER-A camera stolen while the insured is on vacation Section II of a Homeowners Policy covers which of the following for medical payments? - ANSWER-A guest of the insured on the residence premises Which form is designed for Tenants? - ANSWER-HO-4 The Personal Articles Floater is similar to which Homeowners endorsement? - ANSWER-Scheduled Personal Property Which of the following statements correctly describes requirements for service fees? - ANSWER-A maximum service fee of $15 may be charged for a producer acting as a broker or consultant upon placement of a renewal If property under a Personal Floater risk is insured at a $5,000 valued basis, how much would the insured receive if the item is a total loss, the actual cash value is $4,000, and an auction is selling the same item for $3,500? - ANSWER-$5,000 Which of the following is not considered ethical behavior for a producer? - ANSWER-Influence a client to buy a policy in order to be the agency's top producer Workers' Compensation provides coverage for all of the following, except: - ANSWER-Pain and suffering The party for whose benefit a surety bond is written is the: - ANSWER-Obligee Which of the following is not a provision found in Section IV of the CGL? - ANSWER-Inspection and surveys Policyholder S has an HO-5 policy with a $250,000 Coverage A limit. After a strong wind blows a mailbox into S's front picture window, causing $2,500 damage, S immediately buys $250 of wood and plastic sheeting to cover the damaged window and prevent further damage. How much will S's policy pay? - ANSWER-$2,750 Which of the following is defined as the failure to act in a reasonable and prudent manner? - ANSWER-Negligence Under a Commercial Crime policy, the definition of securities includes all of the following, except: - ANSWER-Bank notes All of the following definitions are true of a Homeowners Policy, except: - ANSWER-Property damage -- Physical injury to tangible property, but does not include loss of use of that property [Show Less]
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New Jersey Property and Casualty Insurance Exam 2023
Bail - ANSWER-a security depost that guarantees the appearance of a defendant in court for trail, forgeited if the defendant fails to appear for trail; als... [Show More] o the act of delivering goods to another to be helf in trust for a special purpose bailee - ANSWER-a person one who has care, custody, or control of another's property, usually for repair, cleaning, processing, storage, ro service bailee's customer policy - ANSWER-this provides coverage for loss of or damage to property of others that is in the care, custody, or control of a bailee bailor - ANSWER-the owner of property who delivers it in trust to a bailee for a special purpose banker's blanket bond - ANSWER-this provides protection for financial institutions and similiar organiziation against employee and non emoloyee dishonesty bankruptcy - ANSWER-the legal process that determines and oversees the distribution of an insolvent person's or company's assets to creditors. after distribution, the person or company is relieved of all libaility to these creditors, even though some payments may have been less than the full obligation bankruptcy clause - ANSWER-insruance policy clause that stipulates that the bankruptcy or insolvency of the insured does not relieve the insurance company of any of its obligations under the policy betterment - ANSWER-an improvement to property that puts it in a better condition than it was before the occupancy or loss. for example, a renter's redesign of an office space to accomodate his needs. see also improvements and betterments coverage binder - ANSWER-a written or oral acknowledgment of insurance in force and evidence of acceptance of the applicant's offer to purchase the insurance, whether or not premium settlement has been reach and pending issuance of the policu. blanket crime policy - ANSWER-this provices coverage against dishonesty, with money and securities coverage and forgery coverage, covering all employees blanket insurance - ANSWER-a property liability policy extending to more than one location, class of property or employee, without specigfically naming the location, class, or employee. see also specific insurance. blankey position bond - ANSWER-an employee dishonesty bond that covers all employees of the insured and provides protection for the insured from dishonest acts of those employees, without specifically naming the employees or their positions. boatowner's policy - ANSWER-this provides hull physical damage and liability coverage for losses arising out of th eownership, maintenance and use of a watercrafy. see also yacht coverage bodily injury (BI) liability coverage - ANSWER-liability coverage that protects the insured from financial loss in the event he or she is legally liable to pay damages because of bodily injury, sickness, or disease, including required care, loss of service, and resulting death boiler and machinery insurance - ANSWER-see equipment breakdown coverage bond - ANSWER-a written agreement under which the surety agrees to pay, within stated limits, for a financial loss caused to another (obligee) by the act or default of a third party (principal) or by some contingency over which the principal may have no control breach of contract - ANSWER-the failure to comply with terms or conditions of an insurance policy that may result in restricted coverage or void the policy broker - ANSWER-a person who, for a commission from the insurance company, solicits, negotiates, and services insurance policies on behalf of the person buying the insurance. see also agent; producer builder's risk insurance - ANSWER-this provides coverage against loss to a building in the course of contruction and to temporary structures, materials, and supplies incidental to that construction. may also cover the builder's machinery and equipment while on the premises. burglary - ANSWER-the forcible entry into or exit out of another premises with the intent to steal property. there must be visible signs of forces entry or exit in order for an incident to be considered a burglary. business auto policy - ANSWER-this is insurance for commercial a utombiles risks against legal liability, dmaage to vehicles, medical expenses, loss from uninsured motorists, and personal injury protection or other equivalent no fault coverage. coverage can be extended to owned, leased, and borrowed vehicles. business income insurance/business interruption insurance. - ANSWER-this provides coverage for loss of earnings that results when a business must shut down or curtail its operations after damage or destruction of property by an insured peril. coverage applies for the length of time it takes to rebuild, repair, or repl [Show Less]
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Liability coverage. Insurance New Jersey Exam Questions with correct Answers
Liability coverage - ANSWER-Third-party coverage. Third-party is person who suffers damages. Torts - ANSWER-Civil wrongs that violates the rights of oth... [Show More] er person, claimants or plaintiff Seeks monetary damages. Breach of contract - ANSWER-Legal Wrong against another person. Remedy in the form of specific performance of contract. Negligence - ANSWER-The failure to exercise reasonable care to protect others from an unreasonable chance of harm. Negligence - ANSWER-The failure to exercise reasonable care to protect others from an unreasonable chance of harm. Proof of negligence - ANSWER-Legal duty owed, the golden rule. Breach of legal duty. Proximate cause. Damages. Proof of negligence - ANSWER-Legal duty owed, the golden rule. Breach of legal duty. Proximate cause. Damages. Breach of duty - ANSWER-Warn people of hidden dangers. Express or implied he hidden dangers. Trespasser Slight care to take special care Proximate cause - ANSWER-An uninterrupted chain of events from the occurrence to the resulting damage. Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Contributory negligence - ANSWER-A common-law defense. The person contributes to his own damages Comparative negligence - ANSWER-Percentage of each parties negligence in the damage to the injured person. Comparative negligence - ANSWER-Percentage of each parties negligence in the damage to the injured person. Assumption of risk - ANSWER-Deliberately shows a certain course of action. New a dangerous situation existed. Intervening cause - ANSWER-Statutory defense states a certain period of time legal action may not be valid Vicarious liability - ANSWER-Imputed from one person to a Nother. Parent and child. Absolute Liability - ANSWER-Is fixed by law. Hazardous activities strict liability product liability defect exist to hold the manufacturer liable Liability covers - ANSWER-Up to limit for damages provides defense at Insurers Expense. The claim may be false or fraudulent. Breach of contract - ANSWER-Legal action seeking remedy for performance of contract Crimes - ANSWER-Wrongs against society. Fine imprisonment even death. Breach of contract - ANSWER-Remedy In the form of a specific performance of the contract Liability coverages - ANSWER-Generally concerned only with on intentional torts Proof of negligence - ANSWER-Legal duty owed. Breach of legal duty. Proximate cause. Damages. Legal duty owed - ANSWER-The golden rule. Prudent person rule. Reasonable person rule. Breach of legal duty - ANSWER-Standard of care relationship between the parties. Not making aware of hidden dangers. Proximate cause - ANSWER-And uninterrupted chain of events from the occurence to the resulting damage. Damages - ANSWER-Third party may seek damages for bodily injury. Property damage. Personal injury. Contributory negligence - ANSWER-Common-law defense injured person contribute by their own actions Comparative negligence - ANSWER-Statutory defense. Actions of injured party to those of the defendant. Percentage of negligence Assumption of risk - ANSWER-Chose a certain course of action deliberately , knowing a danger Intervening cause - ANSWER-Common-law defense states that a new chain of events was set in motion. Statute of limitations - ANSWER-Certin period Of time legal action may not be valid Vicarious liability - ANSWER-Imputed from one person chewing on there. Child to parent. Absolute liability - ANSWER-Fixed by law. Hazardous activities. Strict liability product liability manufacturer liable. Liability insurance agreement - ANSWER-Company pays mimicked for damages will provide defense. Even if false. Supplementary payments - ANSWER-Defense costs expenses bail bonds cost text against prejudgment interest postjudgment interest Types of damage - ANSWER-Compensatory. Special economic general non-economic punitive exemplary damages Liability policy Limits - ANSWER-Split limits. Single limit. Her occurrence. Per person. Aggregate limit. Split limits - ANSWER-Separate coverage limits for BI& P D. Single limit - ANSWER-Only one claim settled first Claim to coverage limit per occurrence - ANSWER-Limits apply separately to each Occurrence. Per person - ANSWER-One person in an accident. Aggregate limit - ANSWER-Maximum paid for one policy year Liability conditions - ANSWER-Cancellation. Nonrenewable. Misrepresentation or concealment or fraud. Assignment. Legal action against us. Subrogation. Duties in event of loss - ANSWER-Provide all pertinent information. Promptly. Other insurance - ANSWER-Condition specifies how losses will be handled if another policy is involved. Payment may be pro rata. [Show Less]
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