Casualty Quiz 5

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

what coverages are offered by the NJ automobile full insurance underwriting association?

500,000 bodily injury, comprehensive and collision, and medical payment of $500,000 with a limit of $250,000 per person

following the filing of a claim for benefits covered under personal injury protection (PIP) after ______ any coverage benefits not paid are considered overdue.

60 days

the NJ compensation rating and inspection bureau is responsible for all of the following, EXCEPT

making payments under personal injury protection to persons injured in auto accidents.

which of the following coverages is automatically included in a basic auto policy?

personal injury protection coverage

which of the following vehicles must have several options regarding deductibles in NJ?

private passenger vehicles

what is the purpose of the commercial insurance deregulation act?

to protect the public against excessing and unfair rates

what is the purpose of the NJ assigned risk plan?

to provide workers compensation insurance to employers who are unable to obtain coverage in the voluntary market.

NJ workers compensation law provides a schedule of benefits

without regard to fault or negligence on the employer's part

personal injury protection coverage is known as no fault coverage because

benefits are paid regardless of fault

every non insurer servicing carrier must have been in the insurance business for at least 5 years and be able to demonstrate that it has the capacity to issue and service a minimum of 100,000 private passenger automobile policies. what else is required of a non insurer servicing carrier?

it must have minimum assets of $10 million

retrospective rating plans allow an adjustment of the final premium for a risk based on

it's own loss experience

in NJ, diligent effort in placing a risk in an authorized insurer before insuring with a surplus lines insurer requires that the risk be

submitted and declined by 3 authorized insurers

the NJ commercial insurance deregulation act requires insurers to file policy forms with the commissioner for approval at least

30 days before they become effective

in NJ, automobile liability insurance policies must be written with limits of at least

15/30/5

the NJ commercial insurance deregulation act requires insurers to file rates and any changes or amendments with the commissioner no later than

30 days

who administers the NJ personal automobile insurance plan?

NJ automobile full insurance underwriting association

what do NJ workers compensation laws impose on employers for any injury or disease suffered by an employee that arises during the course of employment?

absolute liability

every automobile liability policy issued or renewed on or after Jan 1, 1991 shall provide personal injury protection benefits which includes

all of the above

what does the second injury fund encourage employers to do?

hire previously injured workers

who is responsible for directing the association board to prepare, adapt and file rates that are based on past and prospective loss experience of the risks unwritten by the association?

the commissioner

which of the following statements concerning the automobile insurance UEZ program is correct?

the program was established to increase the availability of insurance in urban areas


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