insurance exam

violation of a cease and desist order commissioner can turn over to NJ superior court for further legal action and can assess a fine for each violation up to

$5,000

what is the time period to become a producer in NJ after submitting a license application, you must pass the licensing exam when?

1 year

The insurable value of property covered by the fair plan cannot be more than

1,500,000

How many days must an insurer provide notice for canceling due to non pays

10 days

if a producer dies or becomes disabled an unlicensed person can contract with another insurance producer to continue this person insurance transaction for

180 days

on the BOP policy if the actual value exceeds limit of insurance policy contains a seasonal provision that automatically increases the limit of insurance by how much

25%

if a producer has been convicted of a crime how many days to notify the commissioner?

30 days

a licensed insurance producer must notify the dept. Of change of mailing address in how many days and by what method

30 days by mail or electronically

how many days does a producer have to remit the collected premium to the insurer

5 business days

if a producer license has been revoked the waiting period to apply for reinstatement is

5 years

temporary work authority expires after how many days

60 days

in business income additional coverage in a BOP the waiting period before restoration may begin in

72 hours

under dwelling policy form what is maximum time limit which multiple volcanic activities would be considered part of one occurrence

72 hours

the coinsurance requirement for a theatrical property floater under an inland marine policy is

80%

candidate cannot be exempt from the examination for a resident producer license if

A resident producer license for pnc is applying for a life insurance license

A material misrepresentation is

A statement by the applicant that upon discovery would affect the underwriting decision of the insurance company

what common carriers are required to issue to every shipper in transport goods for

A uniform bill of lading

which term is the closest to describe in authorized insurer

Admitted

if a coveted property loss under a business owner policy (BOP) cannot be agreed between the insurer and insured the method used to resolve the issue is

Appraisal

common policy conditions for a commercial package policy (CPP) if insured dies the policy rights and duties what?

Automatically transfer to legal representative

In a insurance contract must contain the elements of all of the follow except

Beneficiary consent

what is it called when a producer places coverage in force before the insurer has an opportunity to issue the policy

Binding coverage

what type property would be covered by a personal floater

Cameras

if a violation of the NJ insurance code occurs a cease and desist order may be issued. Who may issue a cease and desist order?

Commissioner

Representation are statements made by the applicant that are

Considered true best of the applicant knowledge

what would be fair & accepted practice in all the following except:

Control business

if the insurer and insured have a dispute about whether a particular loss is covered the authority will settle a dispute is

Court system

What term insured must pay out of pocket and then insurer will pay additional amount of the loss above this limit

Deductible

what is an insurance company that has been formed under the laws of this state called

Domestic

which would not be included in a commercial package policy

Dwelling coverage

when an agency publizes false info about their financial stability and sound business practice is called

False financial statement

Which of the four is considered a peril

Fire

Replacement cost is

Full replacement of property at its current cost; new and without reduction for depreciation

Condos unit owner endorsement does not cover

Furniture in the building

Apartment occupant personal property would be insured under what form

Ho4

When is a misrepresentation on the insurance application considered fraud

If it is intentional and material

Per the business of insurance a hazard is

Increases the possibility of loss

what does the major portion of the premium on an equipment breakdown policy pay for

Inspections & examinations

about national flood insurance what is NOT ture

Insurance provided by the flood program is also available in standard property policy

Persons covered under in an insurance policy whether there named or not are known as

Insured

Who is responsible for filling out a claim form

Insured

Conditions not commonly found in the insurance policy

Insuring agreement

A false statement on Coverage B on an HO policy is

It must be added by endorsement by HO policy

NationWide Marine definition what would not be subject to inland marine insurance

Large pleasure boats

what describes an insurer's responsibility for payment under a policy as stated in the common policy provision

Limits of liability

what limitation does a HO policy place on a home run business

No more than 2 people working at any one time

on a participating insurance policy issued by a mutual insured company dividend paid to policyholders are

Not taxable; since the IRS treats them as a return of the portion of the premium paid

duties of the insurer are all of the following except

Notify insured of financial difficulty

losses caused by continuous or repeated exposure to conditions resulting in injury or property damage that is neither intended or expected is defined as

Occurrence

misrepresentation pertaining to unfair trade practice are all of the following except

Okay to make comparison between different policies

When is a hired in non-owned auto liability endorsement available in a BOP

Only if the insured does not have commercial auto coverage

Type of insurance policy insures against all risks of loss unless excluded

Open peril policy

A liability policy that sets the amount from a single incident is?

Per occurrence

the requirement that agents must account for all insurance fund collected that are not permitted to co mingle those funds with their own

Predouchairy responsibility

the other insurance provision that limits the liability of the insurer to a portion of the loss no greater then the amount insurer bears to all insurance covering the property is called

Pro-rata liability

what do insurers use to protect themselves against catastrophic losses

Reinsurance

what type of info found in policy insuring agreement

Renewal dates

Cost to rebuild a house if something happened to it is

Replacement cost

If a single dwelling is insured for at least 80% of replacement value, what would you automatically get?

Replacement cost

additional causes of loss in the broad form of A commercial policy what is NOT a cause of loss

Replacement cost

the method of valuation contrary to the basic concept of indemnity is

Replacement cost

Definition of ACV

Replacement cost of time of the loss less deprecation

the commissioner may revoke a producer license for all of the following except

Should act in a produchairy capacity

if insured owns several buildings each at different locations and each a separate policy the type of coverage they have is known as

Specific

the MCcarran Act insured that the federal gov. Would not regulate the insurance industry as long as an adequate job was done by the

State

what is an insurer that is owned by stockholders

Stock companies

a cease and desist order forces an insurer to

Stop committing a particular violation

HO2 and HO3 forms cover

Sudden and accidental rupture of heating system

All of the following are limited lines of authority expect:

Surplus lines

Replacement cost coverage is provided in both broad and special form dwelling policy when?

The amount of insurance on the dwelling is at least 80% of replacement cost at the time of loss

HO policy would pay how much after the loss of one of a pair of golden candlesticks

The difference in the ACV as a pair and as a single

the commercial property dec page contains what information

The friction of the property insured

What does not describe a confident party

The person must have at least completed secondary education

what is the purpose of the NFIP

To fill the gap left by the private insurers in flood coverage

type of insurance used to cover a single shipment of goods for a specific trip

Trip transit

how long is a producer appointment with the insurer last

Until it is terminated

beside the peril of earthquake which other peril is covered by the earthquake cause of loss form under a commercial property policy

Volcanic eruption