NJ Property/Casualty

at any time by mailing a written notice of cancellation

Under a BOP an insured can cancel the policy when

$10,000

producer was found guilty of a 3rd violation of the insurance code. what is the penalty

Commissioner

violation of NJ insurance code were to occur a cease and desist is issued. who orders it

Pay dividends to the policyowner

A participating insurance policy may do what

Commissioner

Has authority to deny someone an insurance producers license

5 business days

How many days must a producer report his claims to an insurer

Department of Banking and Insurance

In NJ hurricane deductibles must be approved by who

Accident insurance bc it pays medical expenses regardless of fault

In a personal auto policy the medical payments coverage is similar to what

Coverage by endorsement

In dwelling policies, automatic increase in insurance is

Counter Offer

NOT an essential element to an insurance contract

Acting in a fiduciary capacity

The Commissioners may revoke a producers license for all of the following reasons EXCEPT

How parties to the contract must act following a loss

The Policy conditions define

Proximate Cause

When a direct chain of events resulting from a negligent act causes injury or damage, the act is considered to be

all reasonable costs

how much is covered for debris removal under the HO property additional coverage

admitted

term that is closest to an authorized insurer

Foundation Cracks

the homeowners policy covers collapse caused by all of the following EXCEPT

Broker

when an insurance producer negotiates for an insurance contract on behalf of a client, the producer is acting as

excess over the self insured retention

when an umbrella policy is broader than the underlying insurance and it pays a loss that is not covered by the underlying policy it usually only pays what

Collapse

An additional coverage that is covered by the broad causes loss form

the accounts receivable coverage form

An insureds account receivable records have been damaged. The loss may be covered with

Hazards

Events or conditions that increase the chances of an insured loss occurring are referred to as

hazards

Events or conditions that increase the chances of an insured loss occurring are referred to as

Pair and set clause

Loss settlement will be based on the reasonable and fair proportion that the damaged part bears to the total value of the set

Make payments under personal injury protection to persons injured in auto accidents

NJ compensation bureaus is not responsible for this

Exclusions

Not found in the declarations section of a policy

Common Carrier Cargo Liability

Not listed under the classes of inland marine risks

Misrepresentation

On its advertisement a company a company claims that it has funds in its possession that are, in fact not available for payment of losses to claims. Company is guilty of

The application given to a prospective insured

Which of the following is NOT the consideration in a policy?

Surplus lines

all of the following are considered limited lines of authority except

exclusions

all of the following are found in the declarations except

purpose of claims made form

allows insurers to determine adequate rates for unknown losses claimed in the future

Indirect loss

an additional loss that results from a direct loss of property

Mutual

an insured purchased an insurance policy 5 years ago. Last year she received a dividend check from the insurance company that was not taxable. this year she did not. What type of insurer did the insured purchase the policy.

higher limits

auto accident occurs out of state. state has financial responsibility law that specifies limits of liability higher than the limits shown the declarations. what amount is the insured to pay

Personal injury protection coverage

automatically included in a basic auto policy

legislative, judicial, executive

branches of the government which insurance is regulated

false advertising

circulating deceptive sales material to the public is hat type of unfair trade practice

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

coverages by the NJ auto full insurance association

Consultant does not sell policies, but only offers advice

difference between a insurance consultant and insurance producer

Replacement cost

formula used for calculating the actual cash value of a property

Auto policy

if an insured has an umbrella liability policy in addition to his personal auto, which would be considered the underlying policy

Submitted and declined by 3 authorized users

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

Part A

in watercraft policy which coverage part will respond to a claim for damages for bodily injury or property damage for which the insured has become legally liable bc of a watercraft accident

warranty

is a statement that is guaranteed to be true, and if untrue, may breach insurance contract

premises liability exposure

liability exposure that is most likely for a small capacity clothing retail boutique

30 days by mail or electronically

licensed insurance producer must notify the department of a change in mailing address within how many days and by what method

defamation

making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance

certificate of authority

must be obtained by an insurer in order to transact insurance in a given state

Additional Coverage

part of an insurance policy covers claims related expenses, reasonable expenses incurred by an insured to protect damaged property from further loss or defense expenses

Conditions

part of the policy hat sets forth the rules of conduct, duties, and obligations of the parties

declarations

part of the property policy that shows the amount of insurance, premium, and policy term

Surplus Lines Agent

person or organization that is allowed to write business in NJ for insurance companies that do not possess a certificate of authority in NJ , if no authorized insurers in NJ offer the type of insurance

liability coverage

personal auto coverage that woukd pay for the insureds travel expenses and loss of earnings while involved in the settlement loss process of a covered loss

10 days

the commissioner believes that a licensee has violated an insurance regulation and decides to conduct a hearing. How long notice must the commissioner provide

Insuring Agreement

the part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured

Loss

the reduction, decrease, or disappearance of value or property insured in a policy by a peril against

30 days

the removal coverage that is included in the broad form dwelling policy will cover property temporarily removed from the premises to protect it from damage for how long

property damage liability

towing a trailer when it came loose and ran into a store front. what part of the insureds auto policy would pay for the damage

Credit Insurance

type of insurance would be written by a limited lines agent

insured is owner-occupant of the dwelling

which of the following conditions can broad theft coverage be added to a dwelling policy

Workers Comp

which of the following is NOT an optional coverage available in a BOP

Private Insurers

who would participate in Write Your Own (WYO) flood insurance program