NJ PSI Property and Casualty Exam with 100 Correct

NJ PSI Property and Casualty Exam with 100% Correct Answers 2023 The Mobile Home Endorsement of a Homeowners policy affords coverage to mobile homes under the?

• HO-1 (Basic Form)
• HO-2 (Broad Form)
• HO-3 (Special Form)
• HO-2 or HO-3 (Broad and Special) - Correct Answer D. HO-2 or HO-3 (Broad and

Special) All of the following are eligible for coverage under Homeowners policy except?

• A condominium unit owner.
• A farm owner.
• A mobile home owner.
• A tenant in an apartment building. - Correct Answer B. A farm owner.

The term Insured Location under Section II of Homeowners policies refers to all of the following except?

• The insured premises.
• Farm land.
• A non-owned premises where an insured temporarily resides.
• A newly-acquired premises. - Correct Answer B. Farm land.

All of the following would be considered insured's under a Homeowner's policy expect?

• Resident relatives of the insured.
• A non-relative resident under age 21 in the care of the insured.
• The insured's spouse if the spouse lives in the household.
• A non-relative resident over age 21. - Correct 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

• HO-1 - Correct Answer C. HO-4

Dwelling coverage A includes all of the following except?

• The dwelling.
• The deck on the back of the dwelling.
• A Gazebo.
• Construction materials on the residence premises for use in the repair of the

dwelling. - Correct Answer C. A Gazebo.Under Homeowners policies, the base deductible applicable to property losses, Section I, is? 1 / 2

A. $100

B. $250

C. $500

• $1000 - Correct Answer B. $250

The National Flood Insurance Program (NFIP) is a ________ program?

• State.
• Municipal.
• Federal.
• Worldwide. - Correct Answer C. Federal.

All of the following are optional coverage's under Homeowners policies except?

• Personal Property Replacement Cost coverage.
• Increased coverage limits from items suck as jewelry, furs, and silverware.
• Loss of Use coverage.
• Earthquake coverage. - Correct Answer C. Loss of Use Coverage.

The National Flood Insurance Program (NFIP) standards are set by, and the Program is administered by, the?

• National Flood Management Association (NFMA)
• National Emergency Standards Agency (NESA)
• Federal Flood Coverage Association (FFCA)
• Federal Emergency Management Agency (FEMA) - Correct Answer D. Federal

Emergency Management Agency (FEMA) Under Homeowners policies, which of the following is/are considered optional property coverage endorsement(s)?

• Earthquake.
• Fine Arts.
• Replacement Cost coverage on personal property.
• All of the above. - Correct Answer D. All of the above.

Under an NFIP Flood policy, flood is broadly defined as all of the following except?

• The overflow of inland or tidal waters.
• 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.

• Heavy, driving sheets of wind blown rain.
• 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. - Correct 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?

• 10 days.
• 20 days.
• / 2