NJ P&C study guide
NJ P&C · Work through your exam, one topic at a time.
The New Jersey Property and Casualty Insurance Producer license is the credential that authorizes an individual or business entity to sell and service property and casualty insurance products in New Jersey. It is issued by the New Jersey Department of Banking and Insurance and is intended for new entrants preparing for a career as an agent or broker, for staff at agencies and carrier distribution channels, and for producers licensed elsewhere who need New Jersey authority. The NJ P&C study guide has 8 sections and about 2,433 words.
01Insurance Principles and Concepts
Risk is uncertainty about loss. A peril is the cause of loss (fire, windstorm, collision).
343 words, about 2 min02Property Insurance Basics
Every property form has five parts: declarations (who, what, how much, term), insuring agreement (the promise), conditions (duties and rules), exclusions , and definitions . Exclusions narrow the insuring agreement; conditions can void coverage if breached.
286 words, about 1 min03Casualty Insurance Basics
Liability insurance pays sums the insured becomes legally obligated to pay as damages because of bodily injury or property damage. Negligence requires duty, breach, proximate cause, and damages.
325 words, about 2 min04Dwelling and Homeowners Policies
Dwelling: DP-1 basic, DP-2 broad, DP-3 special. Homeowners: HO-2 broad, HO-3 special (open peril on the dwelling, named peril on personal property), HO-5 comprehensive, HO-4 renters, HO-6 condominium unit owners, HO-8 modified for older homes.
286 words, about 1 min05Personal Automobile Insurance
Part A liability, Part B medical payments, Part C uninsured/underinsured motorists, Part D physical damage (collision and other than collision), Part E duties after loss, Part F general provisions. Memorize the definition of your covered auto : listed autos, newly acquired autos (coverage for a replacement auto is broader than for an additional auto), trailers, and temporary substitute autos.
298 words, about 1 min06Commercial Property and Liability Insurance
The building and personal property form uses coinsurance (commonly 80%, 90%, or 100%), with agreed value available to suspend coinsurance. Blanket insurance applies one limit across multiple locations; reporting forms adjust premium based on reported values.
282 words, about 1 min07Other Property and Casualty Coverages
Inland marine covers property in transit, bailee exposures, and property of others. Ocean marine covers hulls, cargo, and freight.
281 words, about 1 min08New Jersey Insurance Laws, Rules and Regulations
The New Jersey Department of Banking and Insurance, headed by the Commissioner, licenses producers and insurers, reviews rates and forms, and investigates unfair practices. Producers must be appointed by an insurer, must complete continuing education (including ethics) each renewal cycle, and hold premiums in a fiduciary capacity - commingling with personal funds is prohibited.
332 words, about 2 min