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P&C Licensing Test- Auto: How much? How long?

Flashcards to help you memorize: how much and how long questions pertaining to auto insurance issues.

AB
How much is the supplementary payment for bail bonds?$250
How much will one be paid per day to offset a loss of earnings because he/she had to appear in court?$50
New cars are covered under an existing policy for how long?30 days
How much notice must an insured receive before his or her policy is cancelled for non-payment?10 days
How much notice must an insured receive before his or her policy is cancelled for any reason except non-payment?20 days
With the towing and labor cost endorsement, what is the maximum that will be paid per tow?$450
If an auto policy may only be cancelled for nonpayment, license suspension, or material misrepresentation, then how long must the policy be in force?60 days
Non-renewal requires how many days notice?20 days
For a stolen vehicle, and auto policy will pay how much per day to cover transportation expenses?$15
If a car is stolen, how long must one wait before receiving a daily stipend to cover transportation expense?2 days (48 hours)
In N.J., how much must an owner's policy of liability include for damage to property of others from any one accident?$5,000
In N.J., how much must an owner's policy of liability include for injury or death to any one person for any one accident?$15,000
In N.J., how much must an owner's policy of liability include for injury or death to more than one person for any one accident? (excluding the deductible)$30,000
After how long are any PIP coverages that are not paid then considered overdue?60 days
Under PIP, medical expense benefits should not exceed what dollar amount?$250,000
Under PIP, the maximum weekly payment for the loss of income of an income producer is how much?$100
Under PIP, the maximum lifetime payment sum for the loss of income of an income producer is how much?$5,200


Patrick Lambe

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