New Jersey Title Producer 2022 Study Guide Rated A+

What does adhering to the principle of insurable interest protect against? {Ans: an individual more likely to purposefully cause a loss}Sherman Act {Ans: Prohibits acts or agreements to boycott, coercion or intimidation}leaseholder coverage {Ans: NOT an owner policy. Lease for a specified period of time. State requires that a leasehold interest be recorded.}Why would an insurer be unable to cover catastrophic losses? {Ans: Several exposure units would have losses at the same time, meaning that the insurer would not be able to meet its ongoing financial obligations.}Joint Tenancy {Ans: The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenants.}Filing a Document {Ans: Provide the county clerk or register with a copy of a document that the clerk keeps in his/her records}