CPCU 552 FINAL EXAM NEWEST 2025/2026 COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWR 100%S
(VERIFIED ANSWR 100%S) |ALREADY GRADED
A+||BRAND NEW!! update2026.
Civil Law - CORRECT ANSWR 100%-A classification of law that applies to legal matters not
governed by criminal law and that protects rights and provides remedies for breaches of duties
owed to others.
Criminal law - CORRECT ANSWR 100%-The branch of the law that imposes penalties for
wrongs against society. And insurance can not respond to criminal charges
legal liability - CORRECT ANSWR 100%-The legally enforceable obligation of a person or an
organization to pay a sum of money (called damages) to another person or organization.
liability loss - CORRECT ANSWR 100%-Any loss that a person or an organization sustains as
a result of a claim or suit against that person or organization by someone seeking damages or
some other remedy permitted by law.
liability insurance - CORRECT ANSWR 100%-insurance that pays damages assessed against
an
insured
What are 3 sources of legal liability? - CORRECT ANSWR 100%-1.) Torts
2.) Contracts
3.) Statutes
,What is a tort? - CORRECT ANSWR 100%-A wrongful act or an omission, other than a crime
or a
breach of contract, that invades a legally protected right
What are the 3 types of torts? - CORRECT ANSWR 100%-1.) Negligence
2.) Intentional
3.) Strict liability
What is a negligence tort? - CORRECT ANSWR 100%-The failure to exercise the degree of
care that a reasonable person in a similar situation would exercise to avoid harming others
What is an intentional tort? - CORRECT ANSWR 100%-An act committed by a person who
knows (or should know) that his act will harm another person
What is strict liability? - CORRECT ANSWR 100%-Liability imposed by a court or by a statute
in the absence of fault when harm results from activities or conditions that are extremely
dangerous, unnatural, ultrahazardous, extraordinary, abnormal or inappropriate. Example=
Blasting sites and worker's compensation
What is a hold-harmless agreement or an indemnity agreement? - CORRECT ANSWR 100%-
A contractual provision that obligates one of the parties to assume the legal liability of another
party
What is a statute? - CORRECT ANSWR 100%-a written law passed by a legislative body at
either the federal or state level
What are the 5 pre-accident techniques? - CORRECT ANSWR 100%-1.) Cost-effectiveness
2.) Legal requirements
, 3.) Insurer requirements and recommendations
4.) Public Perception
5.) Management risk aversion
loss prevention - CORRECT ANSWR 100%-A risk control technique that reduces the
frequency of
a particular loss (a sign versus action)
loss reduction - CORRECT ANSWR 100%-A risk control technique that reduces the severity
of a particular loss.
loss avoidance - CORRECT ANSWR 100%-a risk control technique that involves ceasing or
never
undertaking an activity so that the possibility of a future loss occurring from that activity is
eliminated
What is common law or case law? - CORRECT ANSWR 100%-Laws that develop out of court
decisions in particular cases and establish precedents for future cases
What is tort law? - CORRECT ANSWR 100%-the branch of civil law that deals with civil
wrongs other than breaches of contract
What is statutory law? - CORRECT ANSWR 100%-A formal law passed by federal, state or
local legislature. Example= Workers Compensation
What is a warranty? - CORRECT ANSWR 100%-A contract between a manufacturer or seller
and the consumer concerning the product. They may be either expressly stated or implied by
law.
QUESTIONS AND CORRECT DETAILED ANSWR 100%S
(VERIFIED ANSWR 100%S) |ALREADY GRADED
A+||BRAND NEW!! update2026.
Civil Law - CORRECT ANSWR 100%-A classification of law that applies to legal matters not
governed by criminal law and that protects rights and provides remedies for breaches of duties
owed to others.
Criminal law - CORRECT ANSWR 100%-The branch of the law that imposes penalties for
wrongs against society. And insurance can not respond to criminal charges
legal liability - CORRECT ANSWR 100%-The legally enforceable obligation of a person or an
organization to pay a sum of money (called damages) to another person or organization.
liability loss - CORRECT ANSWR 100%-Any loss that a person or an organization sustains as
a result of a claim or suit against that person or organization by someone seeking damages or
some other remedy permitted by law.
liability insurance - CORRECT ANSWR 100%-insurance that pays damages assessed against
an
insured
What are 3 sources of legal liability? - CORRECT ANSWR 100%-1.) Torts
2.) Contracts
3.) Statutes
,What is a tort? - CORRECT ANSWR 100%-A wrongful act or an omission, other than a crime
or a
breach of contract, that invades a legally protected right
What are the 3 types of torts? - CORRECT ANSWR 100%-1.) Negligence
2.) Intentional
3.) Strict liability
What is a negligence tort? - CORRECT ANSWR 100%-The failure to exercise the degree of
care that a reasonable person in a similar situation would exercise to avoid harming others
What is an intentional tort? - CORRECT ANSWR 100%-An act committed by a person who
knows (or should know) that his act will harm another person
What is strict liability? - CORRECT ANSWR 100%-Liability imposed by a court or by a statute
in the absence of fault when harm results from activities or conditions that are extremely
dangerous, unnatural, ultrahazardous, extraordinary, abnormal or inappropriate. Example=
Blasting sites and worker's compensation
What is a hold-harmless agreement or an indemnity agreement? - CORRECT ANSWR 100%-
A contractual provision that obligates one of the parties to assume the legal liability of another
party
What is a statute? - CORRECT ANSWR 100%-a written law passed by a legislative body at
either the federal or state level
What are the 5 pre-accident techniques? - CORRECT ANSWR 100%-1.) Cost-effectiveness
2.) Legal requirements
, 3.) Insurer requirements and recommendations
4.) Public Perception
5.) Management risk aversion
loss prevention - CORRECT ANSWR 100%-A risk control technique that reduces the
frequency of
a particular loss (a sign versus action)
loss reduction - CORRECT ANSWR 100%-A risk control technique that reduces the severity
of a particular loss.
loss avoidance - CORRECT ANSWR 100%-a risk control technique that involves ceasing or
never
undertaking an activity so that the possibility of a future loss occurring from that activity is
eliminated
What is common law or case law? - CORRECT ANSWR 100%-Laws that develop out of court
decisions in particular cases and establish precedents for future cases
What is tort law? - CORRECT ANSWR 100%-the branch of civil law that deals with civil
wrongs other than breaches of contract
What is statutory law? - CORRECT ANSWR 100%-A formal law passed by federal, state or
local legislature. Example= Workers Compensation
What is a warranty? - CORRECT ANSWR 100%-A contract between a manufacturer or seller
and the consumer concerning the product. They may be either expressly stated or implied by
law.
