CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated

CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $2500 Special Limit of Liability for: Property on the residence premises used primarily for business purposes - Answer ️️ -$2500 Special Limit of Liability for: securities, manuscripts, passports, stamps, personal records, - Answer ️️ -$1500 Special Limit of Liability for: watercraft - Answer ️️ -$1500 Special Limit of Liability for: Property away from the residence premises used primarily for business purposes and no in a veh - Answer ️️ -$1500 Collapse - Answer ️️ -excluded as a cause of loss but coverage for collapse that results from some other causes of loss is provided under the Section I—Property Coverages. Special Limit of Liability for: Loss by theft of Jewelry and Furs - Answer ️️ -$1500 The Subrogation condition allows... - Answer ️️ -the insured to waive all rights to recover against any person provided the waiver is in writing and made before a loss. Home Business Insurance Coverage endorsement /HOMEBIZ - Answer ️️ -for insureds who operate an office or business from their homes. HO-2 Broad Form - Answer ️️ -- designed for the owner-occupant of a house - provides NAMED PERILS coverage for A, B, and C - the insured has the burden of proof to prove it was covered. - has lower premiums HO-5 Comprehensive - Answer ️️ -- provides the broadest property coverage - provides special form for Cov C HO-8 Modified Coverage - Answer ️️ -- designed for use where the replacement cost of an owner-occupied dwelling significantly exceeds it market value - after a loss, the insurer will no pay ore than the cost of "common construction materials and methods" (functional equivalent) Occurrence - Answer ️️ -an accident, and can be a sudden event, a gradual series of incidents, or a continuous condition, as long as it is fortuitous. Under the Damage to Property of Others additional coverage - Answer ️️ -the insurer will pay, at replacement cost, up to $1,000 per occurrence for property damage to others caused by an insured, regardless of fault or legal li