CPCU 551 Exam Questions Compilation/Questions & Answers

Take 2 - 6. Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? - Answer The BPP lists several types of classes of property that do not qualify as covered property. (The BPP provides coverage against direct physical loss only.) Under Property Not covered section it states that there is a number of classes of property not covered. For this reason, you need to have a list of property covered and not covered read together when trying to determine coverage. Take 2 - 7 Which one of the following statements is correct with respect to the Preservation of Property additional coverage of the Building and Personal Property Coverage Form (BPP)? - Answer It protects against "any direct physical loss or damage" and is not limited to either the covered causes of loss or locations stipulated in the coverage form. (It is subject to the limits of insurance specified in the declarations.) Under Preservation of Property I found that coverage is provided while it being moved and up to 30 days at a new location. It protects against " any physical loss or damage" and is not limited to causes of loss on BPP or locations stipulated on the BPP coverage form. This would be considered broader coverage for this particular coverage " Preservation of Property Additional Coverage". Take 2 - 13 Which one of the following is correct with respect to the Transfer of Rights of Recovery Against Others to Us condition of the Commercial Property Conditions Form? - Answer Waiver of recovery against any other party may be given by the insured, provided the waiver is made in writing before the loss occurs. (Waiver of recovery against any other party may be given by the insured, provided the waiver is made in writing before the loss occurs.) This condition specifically permits the