CPCU 551 Full Exam Practice Questions And
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Practice questions for this set
Learn 1 /7 Study with Learn
A real estate development in which each occupant has exclusive
ownership of its own unit, and the land that the structure occupies. A
homeowners's association composed of all unit owners jointly owns
the surrounding land and structures.
Give this one a try later!
Legal Liability Coverage Form
1 Regular Program 6-3 2
5-13
Planned Unit Development
(Homeowners Association) 5- 4 Net Income 7-2
10
, Don't know?
Terms in this set (168)
Policy that covers two or more lines of
Commercial Package
business by combining ISO's commercial lines
Policy (CPP) 1-1
coverage parts
A package policy that combines most of the
Businessowners Policy
property and liability coverages needed by
(BOP) 1-2
small and medium-sized businesses
A policy that combines, in one form and
associated endorsements, all or most of the
Output Policy 1-3 commercial property coverages that the
insured organization needs, and uses a flexible
rating plan
A required component of the commercial
Commercial Property property coverage part that contains
Conditions 1-4 conditions applicable to all commercial
property coverage forms
Any provision that qualifies an otherwise
Policy Condition 1-5
enforceable promise made in the policy
Actual Cash Value Cost to replace property with new property of
(ACV) 1-6 like kind and quality less depreciation
Cost to repair or replace property using new
Replacement Cost 1-7 materials of like kind and quality with no
deduction for depreciation
Any personal property affixed to real property
Fixture 2-1 in such a way as to become part of the real
property
, Fixtures and equipment that may be attached
to a building during a tenant's occupancy, with
Trade Fixtures 2-2
the intention that they be removed when the
tenant leaves
Alterations or additions made to the building
Improvements and at the expense of the insured who does not
Betterments 2-3 own the building and who cannot legally
remove them
The temporary possession by one party (the
Commercial Bailment bailee) of personal property of another party
2-4 (the bailor) for a specific purpose beneficial to
both parties
Optional coverage that suspends the
Agreed Value
Coinsurance condition if the insured carries
Optional Coverage 2-
the amount of insurance agreed to by the
5
insurer and the insured
Coverage for the effects of inflation that
Inflation Guard
automatically increases the limit of insurance
Optional Coverage 2-
by the percentage of annual increase shown in
6
the declarations
Coverage for losses to most types of property
Replacement Cost
on a replacement cost basis (with no
Optional Coverage 2-
deduction for depreciation or obsolescence)
7
instead of an actual cash value basis
Form that covers Fire, Lightning, Explosion,
Windstorm, Hail, Smoke, Aircraft, Vehicles,
Causes of Loss - Basic
Riot, Civil Commotion, Vandalism, Sprinkler
Form 3-1
Leakage, Sinkhole Collapse, and Volcanic
Action
Answers Latest Update
Say thanks
Save
Practice questions for this set
Learn 1 /7 Study with Learn
A real estate development in which each occupant has exclusive
ownership of its own unit, and the land that the structure occupies. A
homeowners's association composed of all unit owners jointly owns
the surrounding land and structures.
Give this one a try later!
Legal Liability Coverage Form
1 Regular Program 6-3 2
5-13
Planned Unit Development
(Homeowners Association) 5- 4 Net Income 7-2
10
, Don't know?
Terms in this set (168)
Policy that covers two or more lines of
Commercial Package
business by combining ISO's commercial lines
Policy (CPP) 1-1
coverage parts
A package policy that combines most of the
Businessowners Policy
property and liability coverages needed by
(BOP) 1-2
small and medium-sized businesses
A policy that combines, in one form and
associated endorsements, all or most of the
Output Policy 1-3 commercial property coverages that the
insured organization needs, and uses a flexible
rating plan
A required component of the commercial
Commercial Property property coverage part that contains
Conditions 1-4 conditions applicable to all commercial
property coverage forms
Any provision that qualifies an otherwise
Policy Condition 1-5
enforceable promise made in the policy
Actual Cash Value Cost to replace property with new property of
(ACV) 1-6 like kind and quality less depreciation
Cost to repair or replace property using new
Replacement Cost 1-7 materials of like kind and quality with no
deduction for depreciation
Any personal property affixed to real property
Fixture 2-1 in such a way as to become part of the real
property
, Fixtures and equipment that may be attached
to a building during a tenant's occupancy, with
Trade Fixtures 2-2
the intention that they be removed when the
tenant leaves
Alterations or additions made to the building
Improvements and at the expense of the insured who does not
Betterments 2-3 own the building and who cannot legally
remove them
The temporary possession by one party (the
Commercial Bailment bailee) of personal property of another party
2-4 (the bailor) for a specific purpose beneficial to
both parties
Optional coverage that suspends the
Agreed Value
Coinsurance condition if the insured carries
Optional Coverage 2-
the amount of insurance agreed to by the
5
insurer and the insured
Coverage for the effects of inflation that
Inflation Guard
automatically increases the limit of insurance
Optional Coverage 2-
by the percentage of annual increase shown in
6
the declarations
Coverage for losses to most types of property
Replacement Cost
on a replacement cost basis (with no
Optional Coverage 2-
deduction for depreciation or obsolescence)
7
instead of an actual cash value basis
Form that covers Fire, Lightning, Explosion,
Windstorm, Hail, Smoke, Aircraft, Vehicles,
Causes of Loss - Basic
Riot, Civil Commotion, Vandalism, Sprinkler
Form 3-1
Leakage, Sinkhole Collapse, and Volcanic
Action
