CPCU 551, CHAPTER 8 EXAM
QUESTIONS WITH 100% CORRECT
DETAILED ANWERS RATED A+
, Nationwide Marine definition - ANSWERStatement of the types of property that may be
insured on inland marine and ocean marine insurance forms
Nonfiled classes (uncontrolled classes) - ANSWERThe classes of inland marine
business for which neither policy forms not rates must be filed with the state insurance
department
Filed classes (controlled classes) - ANSWERThe classes of inland marine business for
which policy forms and/or rates must be filed with the state insurance department
Floater - ANSWERA policy designed to cover property that floats or moves from
location to location
Invoice value - ANSWERA valuation basis that values covered property at its invoice
value including freight
Agreed value method - ANSWERA method of valuing property in which the insurer and
the insured agree at the time the policy is written on the maximum amount that will be
paid in the event of a total loss
Shipper - ANSWERThe person or organization shipping goods, often the seller of the
goods
Consignee - ANSWERThe person or organization that receives property being
transported by a carrier
Common carriers - ANSWERAirlines railroads or trucking companies that furnish
transportation to any member of the public seeking their offered services
Contract carriers - ANSWERCarriers that furnish transportation services to shippers
with whom they have contracts
Act of God - ANSWERA natural and unavoiable catastrophe that interrupts the expected
course of events
Inherent vice - ANSWERA quality of or condition within a particular type of property that
tends to make the property destroy itself...example eggs going bad if shipped without
refrigeration
Bill of lading - ANSWERA document acknowledging receipt of goods from the shipper,
given by the carrier, which includes the terms of the contract of carriage for the goods.
QUESTIONS WITH 100% CORRECT
DETAILED ANWERS RATED A+
, Nationwide Marine definition - ANSWERStatement of the types of property that may be
insured on inland marine and ocean marine insurance forms
Nonfiled classes (uncontrolled classes) - ANSWERThe classes of inland marine
business for which neither policy forms not rates must be filed with the state insurance
department
Filed classes (controlled classes) - ANSWERThe classes of inland marine business for
which policy forms and/or rates must be filed with the state insurance department
Floater - ANSWERA policy designed to cover property that floats or moves from
location to location
Invoice value - ANSWERA valuation basis that values covered property at its invoice
value including freight
Agreed value method - ANSWERA method of valuing property in which the insurer and
the insured agree at the time the policy is written on the maximum amount that will be
paid in the event of a total loss
Shipper - ANSWERThe person or organization shipping goods, often the seller of the
goods
Consignee - ANSWERThe person or organization that receives property being
transported by a carrier
Common carriers - ANSWERAirlines railroads or trucking companies that furnish
transportation to any member of the public seeking their offered services
Contract carriers - ANSWERCarriers that furnish transportation services to shippers
with whom they have contracts
Act of God - ANSWERA natural and unavoiable catastrophe that interrupts the expected
course of events
Inherent vice - ANSWERA quality of or condition within a particular type of property that
tends to make the property destroy itself...example eggs going bad if shipped without
refrigeration
Bill of lading - ANSWERA document acknowledging receipt of goods from the shipper,
given by the carrier, which includes the terms of the contract of carriage for the goods.
