CPCU 500 Exam 1 with Questions and Answers
CPCU 500 Exam 1 with Questions and Answers Which one of the following statements is true regarding the use of checklists and questionnaires to identify loss exposures? Choose one answer. A. The completion of standardized checklists helps identify loss exposures and shows how those loss exposures support or affect specific organizational goals. B. The questions included in questionnaires and checklists developed by insurers relate mainly to loss exposures for which commercial insurance is generally available. C. Standardized risk assessment questionnaires can be used as the sole method to uncover an organization's loss exposures and reveal key information about those exposures. D. An advantage of risk assessment questionnaires is that they can be completed with relatively little expense, time, and effort. ANSWER B. The questions included in questionnaires and checklists developed by insurers relate mainly to loss exposures for which commercial insurance is generally available. Claim adjuster Phyllis is reviewing fire losses. The dollar amounts of the losses are $2,000, $8,000, $10,000, $15,000, and $20,000. The median loss has an adjusted value of Choose one answer. A. $7,500. B. $10,000 C. $11.000 D. $27,500 ANSWER B. $10,000
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