CPCU 552, CP&L Final Exam Questions & Answers 2024/2025

CPCU 552, CP&L Final Exam Questions & Answers 2024/2025 Railroad owners commonly require contractors to purchase a Railroad Protective Liability Coverage Form. Which one of the following statements about this form is true? - ANSWERSOne of the coverage limits applies to physical damage to property owned by or leased or entrusted to the railroad Which one of the following statements about the general aggregate limit under a Commercial General Liability (CGL) Coverage Form is true? - ANSWERSIt is reduced by an claims paid for medical payments under Coverage C. Tom often runs errands for his boss at XYZ Company, using the boss' car. On one of these errands, Tom is involved in a serious auto accident. He spends a couple of weeks in the hospital; misses four weeks of work; and must undergo physical therapy. Does XYZ's Workers Compensation and Employers Liability Insurance (WC&EL) Policy cover Tom's injuries, lost income, and rehabilitation expenses? - ANSWERSYes, the workers compensation policy would pay all of Tom's expenses, because his injuries arose out of his employment at XYZ Company. Aircraft have a significant exposure to catastrophe losses. Of the many reasons for the catastrophic loss potential of aircraft, the most significant is - ANSWERSThe physical properties of aircraft. A security guard is employed at a pier where shipping containers are loaded and unloaded from barges. There is also a small marina for pleasure craft at the pier. The security guard trips over equipment left on a dock alongside a pleasure craft and is injured. The pier only has insurance coverage that provides benefits under the Longshore and Harbor Workers Compensation Act (LHWCA). Is the guard's injury covered under LHWCA? - ANSWERSThe injury is covered by LHWCA because the guard is not covered under a state's workers compensation law. ABC Plumbing entered into a contract with Bill to install a commercial grade septic system on his property. The installation of the septic septic was time sensitive because the rest of Bill's construction project could not go forward until the septic system was in place. The contract required that the work be done within 30 days of contract signing, or ABC would have to pay a penalty of $1,000 per day. Which one of the following categories of damages does the $1,000 per day penalty specified in the contract fall into? - ANSWERSLiquidated damages