CPCU 553 Chapter 1 Exam with Questions and 100% Correct Answers

CPCU 553 Chapter 1 Exam with Questions and 100% Correct Answers A policy issued by a mutual insurer describes each insured's right to vote in the election of the board of directors. This description is most likely found in the policy's - Answer️️ - Miscellaneous provisions are often unique to a particular type of insurer, such as a description of voting rights for a mutual insurer. All of the following are risk control techniques used by individuals and families, EXCEPT - Answer️️ - Retention Which one of the following statements regarding assets exposed to loss is true? - Answer️️ - Lightning damage to a tree is an example of a real property loss exposure. In order to determine the amount of life insurance to purchase, the Lee family uses the estimated present value of the parents' financial contribution to the family. Which one of the following approaches is the Lee family using to determine the amount of life insurance it needs? - Answer️️ - Human life value Every loss has three elements - Answer️️ - Asset exposed to loss Cause of loss Financial consequence of loss Cause of loss - Answer️️ - the actual means by which property is damaged or destroyed Real Property - Answer️️ - included land, buildings, attached structures, plants growing on the land and anything embedded in the land, such as minerals Personal Property - Answer️️ - All tangible property that is not real property