CPCU 553 Assignment 1 with Complete & Verified Solutions | 2024 Updated

CPCU 553 Assignment 1 with Complete & Verified Solutions | 2024 Updated Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial interest. Real property (realty) - Answer ️️ -Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. Personal property - Answer ️️ -All tangible or intangible property that is not real property. Liability loss exposure - Answer ️️ -Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. Damages - Answer ️️ -Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible. General damages - Answer ️️ -A monetary award to compensate a victim for losses, such as pain and suffering, that do not involve specific measurable expenses. Special damages - Answer ️️ -A form of compensatory damages that awards a sum of money for specific, identifiable expenses associated with the injured person's loss, such as medical expenses or lost wages.