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CPCU 551 Exam Questions Compilation | 262 Questions with 100% Correct Answers | Verified |
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CPCU 551 Exam Questions Compilation | 262 Questions with 100% Correct Answers | Verified |
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CPCU 551 Exam Questions Compilation | 262Questions with 100% Correct Answers | Verified |
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Terms in this set (262)
A building had been 85K, 0, and 0. If a building is vacant for 60 or more
vacant for 60 days, and consecutive days before the loss, they won't pay for
the insurer didn't know any loss caused by vandalism, sprinkler leakage,
about it, when it sustained building glass breakage, water damage, theft, or
100K, 5K, and 1K losses attempted theft... otherwise you'll only get 85%
due to windstorm, theft,
and sprinkler leakage,
respectively. What amount
is covered under CPP?
,Various building design Fire stop.
features can help prevent
the spread of a hostile fire.
For example, a solid piece
of material that is inserted
between wall studs to
delay the flow of heat or
fire through this open
space is a
Pete insures his $37,037
motorcycle rental
property for $100,000 on
an actual cash value
(ACV) basis. The ACV of
the property is $150,000
and his Commercial
Insurance Policy (CIP) has
a 90 percent coinsurance
clause. A fire caused
$50,000 of damage to the
building structure. How
much will Pete recoup
under his insurance
policy?
, A manufacturing company The savings will be $5,250 − $4,800 = $450
has business personal
property valued at
$1,500,000. The risk
manager is considering
insuring the business
personal property with 80
percent coinsurance at a
$0.40 rate per $100 of
coverage. The 100 percent
rate is $0.35 per $100 of
coverage. if the business
personal property is
insured with an 80 percent
coinsurance, how much
premium will be saved?
Anytime during the policy period and up to 3 years
When (if) can an insurer
after. The final premium is established after the policy
examine their insured's
period expires. Premiums are estimated at its
books and records?
formation.
Can an insured transfer Only with the insurer's written consent.
duties under common
policy conditions?
Can an insurer cancel a No, it must be in writing.
policy verbally? 10 days notice for nonpayment. 30 days for all other
How many days notice? reasons.
To whom is it To the First Named Insured.
communicated?
Who develops a standard The ISO, ASIS, or other insurance advisory
form? organization.
Who does a non-standard Non-standard forms typically favor insureds.
form typically favor?
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