CPCU 553 exam with correct answers

CPCU 553 exam with correct answers |\ |\ |\ |\ |\




The personal auto policy (PAP) definition of your covered auto
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includes - CORRECT ANSWERS ✔✔Any vehicle shown in the dec
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pg, a newly acquired auto, any trailer owned by the named
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insured, and a temp auto or trailer |\ |\ |\ |\ |\ |\




Regarding the PAP which one of the following includes details on
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coverage related to state specific laws and regulations -
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CORRECT ANSWERS ✔✔endorsements |\ |\




An example of an uninsured motor vehicle under the PAP is -
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CORRECT ANSWERS ✔✔a vehicle which is insured below the state
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required minimum limit
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The policy territory of the PAP includes the US, ... - CORRECT
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ANSWERS ✔✔US territories and possessions, Puerto Rico, and |\ |\ |\ |\ |\ |\ |\ |\


Canada


Name 2 types of compensatory damages - CORRECT ANSWERS
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✔✔special and general |\ |\




An insurer's right to recover payment from a legally liable third
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party is - CORRECT ANSWERS ✔✔subrogation
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An insured covers his owned auto with more than one PAP each
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from a different insurer. In the event of a claim for med pmts
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,coverage who would pay - CORRECT ANSWERS ✔✔each insurer
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pays its pro rata share based on the proportion that its limit of
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liability bears to the total of applicable limits
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An individuals liability losses - CORRECT ANSWERS ✔✔may
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consume most of his/hers present assets and future income
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Does a PAP cover electronics in the car - CORRECT ANSWERS
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✔✔no, unless they're permanently installed
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The declarations page of a PAP includes 3 components .. -
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CORRECT ANSWERS ✔✔1. Policy period |\ |\ |\ |\




2. name of the insurer issuing the policy
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3. name and mailing address of the insured
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What is required under additional duties under Part D-PAP -
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CORRECT ANSWERS ✔✔1. prevent further loss |\ |\ |\ |\ |\




2. notify police
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3. permit inspection and appraisal
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what is the max number of days an insurer will pay for
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transportation expenses - CORRECT ANSWERS ✔✔13 |\ |\ |\ |\ |\




Dirk has a restored 1968 Mustang. Dirk has spent a lot of money
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and time bringing the car back to a like-new condition. Dirk
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insures the Mustang under his Personal Auto Policy (PAP) with
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collision and other than collision coverages. Dirk can best
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, establish the value of the Mustang with his insurer by attaching
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which one of the following endorsements to his PAP? - CORRECT
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ANSWERS ✔✔coverage for damage to your auto (max limit of
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liability)


The Snyder family purchased a three wheel all-terrain vehicle
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(ATV) for their children to use on an open field behind their
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property. Which one of the following endorsements should be
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attached to the Snyder's Personal Auto Policy (PAP) to provide
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liability coverage for the ATV? - CORRECT ANSWERS
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✔✔miscellaneous type vehicle endorsement |\ |\ |\




Marge and her husband Jack have a Personal Auto Policy (PAP) to
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cover their two automobiles. Marge also has a company car
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provided by her employer. Which one of the following
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endorsements would best provide Marge with liability and |\ |\ |\ |\ |\ |\ |\ |\


medical payments coverage for her company car? - CORRECT
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ANSWERS ✔✔extended non owner coverage- vehicles furnished
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or available for regular use endorsement
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Which one of the following best describes what is included in a
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loss payment under the Auto Loan/Lease Coverage endorsement
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to the Personal Auto Policy (PAP)? - CORRECT ANSWERS ✔✔the
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balance of the loan or lease amount for the vehicle
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the public or livery conveyance exclusion endorsement is
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designed to be attached to all personal auto policies - CORRECT
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ANSWERS ✔✔unless one of the ISO transportation network driver
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endorsements is attached |\ |\