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CPCU 530 Exam Questions with Correct Answers
CPCU 530 Exam Questions 
with Correct Answers 
 
Which one of the following best describes equity courts in the United States federal 
judicial system? - Answer-Modern equity courts in the U.S. federal system are unified 
with courts of law. Judges, not juries, can use the broad powers of equity to create fair 
solutions beyond what traditional legal remedies can offer. 
Physician Betty administered medical services to stroke victim Karl who was 
unconscious. She provided medication and directio...
- Exam (elaborations)
- • 36 pages •
CPCU 530 Exam Questions 
with Correct Answers 
 
Which one of the following best describes equity courts in the United States federal 
judicial system? - Answer-Modern equity courts in the U.S. federal system are unified 
with courts of law. Judges, not juries, can use the broad powers of equity to create fair 
solutions beyond what traditional legal remedies can offer. 
Physician Betty administered medical services to stroke victim Karl who was 
unconscious. She provided medication and directio...
CPCU 530 Exam Questions and Answers All Correct
CPCU 530 Exam 
Questions and 
Answers All Correct 
 
Civil Law - Answer-Comprehensive codes of written laws or statutes that apply to all 
legal questions. These systems rely on scholarly interpretations of their codes and 
constitutions rather than on court decisions 
Common Law - Answer-Body of law derived from court decisions as opposed to 
statutes or constitutions. 
Doctrine of Stare Decisis - Answer-Principle that lower courts must follow precedents 
set by higher courts 
Substantive Law -...
- Exam (elaborations)
- • 27 pages •
CPCU 530 Exam 
Questions and 
Answers All Correct 
 
Civil Law - Answer-Comprehensive codes of written laws or statutes that apply to all 
legal questions. These systems rely on scholarly interpretations of their codes and 
constitutions rather than on court decisions 
Common Law - Answer-Body of law derived from court decisions as opposed to 
statutes or constitutions. 
Doctrine of Stare Decisis - Answer-Principle that lower courts must follow precedents 
set by higher courts 
Substantive Law -...
CPCU 530 2023 Exam Questions and Answers All Correct
CPCU 530 2023 Exam 
Questions and Answers All 
Correct 
 
Doctrine of stare decisis - Answer-The principle that lower courts must follow 
precedents set by higher courts. 
Equity - Answer-Fairness, or a body of principles constituting what is fair and right. 
Criminal law - Answer-The branch of the law that imposes penalties for wrongs against 
society. 
Civil Law - Answer-A classification of law that applies to legal matters not governed by 
criminal law and that protect rights and provides rem...
- Exam (elaborations)
- • 26 pages •
CPCU 530 2023 Exam 
Questions and Answers All 
Correct 
 
Doctrine of stare decisis - Answer-The principle that lower courts must follow 
precedents set by higher courts. 
Equity - Answer-Fairness, or a body of principles constituting what is fair and right. 
Criminal law - Answer-The branch of the law that imposes penalties for wrongs against 
society. 
Civil Law - Answer-A classification of law that applies to legal matters not governed by 
criminal law and that protect rights and provides rem...
CPCU 530 Practice Test Questions with Correct Answers
CPCU 530 Practice Test 
Questions with Correct 
Answers 
 
Which one of the following is the primary way that formal mediation differs from a 
pretrial settlement conference? - Answer-Formal mediation requires the parties to 
submit their dispute to an agreed-upon outside mediator, but the parties do not 
necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though 
mediators, formal and informal, are often judges, formal mediation involves seeking the 
assistance of ...
- Exam (elaborations)
- • 25 pages •
CPCU 530 Practice Test 
Questions with Correct 
Answers 
 
Which one of the following is the primary way that formal mediation differs from a 
pretrial settlement conference? - Answer-Formal mediation requires the parties to 
submit their dispute to an agreed-upon outside mediator, but the parties do not 
necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though 
mediators, formal and informal, are often judges, formal mediation involves seeking the 
assistance of ...
CPCU 530 Test Questions with Correct Answers
CPCU 530 Test Questions 
with Correct Answers 
 
Bailor - Answer-The owner of the personal property in a bailment. 
Implied-in-law contract - Answer-An obligation that is not an actual contract but that is 
imposed by law because of the parties' conduct or some special relationship between 
them or because one of them would otherwise be unjustly enriched 
Implied-in-fact contract - Answer-A contract that is not express but that the parties 
presumably intended, either by tacit understanding or ...
- Exam (elaborations)
- • 9 pages •
CPCU 530 Test Questions 
with Correct Answers 
 
Bailor - Answer-The owner of the personal property in a bailment. 
Implied-in-law contract - Answer-An obligation that is not an actual contract but that is 
imposed by law because of the parties' conduct or some special relationship between 
them or because one of them would otherwise be unjustly enriched 
Implied-in-fact contract - Answer-A contract that is not express but that the parties 
presumably intended, either by tacit understanding or ...
CPCU 530 II Exam Questions with Correct Answers
CPCU 530 II Exam 
Questions with 
Correct Answers 
 
What is an insurance contract? - Answer-A contract where the policyholder pays 
premiums and the insurer promises to cover losses. 
What are the five main parts of a common insurance contract? - Answer-Declarations 
page, definitions section, insuring agreement, exclusions, and conditions. 
What information is included in the declarations page of an insurance contract? - 
Answer-Address of insured property, deductibles, description of insured ...
- Exam (elaborations)
- • 21 pages •
CPCU 530 II Exam 
Questions with 
Correct Answers 
 
What is an insurance contract? - Answer-A contract where the policyholder pays 
premiums and the insurer promises to cover losses. 
What are the five main parts of a common insurance contract? - Answer-Declarations 
page, definitions section, insuring agreement, exclusions, and conditions. 
What information is included in the declarations page of an insurance contract? - 
Answer-Address of insured property, deductibles, description of insured ...
CPCU 530 Chapter 2 Exam Questions and Answers All Correct
CPCU 530 Chapter 2 Exam 
Questions and Answers All 
Correct 
 
Contract - Answer-A legally enforceable agreement between two or more parties in 
which each party makes some promise to the other 
Promisor - Answer-The party to a contract making a promise 
Promisee - Answer-The party to a contract to whom a promise is made 
Privity of contract - Answer-The relationship that exists between the parties to a contract 
Third-party beneficiary - Answer-A person who is not a party to a contract but who ...
- Exam (elaborations)
- • 6 pages •
CPCU 530 Chapter 2 Exam 
Questions and Answers All 
Correct 
 
Contract - Answer-A legally enforceable agreement between two or more parties in 
which each party makes some promise to the other 
Promisor - Answer-The party to a contract making a promise 
Promisee - Answer-The party to a contract to whom a promise is made 
Privity of contract - Answer-The relationship that exists between the parties to a contract 
Third-party beneficiary - Answer-A person who is not a party to a contract but who ...
CPCU 530 Chapter 6 Exam Questions and Answers
CPCU 530 Chapter 6 
Exam Questions 
and Answers 
 
Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, 
that invades a legally protected right 
Tortfeasor - Answer-A person or organization that has committed a tort 
Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party 
Defendant - Answer-The party in a lawsuit against whom a complaint is filed 
Legal duty - Answer-An obligation imposed by law for the preservation of the legally 
...
- Exam (elaborations)
- • 9 pages •
CPCU 530 Chapter 6 
Exam Questions 
and Answers 
 
Tort - Answer-A wrongful act or an omission, other than a crime or a reach of contract, 
that invades a legally protected right 
Tortfeasor - Answer-A person or organization that has committed a tort 
Plaintiff - Answer-The person or entity who files a lawsuit and is named as a party 
Defendant - Answer-The party in a lawsuit against whom a complaint is filed 
Legal duty - Answer-An obligation imposed by law for the preservation of the legally 
...
CPCU 530 Practice Exam Questions and Answers
CPCU 530 Practice Exam 
Questions and Answers 
 
common stock - Answer-An ownership interest in a corp that gives stockholders certain 
rights and privileges, such as the right to vote on important matters and to receive 
dividends 
preferred stock - Answer-Stock that is generally nonvoting but that has priority over 
common stock, usually regarding dividends and capital distribution if the corporation 
ends its existence 
Par value - Answer-An arbitrary dollar value that an organization assigns...
- Exam (elaborations)
- • 52 pages •
CPCU 530 Practice Exam 
Questions and Answers 
 
common stock - Answer-An ownership interest in a corp that gives stockholders certain 
rights and privileges, such as the right to vote on important matters and to receive 
dividends 
preferred stock - Answer-Stock that is generally nonvoting but that has priority over 
common stock, usually regarding dividends and capital distribution if the corporation 
ends its existence 
Par value - Answer-An arbitrary dollar value that an organization assigns...
CPCU 530 Chapter 4 Test Questions with Correct Answers
CPCU 530 Chapter 4 Test 
Questions with Correct 
Answers 
 
Statutes of Fraud - Answer-A collection of laws that help prevent parties from becoming 
involved in fraudulently formed contracts. 
COD (Collect on Delivery) - Answer-A shipping condition under which the buyer pays 
when the goods are delivered and has no right to inspect the goods as a condition to 
acceptance and payment. 
Implied Warranty of Merchantability - Answer-An implied warranty that a product is fit for 
the ordinary purpose...
- Exam (elaborations)
- • 4 pages •
CPCU 530 Chapter 4 Test 
Questions with Correct 
Answers 
 
Statutes of Fraud - Answer-A collection of laws that help prevent parties from becoming 
involved in fraudulently formed contracts. 
COD (Collect on Delivery) - Answer-A shipping condition under which the buyer pays 
when the goods are delivered and has no right to inspect the goods as a condition to 
acceptance and payment. 
Implied Warranty of Merchantability - Answer-An implied warranty that a product is fit for 
the ordinary purpose...
NR547 Final Exam ACTUAL EXAM TEST BANK 200+ QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS)|AGRADE