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CPCU 551 - Chapter 2 Questions and Correct
Answers
Fixture Ans: a personal property item permanently affixed to the
building
Stock Ans: covered under the BPP when it is sold but not
delivered.
Building Ans: includes the building described in the declarations
plus completed additions, fixtures, machinery and equipment, and
personal property used to maintain or service the building
Trade fixture Ans: removable by a tenant
Improvements and betterments Ans: include fixtures to real
property that change the property and enhance its value
Commercial bailment Ans: exists when one party (the bailee)
holds the property of another (the bailor) for some purpose
beneficial to both parties
Bailee Ans: the holder of bailed property
Bailor Ans: the owner of bailed property
© 2025 All rights reserved
CPCU 551 - Chapter 2 Questions and Correct
Answers
Fixture Ans: a personal property item permanently affixed to the
building
Stock Ans: covered under the BPP when it is sold but not
delivered.
Building Ans: includes the building described in the declarations
plus completed additions, fixtures, machinery and equipment, and
personal property used to maintain or service the building
Trade fixture Ans: removable by a tenant
Improvements and betterments Ans: include fixtures to real
property that change the property and enhance its value
Commercial bailment Ans: exists when one party (the bailee)
holds the property of another (the bailor) for some purpose
beneficial to both parties
Bailee Ans: the holder of bailed property
Bailor Ans: the owner of bailed property
© 2025 All rights reserved
