CPCU 553 Personal Insurance exam with answers

CPCU 553 Personal Insurance exam |\ |\ |\ |\ |\




with answers |\




Loss exposure - CORRECT ANSWERS ✔✔Any condition or situation
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that presents a possibility of loss, whether or not an actual loss
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occurs.


Cause of loss (peril) - CORRECT ANSWERS ✔✔The actual means
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by which property is damaged or destroyed.
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Property loss exposure - CORRECT ANSWERS ✔✔A condition that
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presents the possibility that a person or an organization will
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sustain a loss resulting from damage (including destruction,
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taken, or loss of use) to property in which that person or
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organization has a financial interest. |\ |\ |\ |\




Real property (realty) - CORRECT ANSWERS ✔✔Tangible property
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consisty of land, all structures permanently attached to the land,
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and whatever is growing on the land.
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Personal property - CORRECT ANSWERS ✔✔All tangible or
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intangible property that is not real property.|\ |\ |\ |\ |\ |\




Liability loss exposure - CORRECT ANSWERS ✔✔Any condition or
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situation that presents the possibility of a claim alleging legal
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responsibility of a person or business for injury or damage |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


suffered by another party. |\ |\ |\

,Damages - CORRECT ANSWERS ✔✔Money claimed by, or a |\ |\ |\ |\ |\ |\ |\ |\ |\


monetary award to, a party who has suffered bodily injury or
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property damage for which another party is legally responsible.
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General damages - CORRECT ANSWERS ✔✔A monetary award to
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compensate a victim for losses, such as pain and suffering, that |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


do not involve specific measurable expenses.
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Special damages - CORRECT ANSWERS ✔✔A form of
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compensatory damages that awards a sum of money for specific, |\ |\ |\ |\ |\ |\ |\ |\ |\


identifiable expenses associated with the injured person's loss,
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such as medical expenses or lost wages.
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Punitive damages (exemplary damages) - CORRECT ANSWERS
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✔✔A payment awarded by a court to punish a defendant for a
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reckless, malicious, or deceitful act to deter similar conduct; the
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award need not bear any relation to a party's actual damages.
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Civil law - CORRECT ANSWERS ✔✔A classification of law that
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applies to legal matters not governed by criminal law and that
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protects rights and provides remedies for breaches of duties
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owed to others. |\ |\




Tort - CORRECT ANSWERS ✔✔A wrongful act or an ommission,
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other than a crime or a breach of contract, that invades a legally
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protected right. |\

, Negligence - CORRECT ANSWERS ✔✔The failure to exercise the
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degree of care that a reasonable person in a similar situation
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would exercise to avoid harming others.
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Personal financial planning loss exposures - CORRECT ANSWERS
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✔✔Life, health, and retirement related loss exposures
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Temporary partial disability (TPD) - CORRECT ANSWERS ✔✔A
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disability caused by a work-related injury or disease that
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temporarily limits the extent to which a worker can perform job
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duties; the worker is eventually able to return to full duties and
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hours.


Temporary total disability (TTD) - CORRECT ANSWERS ✔✔A
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disability caused by a work-related injury or disease that
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temporarily renders an injured worker unable to perform any job
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duties for a period of time; the worker eventually makes a full
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recovery and can resume all job duties.
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Permanent partial disability (PPD) - CORRECT ANSWERS ✔✔A
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disability caused by a work-related injury or disease that impairs
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the injured employee's earning capacity for life, but the
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employee is able to work at reduce efficiency.
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Permanent total disability (PTD) - CORRECT ANSWERS ✔✔A
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disability caused by a work-related injury or disease that renders
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an injured employee unable to ever return to gainful
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employment.