Study guides, Class notes & Summaries

What does the insuring agreement of coverage part D say? Insurer promises to pay for any direct and accidental loss to "your covered auto" or a "non-owned auto" as defined in the PAP, minus the deductible. Describe the two categories of direct and accidental losses to an auto. Collision losses and other than collision (OTC) losses. How is collision defined in the PAP and provide examples: 1. Collision is the upset of or impact of "your covered auto" or "non-owned auto" with another...

Describe the costs (6) associated with premature death. 1. Lost income 2. Final costs (funeral costs, medical expenses...) 3. Outstanding debts (credit cards, mortage,..) 4. Unpaid long-term obligations (retirement savings, child-care, college tuitions fund, etc) 5. Estate planning costs (Estate tax, probate cost) 6. Unfulfilled family obligations (standard of living) Describe the financial impact of the premature death of either spouse in a two-income family with children. The loss of o...

CPCU 553 Exam Questions with Correct Answers Base premium is influenced by - Answer-dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer-$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer- $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer- $2500 Special Limit of Liability for: Property on the re...

CPCU 553 2024 Exam Questions with Correct Answers Special Damages - Answer-form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer-Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer-sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer-Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured Motorists Coverage; Underinsured Motor...

CPCU 553 Test Questions with Correct Answers One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minimal amount of protection is genera...

CPCU 553 Practice Test Questions and Answers T/F: retirement investment portfolio is example of Asset exposed to loss - Answer-True EX of Real Property - Answer-- Brick storage shed - Underground Pipes/flues - detached garage EX of Personal Property - Answer-- Sport equipment - silverware - fishing boat - household appliances - Motorhome / automobile Compensatory Damages - Answer-- Special Damages - Liability Loss - Answer-claim for money damages bc of injury to another party or t...

CPCU 553 Exam Questions and Answers All Correct The personal auto policy (PAP) definition of your covered auto includes - Answer-Any vehicle shown in the dec pg, a newly acquired auto, any trailer owned by the named insured, and a temp auto or trailer Regarding the PAP which one of the following includes details on coverage related to state specific laws and regulations - Answer-endorsements An example of an uninsured motor vehicle under the PAP is - Answer-a vehicle which is insured b...

CPCU 553 Final Test Questions with Correct Answers According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disa...

CPCU 553 Study Questions with Correct Answers Liability Loss Exposure - Answer-Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. Damages - Answer-Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible. Special Damages - Answer-A form of compensatory damages that awards a sum of ...