Study guides, Class notes & Summaries

CPCU Exam 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 loss or injury for which another party is legally responsible Special damages - Answer-A form of compensatory damages that awards a sum of money for specific, i...

CPCU 553 Chapter 7 Exam Questions with Correct Answers Personal property coverage for watercraft is - Answer-Provided on a limited basis for rowboats and canoes under both the homeowners policy and the DP-3 policy. For an urban area subject to riot and civil commotion, the operators of a group that jointly underwrite and share the risks and profits of property insurance in that area are known as - Answer-A syndicate. Alita owns a single-family home which she insures under a Dwelling Pr...

CPCU 553 Test Questions with All Correct Answers Which one of the following statements is true regarding no-fault automobile insurance? - Answer-No-fault laws generally apply only to injuries and not to damage to property. A state's no-fault automobile insurance law permits an injured party who experiences permanent disfigurement to sue the responsible party for noneconomic loss. This feature of the no-fault law illustrates - Answer-This example illustrates a verbal threshold. automob...

CPCU 553 - Chapter 5 Exam Questions with 100% Correct Answers Identify the 3 general categories into which parties eligible for coverage under the ISO 2011 HO insurance program fall. - Answer ️️ -1. Individuals and families who own a private home in which they reside 2. People who rent or lease the premises in which they reside 3. Individuals and families who own private condominium units used for residential purposes List the 6 policy forms the ISO HO program offers. - Answer ️️ ...

CPCU 553 - chapter 4 Exam Questions with 100% correct Answers What does the insuring agreement of coverage part D say? - Answer ️️ -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. - Answer ️️ -Collision losses and other than collision (OTC) losses. How is collision defined in the PAP and provide examples: -...

CPCU 553 - chapter 7 Exam Questions with 100% Correct Answers Under what circumstances would an applicant purchase a dwelling policy rather than a homeowners policy to insure a residence. - Answer ️️ -If the residence is not eligible for HO coverage because it is not owner-occupied, the dwelling is below minimum limits for a HO policy, or the residence does not otherwise meet an insurer's UW guidelines. Also, some insurers do not want or need the full range of HO coverages, and a HO p...

CPCU 553 - chapter 1 Exam Questions with 100% Correct Answers Loss Exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. The three elements of loss exposure - Answer ️️ -A loss exposure is given by the following three elements: asset exposed to loss, cause of loss, financial consequence of loss What is an asset exposed to loss? Give examples. - Answer ️️ -An asset exposed to loss can be any item with value t...

CPCU 553 - Chapter 8 Exam Questions with 100% Correct Answers Explain why some insureds might need personal IM insurance. - Answer ️️ -Because of the restrictive nature of some personal property coverages under a HO policy. Personal IM policies can provide higher limits of insurance for losses of a particular type or that occur at a particular location. Identify the general characteristics (4) shared by personal IM policies. - Answer ️️ -1. The coverage is tailored to the specific...

CPCU 553 - Test Questions with 100% Correct Answers Which one of the following statements is true regarding no-fault automobile insurance? - Answer ️️ -No-fault laws generally apply only to injuries and not to damage to property. A state's no-fault automobile insurance law permits an injured party who experiences permanent disfigurement to sue the responsible party for noneconomic loss. This feature of the no-fault law illustrates - Answer ️️ -This example illustrates a verbal thr...