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CPCU 553 - chapter 7 Exam Questions with 100% Correct Answers
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...
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- • 11 pages •
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 4 Exam Questions with 100% correct Answers
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: -...
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- • 11 pages •
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 8 Exam Questions with 100% Correct Answers
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...
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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 - chapter 1 Exam Questions with 100% Correct Answers
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...
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- • 13 pages •
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 5 Exam Questions with 100% Correct Answers
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 ️️ ...
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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 Assignment 1 with Complete & Verified Solutions | 2024 Updated
CPCU 553 Assignment 1 with Complete & Verified Solutions | 2024 Updated Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, ...
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CPCU 553 Assignment 1 with Complete & Verified Solutions | 2024 Updated Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, ...
CPCU 553 - chapter 11 Exam with 100% Correct Answers
CPCU 553 - chapter 11 Exam with 100% Correct Answers Described what expenses, other than the costs of living, a primary wage earner who becomes disabled or suffers a serious health condition might incur because of that disability or condition. - Answer ️️ -The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work. Explain why, even thou...
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CPCU 553 - chapter 11 Exam with 100% Correct Answers Described what expenses, other than the costs of living, a primary wage earner who becomes disabled or suffers a serious health condition might incur because of that disability or condition. - Answer ️️ -The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work. Explain why, even thou...
CPCU 553 Assignment 2 with 100 % Correct Answers | Verified & Updated
CPCU 553 Assignment 2 with 100 % Correct Answers | Verified & Updated Financial responsibility laws - Answer ️️ -Laws enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. Compulsory auto insurance law - Answer ️️ -Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle ...
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CPCU 553 Assignment 2 with 100 % Correct Answers | Verified & Updated Financial responsibility laws - Answer ️️ -Laws enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. Compulsory auto insurance law - Answer ️️ -Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle ...
CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated
CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss are listed or "named" in the policy. Functional replacement cost - Answer ️️ -The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property. Special form coverage - Answer ️️ -Property insurance coverage covering all causes of loss n...
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CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss are listed or "named" in the policy. Functional replacement cost - Answer ️️ -The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property. Special form coverage - Answer ️️ -Property insurance coverage covering all causes of loss n...
CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages
CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages 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 minim...
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CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages 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 minim...
INSY-3303 FINAL EXAM STUDY GUIDE WITH COMPLETE SOLUTIONS
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