Exam (elaborations)
CPCU 553 Questions and Answers (100% Pass)
- Course
- Institution
CPCU 553 Questions and Answers (100% Pass)
[Show more]
Content preview
1|Page | © copyright 2024/2025 | Grade A+CPCU 553 Questions and Answers
(100% Pass)
Special Damages
✓ form of compensatory damages for specific, identifiable losses
Type of risk transfer
✓ Insurance; Hold Harmless Agreements; Hedging
Unemployment Compensation Program
✓ sponsored by all states; 2/3 of all previous income
Six approaches to compensation of auto victimes
✓ Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws;
Uninsured Motorists Coverage; Underinsured Motorists Coverage; No-
Fault Laws
Financial Responsibility Laws
✓ Required to show proof after accident; failure to do so results in license
suspensions
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
Compulsory Insurance Laws
✓ Require to hold minimum level of insurance before registering vehicle;
prior to accident
No pay no play laws
✓ In states with compulsory insurance laws; states that prohibit uninsured
drivers from initiating lawsuits
Unsatisfied Judgement Funds
✓ fund for source of recovery when at fault motorist is unable to pay;
limited to minimum insurance requirement
Uninsured + Underinsured
✓ cannot collect both; negligent driver must be responsible
Underinsured Monetary Limits Trigger
✓ Policy pays when insurance that the negligent driver carriers are lower
than the injured parties stated underinsured limit
Underinsured Damages Trigger
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ Policy pays when the insurance that the negligent driver carriers are
lower than injured parties damages
"Personal Injury Protection"
✓ included on an auto policy with no-fault insurance. Covers victim on
first party basis regardless of fault
Three Types of No-Fault Laws
✓ Modified No-Fault Plan, Add-On Plan, Choice No-Fault Plan
Modified No Fault Plan
✓ Can collect from PIP but also sue in some scenarios (monetary or
verbal threshold)
Add-on No Fault Plan
✓ Offers PIP but does not place any restriction on right to sue negligent
party; optional
Choice No Fault Plan
✓ can choose Add-On (more $$) or Modified
Master01 | October, 2024/2025 | Latest update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now