CPCU 551 EXAMS COMPLETE PACKAGE DEAAL!!!!

The Causes of Loss—Special Form is a commercial property form that covers causes of loss that are not specifically excluded. One reason to purchase this form is It shifts the burden of proof to the insurer to prove a loss is excluded Which one of the following Additional Coverages is covered...

CPCU 551 EXAM QUESTIONS AND ANSWERS.

CPCU 551, Chapter 1 questions and answers

CPCU 551 – Focus exam questions and answers.

Exposure avoidance abandons or avoids the loss situation, thus eliminating all possibility of loss Proactive avoidance occurs when a firm avoids ever incurring a particular loss exposure Abandonment occurs when a firm eliminates an existing loss exposure Loss prevention reduces lo...

Broad-Aggregate Commercial Property Insurance Definition All types of commercial property insurance covering property loss and related net income loss Narrow-Singular Commercial Property Insurance Definition One particular type of commercial property insurance that covers loss of or damage to...

Condominium A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium unit The portion of a condominium owned...

Take 2 - 6. Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? The BPP lists several types of classes of property that do not qualify as covered property. (The BPP provides coverage against direct physical loss only.) Under...

4 elements to property loss exposures -assets exposed to property loss -the causes of loss -the potential financial consequences of loss -the parties that can be affected by loss- (Property Owners, Secured Lenders, and Property Holders) Property Loss Exposure A condition that presents the ...

CPCU 551 REVIEW NOTES CHAPTER 1 WITH VERIFIED SOLUTIONS

An insured who owns a large business has been comparing the different types of commercial insurance policies. The insured would likely choose a Commercial Package Policy (CPP) because it will provide The option to add lines of insurance for most coverages that are needed. (It will provide the optio...

Financial Institution Bond A policy that covers the crime loss exposures of financial institutions such as banks, savings and loan institutions, and insurance companies. Most used financial institution bond Standard from No. 24 Why are Financial institution bonds called "bonds" Employ...

Business Income Insurance covers the decrease in an organization's income when operations are interrupted by damage to property as a result of covered peril. Time Factors of Business Income Loss 1. Time required to replace damaged property 2. Time required to restore normal level of operati...

Property, Liability, Personnel, Net Income What are the four categories of loss exposures faced by most organizations to which risk control techniques can be applied to prevent or reduce the cost of losses? Avoidance eliminates any possibility of loss. The probability of loss from an avoided e...