CPCU 553 Q&A Complete Exam Bundle

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 losse...

Under what circumstances would an applicant purchase a dwelling policy rather than a homeowners policy to insure a residence. 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 m...

Identify how individuals can supplement the minimal retirement income Social Security provides. They can do this via employer-sponsored retirement and pension plans, personal savings and investments, annuities, individual retirement accounts, and cash value from life insurance policies.

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. The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility...

What are the different approaches (6) auto insurers and state governments have designed to compensate auto accident victims? 1. Tort liability system 2. Financial responsibility laws 3. Compulsory insurance laws 4. Uninsured motorist coverage 5. Underinsured motorist coverage 6. No-fault insura...

Summarize the three elements of loss exposures Every loss exposure has three elements: Asset exposed to loss Cause of loss Financial consequence of loss Examples of Assets (Real Property) Exposed to Loss Land, buildings, other structures attached to the land (swimming pool, storage shed, fla...

Personal property coverage for watercraft is 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 propert...

Darlene recently gave her son, Fred, a gift of $100,000 to start a new business. Which one of the following correctly describes the federal tax implications of this transaction? A portion of the gift is subject to gift taxation, and Darlene is responsible for any taxes due. The Richleys have an H...

A policy issued by a mutual insurer describes each insured's right to vote in the election of the board of directors. This description is most likely found in the policy's Miscellaneous provisions are often unique to a particular type of insurer, such as a description of voting rights for a mutual...

Loss Exposure Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. The three elements of loss exposure 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...