CPCU 552 Q&A Mastery Bundle

Consequential damages A payment awarded by a court to indemnify an injured party for losses that result indirectly from a wrong such as a breach of contract. Liquidated damages A reasonable estimation of actual damages, agreed to by contracting parties and included in the contract, to be paid in ...

The term "you" is used throughout the Commercial General Liability Coverage Form. "You" is defined to include: A) The named insured shown in the declarations. B) The named insured shown in the declarations and any employees of the named insured. C) The named insured and any officers or dir...

What common law defense protected employers against employers' suits for occupational injuries before the enacted workers compensation statutes? Assumption of risk defense. What are the specific goals of the US workers comp systems: (4) 1.) Promptly paying adequate income and medical benefits, a...

Which one of the following is a major responsibility of corporate directors? a) to perpetuate a competent board through regular elections b) to manage investments and disbursements of the corporation's assets c) to create the proper annual & interim reports for shareholders d) to establish th...

What are the three legal foundations of Professional Liability? 1. Breach of Contract - plaintiff shows the professional failed to perform the services for which he was hired 2. Tort action - plaintiff shows the professional failed to render service that met the standard expected 3. Statutes and R...

What costs, covered under general liability policies, might result from a liability claim. Defense and investigation as well as any damages the insured may be liable, might result from a liability claim. Explain how a business can experience a liability loss even if it found not to be legally lia...