Cpcu 530 practice - Study guides, Class notes & Summaries

Daniel offers a ride to Lily, a ten-year-old, and takes her to his house where he locks her in his cellar and demands money from Lily's parents to secure her return. The parents agree to pay and Lily is returned, but Daniel never receives the money. He sues Lily's parents for breach of contract. Which one of the following explains why Daniel's contract with Lily's parents is not legally binding? It lacks a legal purpose Maria owns a commercial building and places insurance with Bastion In...

CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of ...

CPCU 530 Practice Exam Questions and Answers common stock - Answer-An ownership interest in a corp that gives stockholders certain rights and privileges, such as the right to vote on important matters and to receive dividends preferred stock - Answer-Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence Par value - Answer-An arbitrary dollar value that an organization assigns to...

CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of a neutral...

CPCU 530 Practice Exam Questions and Answers common stock - Answer-An ownership interest in a corp that gives stockholders certain rights and privileges, such as the right to vote on important matters and to receive dividends preferred stock - Answer-Stock that is generally nonvoting but that has priority over common stock, usually regarding dividends and capital distribution if the corporation ends its existence Par value - Answer-An arbitrary dollar value that an organization assigns...

CPCU 530 Practice Test Questions with Correct Answers Which one of the following is the primary way that formal mediation differs from a pretrial settlement conference? - Answer-Formal mediation requires the parties to submit their dispute to an agreed-upon outside mediator, but the parties do not necessarily select who will conduct a pretrial settlement conference. (Incorrect. Though mediators, formal and informal, are often judges, formal mediation involves seeking the assistance of ...

CPCU 530 - Practice Exam with complete solutions 2024_2025

Characteristics of Insurance Contracts - Conditional - Invovle fortuitious events and the exchange of unequal amounts - Contracts of utmost good faith - Contracts of adhesion - Contracts of indemnity - They are nontransferable Four Essential Elements of a Cotnract - Agreement - Capacity to contract - Consideration - Legal purpose Contracts of Utmost Good Faith Ins. policy requires complete honesty and disclosure of relevant facts from both parties. - Concealment - (1) intentional ...

Doctrine of Stare Decisis "To stand on decided" -lower courts must follow precedents set by higher courts Equity What is right or fair Difference between common and civil law Common-derived from court decisions Civil- rely on scholarly interpretation of codes and constitutions NAIC National association of insurance commissioners -coordinate insurance regulation activities 50 states 5 us territories Original Jurisdiction The power of the court in which Cases are initiated to ...