Cpcu 553 exam - Study guides, Class notes & Summaries

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 exposed to loss? Give examples. An asset exposed to loss can be any item with value that is exposed to a possible reduction in that value due to loss. (Examples: home, personal property, money, autom...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minim...

CPCU 553 Exam Questions with correct Answers

CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minim...

CPCU 553 Exam

CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $...

CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $...

CPCU 553 Exam Questions and Answers All Correct The personal auto policy (PAP) definition of your covered auto includes - Answer-Any vehicle shown in the dec pg, a newly acquired auto, any trailer owned by the named insured, and a temp auto or trailer Regarding the PAP which one of the following includes details on coverage related to state specific laws and regulations - Answer-endorsements An example of an uninsured motor vehicle under the PAP is - Answer-a vehicle which is insured b...