Cpcu 553 chapter 1 - Study guides, Class notes & Summaries

CPCU 553 - Chapter 8 Exam Questions with 100% Correct Answers Explain why some insureds might need personal IM insurance. - Answer ️️ -Because of the restrictive nature of some personal property coverages under a HO policy. Personal IM policies can provide higher limits of insurance for losses of a particular type or that occur at a particular location. Identify the general characteristics (4) shared by personal IM policies. - Answer ️️ -1. The coverage is tailored to the specific...

CPCU 553 - chapter 10 Exam Questions with 100% Verified & Complete Answers Identify the objective of retirement planning. - Answer ️️ -The objective is to accumulate sufficient funds to meet expenses (especially when increased costs for age related expenses such as healthcare, long-term care) and maintain an acceptable standard of living. Identify how individuals can supplement the minimal retirement income Social Security provides. - Answer ️️ -They can do this via employer-sponso...

CPCU 553 - chapter 4 Exam Questions with 100% correct Answers What does the insuring agreement of coverage part D say? - Answer ️️ -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. - Answer ️️ -Collision losses and other than collision (OTC) losses. How is collision defined in the PAP and provide examples: -...

CPCU 553 - chapter 11 Exam with 100% Correct Answers 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. - Answer ️️ -The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work. Explain why, even thou...

CPCU 553 - chapter 7 Exam Questions with 100% Correct Answers Under what circumstances would an applicant purchase a dwelling policy rather than a homeowners policy to insure a residence. - Answer ️️ -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 meet an insurer's UW guidelines. Also, some insurers do not want or need the full range of HO coverages, and a HO p...

AINS 22 -Chp 6, AINS 22- Chp 7, CPCU 553, Chapter 8, AINS 22-Chp 11, Unit 4: Homeowners, Dwelling and Related Coverages, Chapter 12 - Personal Auto Policy, AINS 22 - CHAPTER 1, 4 Part A - Liability Coverage Quiz, Smart Exam Assignment 1, 4 Part F - G... with complete questions and answers. The Inflation Guard endorsement gradually and automatically increases limits throughout the policy period in homeowners policies for Coverage(s) Choose one answer. A. A only. ...