CPCU 551

Condominium A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. Condominium Unit The portion of a condominium owned solely by a unit owner. Condominium association `An entity composed of the unit owners in a condominium to manage the condominium and to own the common elements. Common Elements Are...

To resolve the disputes between fire underwriters and marine underwriters, insurance regulators in 1933 introduced the Nationwide Marine Definition. It restricted marine insurers to covering the loss exposures included in the Definition. Today, the Definition continues to be used for classification purposes and remains useful in determining the types of insurance that are exempt from filing requirements. Explain the historical and modern purpose of the Nationwide Marine Definition. The n...

Discovery form-Form that covers losses discovered during the policy period even though they may have occurred before the policy period. D (Compared with loss sustained form, re: commercial crime. Loss sustained is the most commonly used of these two.) D Loss sustained form-Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration. ... (Compared with discovery form, re: commercial crime. Loss sustained...

Write your own (WYO) A program allowing private insurers to write flood insurance under the National Flood Insurance Program Emergency Program Initial phase of a community's participation in the National Flood Insurance Program in which property owners in flood areas can purchase limited amounts of insurance at a subsidized rate Regular Program Second phase of the National Flood Insurance Program in which the community agrees to adopt flood control and land-use restrictions and...

BIC Business Income Coverage BIC Form has 2 versions: 1. Business Income (and Extra Expense) 2. Business Income (without Extra Expense) Both contain 4 optional coverages. BIC includes 4 optional coverages: 1. Maximum Period of Indemnity 2. Monthly Limit of Indemnity 3. Business Income Agreed Value 4. Extended Period of Indemnity 3 of the 4 suspend the Coinsurance Condition. 3 of the 4 optional coverages suspend the Coinsurance Condition: 1. Maximum ...

CPCU 551, Chapter 8 questions and answers

CPCU 551 - Chapter 4 with 100% correct answers

CPCU 551 Assignment 4 questions and answers

CPCU 551 Chp 11 with 100% correct answers

CPCU 551 - Module 1-12 Vocabulary with correct definitions.