Cpcu 500 exam 1 2 3 Study guides, Class notes & Summaries

CPCU 500 (MANAGING EVOLVING RISKS) EXAM 200+ QUESTIONS AND CORRECTLY ANSWERED SOLUTIONS 2024/2025 BEST FOR REVISION. 2 / 37 1. Which one of the following statements about the use of drones is true?: - Drones may be equipped with cameras that relay data in real-time 2. Which one of the following uses infrared light to detect nearby objects?: Li-dar 3. AMRM Insurance Company sells insurance in Virginia, North Carolina, South Carolina, and Georgia. The company has compiled a policyowner d...

CPCU 500 Exam Questions with Correct Answers Economy of Operations - Answer-increase departmental and organizational efficiency, pre-loss risk mgmt goal Toerable uncertainty - Answer-provide an awareness of potential losses and an assurance of their effective management keeping the worry of accidental loss at a tolerable level (pre-loss risk mgmt goal) Survival - Answer-resume operations eventually (post loss risk mgmt goal) Continuity of operations - Answer-resume operations quickly ...

CPCU 500 2023 Exam Questions with Correct Answers Key questions in determining insurable interest - Answer-1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with maintain insurance to value - Answer-1. The amount of insurance required to maintain insurance to value is based on the property's value at the time of loss, b...

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

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 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...

Two elements of risk correct answers-uncertainty of outcome -possibility of a negative outcome Uncertainty correct answersAbout the type of outcome, timing of outcome, or both Possibility correct answersAn outcome or event may or may not occur *Does not quantify risk Probability correct answersLikelihood that an outcome or event will occur *Measurable, quantifies risk, value between zero and one Explain how understanding various outcome probabilities can aid an organization in it...

CPCU 500 Chapter 1 Exam Questions and Correct Answers classifications of risk are: - Answer-Pure and speculative risk Subjective and objective risk Diversifiable and nondiversifiable risk Quadrants of risk (hazard, operational, financial, and strategic) Are the classifications of risk mutual exclusive? - Answer-NO, classifications are not mutually exclusive and can be applied to any given risk. Pure Risk is defined as - Answer-A chance of loss or no loss, but NO CHANCE OF GAIN ...

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...