Cpcu 553 chapter 5 exam - Study guides, Class notes & Summaries

CPCU 553 Chapter 5 Exam Questions and Answers |Verified & Updated | 100% Correct Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. Anne and Dave insure their house with an unendorsed HO-3—Special Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the replacement cost of the house. A thief breaks into the house while Anne and Dav...

CPCU 553 Chapter 5 Exam Questions and Answers |Verified & Updated | 100% Correct Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. Anne and Dave insure their house with an unendorsed HO-3—Special Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the replacement cost of the house. A thief breaks into the house while Anne and Dav...

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...

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...

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 5 Exam Questions and Answers |Verified & Updated | 100% Correct Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. Anne and Dave insure their house with an unendorsed HO-3—Special Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the replacement cost of the house. A thief breaks into the house while Anne and Dav...

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 9 Exam Questions with 100% Correct | Verified & Updated Describe the costs (6) associated with premature death. - Answer ️️ -1. Lost income 2. Final costs (funeral costs, medical expenses...) 3. Outstanding debts (credit cards, mortage,..) 4. Unpaid long-term obligations (retirement savings, child-care, college tuitions fund, etc) 5. Estate planning costs (Estate tax, probate cost) 6. Unfulfilled family obligations (standard of living) Describe the financial impact...

CPCU 553 Chapter 6 Exam Questions and Answers | Verified & Updated | 100% Correct One of the effects of the Personal Injury Coverage endorsement on an HO-3—Special Form (HO-3) is to - Answer ️️ -Add the definition of personal injury. Jeremy owns a home covered with an HO-5—Comprehensive Form (HO-5). He left a window open one night before he went to sleep. It rained during the night and rain water damaged a sofa under the window. There was no other damage. Is the damage to the sofa...

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...