Cpcu 557 Study guides, Class notes & Summaries

CPCU 557 Chap 8 Questions and Answers Already Passed Doctrine of Respondeat Superior - ️️ Aka let the master answer Liability falls on the employer for the employees actions (as long as they were in the scope) Employers Nonownership liability - ️️ An employer's liability for its employees' operation of their autos in the employer's business. Covered by commercial auto insurance. Garage coverage form - ️️ contains optional garagekeepers coverage for insuring loss to custom...

Parties affected by property loss with descriptions (3) 1. Property owners: affected directly by lost, damaged, or destroyed property 2. Secured lenders: conditional rights to property (e.g. right to repossess) 3. Property holders: consideration of property held for others (bailee) Conditions for covered BPP (2) 1. The property must be located in or on the described building. 2. The property must be located in the open (or in a vehicle) within 100 feet of either the building or structure o...

CPCU 557 Chapter 2 Questions with correct Answers Graded A+ BPP Loss Conditions - ️️ Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - ️️ 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with LKQ When will ...

WC Statute - Answer- a statute that obligates employers, regardless of fault to pay specified medical, disability, rehabilitation and death benefits for their employees' job-related injures and diseases. Occupational Disease - Answer- Disease thought to be caused by work or the work environment. Temporary Partial Disability (TPD) - Answer- a disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is even...

CPCU 557 Chapter 1

CPCU 557 Chapter 1

Doctrine of Respondeat Superior - Answer- Aka let the master answer Liability falls on the employer for the employees actions (as long as they were in the scope) Employers Nonownership liability - Answer- An employer's liability for its employees' operation of their autos in the employer's business. Covered by commercial auto insurance. Garage coverage form - Answer- contains optional garagekeepers coverage for insuring loss to customers' autos while they are int eh custody for ...

CPCU 557 Chapter 1

BPP Loss Conditions - Answer- Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - Answer- 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with LKQ When will vacancy be covered? - Answer- if building has been vacan...