Cpcu 553 Study guides, Class notes & Summaries

CPCU 553 Exam Questions and Answers

CPCU 553 Exam Questions and Answers

CPCU 553 - chapter 1 Exam Questions with 100% Correct Answers Loss Exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. The three elements of loss exposure - Answer ️️ -A loss exposure is given by the following three elements: asset exposed to loss, cause of loss, financial consequence of loss What is an asset exposed to loss? Give examples. - Answer ️️ -An asset exposed to loss can be any item with value t...

CPCU 553 Exam

CPCU 553 - chapter 1 Exam Questions and Answers

CPCU 553 Test Questions with Correct Answers One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minimal amount of protection is generally ...

CPCU 553 Final Test Questions with Correct Answers According to the National Safety Council, what percentage of disabling accidents and illnesses are work-related? Select one: A. Fewer than one-half of Social Security Disability Insurance claims are approved. B. About 4 percent of Americans are disabled. C. The average benefit paid by Social Security Disability Insurance is almost $3,000 per month. D. Only about five percent of Americans entering the work force today will become disabled b...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

The personal auto policy (PAP) definition of your covered auto includes - ️️Any vehicle shown in the dec pg, a newly acquired auto, any trailer owned by the named insured, and a temp auto or trailer Regarding the PAP which one of the following includes details on coverage related to state specific laws and regulations - ️️endorsements An example of an uninsured motor vehicle under the PAP is - ️️a vehicle which is insured below the state required minimum limit The policy ter...