Cpcu 557 Study guides, Class notes & Summaries

CPCU 557 EXAM 2024 WITH 100% CORRECT ANSWERS Which one of the following statements is correct with respect to the Causes of Loss-Basic Form? Select one: A. The Water exclusion contains an exception for damage due to the backing up of sewers, drains, or sumps. B. It excludes loss caused by power failure only if the damage causing such failure occurs on the described premises. C. It excludes loss caused by earth movement, other than by sinkhole collapse. D. The War and Military Action excl...

CPCU 557 TERMS EXAM 2024 Parties affected by property loss with descriptions (3) - correct answer 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) - correct answer 1. The property must be located in or on the described building. 2. The property must be located in the open (or in ...

CPCU 557 CHAPTER 1 EXAM 2024 WITH 100% CORRECT ANSWERS Three Components used to analyze property loss exposures - correct answer Types of Property Cause of loss Financial Consequence of Loss Five Components of Commercial Package Policy (CPP) - correct answer Declarations Coverage Forms Cause of Loss Forms Conditions Endorsements Things found in CPP Declarations - correct answer Description of property insured Kinds and amounts of coverage provided A list of mortgages, if any De...

CPCU 557 CHAPTER 2 EXAM 2024 WITH 100% CORRECT ANSWERS BPP Loss Conditions - correct 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? - correct 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...

CPCU 557 Questions & Answers Graded A+ Which one of the following statements is correct with respect to the Causes of Loss- Basic Form? Select one: A. The Water exclusion contains an exception for damage due to the backing up of sewers, drains, or sumps. B. It excludes loss caused by power failure only if the damage causing such failure occurs on the described premises. C. It excludes loss caused by earth movement, other than by sinkhole collapse. D. The War and Military Action exclusio...

CPCU 557 CHAPTER 7 2024 WITH 100% CORRECT ANSWERS What section of the CGL describes who is an insured? - correct answer Section II Who/what is covered when the NI is an Individual? - correct answer Spouse Businesses owned solely by NI Who/what is covered when the NI is a Joint Venture? - correct answer Named partnership or joint venture and all partners/members and their spouses Who/what is covered when the NI is an LLC? - correct answer Named Company Controlling Members of the c...

Categories of personal property - Answer- Contents, Property in transit, Property in the possession of others, Floating property Floating property - Answer- does not remain at a fixed worksite or is in transit between work sites. Property in transit - Answer- Transported by a variety of means, for any length of time Property in the possession of others - Answer- an organization may place its property in the possession of others for repair or storage Financial Consequences of a proper...

CPCU 557 Chap 5 Questions & Answers Already Graded A+ Inland Marine Insurance - ️️ Insurance that covers many different classes of property that typically involve an element of transportation Can be included in a commercial package policy or issued as a monoline policy that provides inland marine insurance only. Marine Insurance - ️️ Insurance that, in the US, includes both ocean and inland marine coverage and in the rest of the world is limited to insurance for vessels and cargo ...