Study guides, Class notes & Summaries

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 before they retire. - ️️A. Fewer than one-half of...

CPCU 553 - Chapter 5 Exam Questions with 100% Correct Answers Identify the 3 general categories into which parties eligible for coverage under the ISO 2011 HO insurance program fall. - Answer ️️ -1. Individuals and families who own a private home in which they reside 2. People who rent or lease the premises in which they reside 3. Individuals and families who own private condominium units used for residential purposes List the 6 policy forms the ISO HO program offers. - Answer ️️ ...

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 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 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 - Chapter 8 Exam Questions with 100% Correct Answers Explain why some insureds might need personal IM insurance. - Answer ️️ -Because of the restrictive nature of some personal property coverages under a HO policy. Personal IM policies can provide higher limits of insurance for losses of a particular type or that occur at a particular location. Identify the general characteristics (4) shared by personal IM policies. - Answer ️️ -1. The coverage is tailored to the specific...

CPCU 553 - Test Questions with 100% Correct Answers Which one of the following statements is true regarding no-fault automobile insurance? - Answer ️️ -No-fault laws generally apply only to injuries and not to damage to property. A state's no-fault automobile insurance law permits an injured party who experiences permanent disfigurement to sue the responsible party for noneconomic loss. This feature of the no-fault law illustrates - Answer ️️ -This example illustrates a verbal thr...

CPCU 553 - Personal Insurance and Financial Planning Exam with 100% Correct Answers Define: Liability loss exposure - Answer ️️ -Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. Define: Damages - Answer ️️ -Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible. Define: S...

CPCU 553 - chapter 11 Exam with 100% Correct Answers Described what expenses, other than the costs of living, a primary wage earner who becomes disabled or suffers a serious health condition might incur because of that disability or condition. - Answer ️️ -The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work. Explain why, even thou...

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...