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CPCU 553 - Test Questions with 100% Correct Answers
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...
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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 Exam Questions with 100% Correct Answers | Verified & Updated
CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $...
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CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $...
CPCU 553 - Personal Insurance and Financial Planning Exam with 100% Correct Answers
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...
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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 9 Exam Questions with 100% Correct | Verified & Updated
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...
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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 10 Exam Questions with 100% Verified & Complete Answers
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...
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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 Exam Questions and Answers | 100% Correct| 2024 Updated
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 ...
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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 ...
CPCU 553 Personal Insurance Exam Questions and Answers
CPCU 553 Personal Insurance Exam Questions and Answers Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taken, or loss of use) t...
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CPCU 553 Personal Insurance Exam Questions and Answers Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taken, or loss of use) t...
CPCU 553 Simulated Exam Questions and Answers | 100% Correct | Verified & Updated
CPCU 553 Simulated Exam Questions and Answers | 100% Correct | Verified & Updated Darlene recently gave her son, Fred, a gift of $100,000 to start a new business. Which one of the following correctly describes the federal tax implications of this transaction? - Answer ️️ -A portion of the gift is subject to gift taxation, and Darlene is responsible for any taxes due. The Richleys have an HO-3 policy. A freelance deliveryman cut across the grass, rather than using the walk to the Richle...
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CPCU 553 Simulated Exam Questions and Answers | 100% Correct | Verified & Updated Darlene recently gave her son, Fred, a gift of $100,000 to start a new business. Which one of the following correctly describes the federal tax implications of this transaction? - Answer ️️ -A portion of the gift is subject to gift taxation, and Darlene is responsible for any taxes due. The Richleys have an HO-3 policy. A freelance deliveryman cut across the grass, rather than using the walk to the Richle...
CPCU 553 Chapter 4 Exam Questions and Answers | Verified & Updated | 100% Correct
CPCU 553 Chapter 4 Exam Questions and Answers | Verified & Updated | 100% Correct Following an auto accident, Jim's vehicle was towed to a body shop, and it remained there for five days for repairs. The damage was covered under the collision coverage of Jim's Personal Auto Policy (PAP). During those five days, Jim used public transportation at a cost of $5.00 per day. What amount will Jim's insurer pay under his PAP for his transportation expenses while his vehicle was being repaired? ...
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CPCU 553 Chapter 4 Exam Questions and Answers | Verified & Updated | 100% Correct Following an auto accident, Jim's vehicle was towed to a body shop, and it remained there for five days for repairs. The damage was covered under the collision coverage of Jim's Personal Auto Policy (PAP). During those five days, Jim used public transportation at a cost of $5.00 per day. What amount will Jim's insurer pay under his PAP for his transportation expenses while his vehicle was being repaired? ...
CPCU 553 Final Exam Questions and Answers | Verified & Updated | 100% Correct
CPCU 553 Final Exam Questions and Answers | Verified & Updated | 100% Correct 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...
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CPCU 553 Final Exam Questions and Answers | Verified & Updated | 100% Correct 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...
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