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Exams Compilations for CPCU 553 with Complete | Verified | Updated Answers | 100% Guaranteed Success
Exams Compilations for CPCU 553 with Complete | Verified | Updated Answers | 100% Guaranteed Success
[Show more]Exams Compilations for CPCU 553 with Complete | Verified | Updated Answers | 100% Guaranteed Success
[Show more]CPCU 553, Chapter 8 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Ming purchased a 24-foot inboard motorboat and would like to cover it using special form ("all- 
risks") coverage. Which one of the following types of policies is Ming most likely to purchase? - 
Answer ️️ -S...
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Add to cartCPCU 553, Chapter 8 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Ming purchased a 24-foot inboard motorboat and would like to cover it using special form ("all- 
risks") coverage. Which one of the following types of policies is Ming most likely to purchase? - 
Answer ️️ -S...
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 gi...
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Add to cartCPCU 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 gi...
CPCU 553 Chapter 2 Exam Questions with 100% 
Correct Answers | Verified & Updated 
All of the following statements are true of automobile joint underwriting associations (JUAs), 
EXCEPT: - Answer ️️ -In states with joint underwriting associations (JUAs), all auto insurers 
in the state pay their...
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Add to cartCPCU 553 Chapter 2 Exam Questions with 100% 
Correct Answers | Verified & Updated 
All of the following statements are true of automobile joint underwriting associations (JUAs), 
EXCEPT: - Answer ️️ -In states with joint underwriting associations (JUAs), all auto insurers 
in the state pay their...
CPCU 553 Chapter 6 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
One of the effects of the Personal Injury Coverage endorsement on an HO-3—Special Form 
(HO-3) is to - Answer ️️ -Add the definition of personal injury. 
Jeremy owns a home covered with an HO-5—Comprehensive...
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Add to cartCPCU 553 Chapter 6 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
One of the effects of the Personal Injury Coverage endorsement on an HO-3—Special Form 
(HO-3) is to - Answer ️️ -Add the definition of personal injury. 
Jeremy owns a home covered with an HO-5—Comprehensive...
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. 
Propert...
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Add to cartCPCU 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. 
Propert...
CPCU 553 Chapter 5 Exam Questions and Answers 
|Verified & Updated | 100% Correct 
Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's 
personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. 
Anne and Dave insure ...
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Add to cartCPCU 553 Chapter 5 Exam Questions and Answers 
|Verified & Updated | 100% Correct 
Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's 
personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. 
Anne and Dave insure ...
CPCU 553, Chapter 7 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Personal property coverage for watercraft is - Answer ️️ -Provided on a limited basis for 
rowboats and canoes under both the homeowners policy and the DP-3 policy. 
For an urban area subject to riot and civil ...
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Add to cartCPCU 553, Chapter 7 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Personal property coverage for watercraft is - Answer ️️ -Provided on a limited basis for 
rowboats and canoes under both the homeowners policy and the DP-3 policy. 
For an urban area subject to riot and civil ...
CPCU 553 Chapter 3 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Larry drove his car and was involved in a two-car accident caused by the other driver, who was 
uninsured. The at-fault driver offered Larry a substantial amount of money in satisfaction of his 
damages. Larry accep...
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Add to cartCPCU 553 Chapter 3 Exam Questions and 
Answers | Verified & Updated | 100% 
Correct 
Larry drove his car and was involved in a two-car accident caused by the other driver, who was 
uninsured. The at-fault driver offered Larry a substantial amount of money in satisfaction of his 
damages. Larry accep...
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). Durin...
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Add to cartCPCU 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). Durin...
CPCU 553 Chapter 1 Exam with Questions and 100% 
Correct Answers 
A policy issued by a mutual insurer describes each insured's right to vote in the election of the 
board of directors. This description is most likely found in the policy's - Answer️️ - 
Miscellaneous provisions are often unique...
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Add to cartCPCU 553 Chapter 1 Exam with Questions and 100% 
Correct Answers 
A policy issued by a mutual insurer describes each insured's right to vote in the election of the 
board of directors. This description is most likely found in the policy's - Answer️️ - 
Miscellaneous provisions are often unique...
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. Abou...
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Add to cartCPCU 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. Abou...
CPCU 553 Assignment 5 Questions with 100 % 
Correct Answers | 2024 Updated 
Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss 
are listed or "named" in the policy. 
Functional replacement cost - Answer ️️ -The cost of replacing damaged property with...
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Add to cartCPCU 553 Assignment 5 Questions with 100 % 
Correct Answers | 2024 Updated 
Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss 
are listed or "named" in the policy. 
Functional replacement cost - Answer ️️ -The cost of replacing damaged property with...
CPCU 553 Assignment 2 with 100 % Correct 
Answers | Verified & Updated 
Financial responsibility laws - Answer ️️ -Laws enacted to ensure that motorists have the 
financial ability to pay for any property damage or bodily injury they might cause as a result of 
driving or owning an auto. 
Compul...
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Add to cartCPCU 553 Assignment 2 with 100 % Correct 
Answers | Verified & Updated 
Financial responsibility laws - Answer ️️ -Laws enacted to ensure that motorists have the 
financial ability to pay for any property damage or bodily injury they might cause as a result of 
driving or owning an auto. 
Compul...
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 -spo...
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Add to cartCPCU 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 -spo...
CPCU 553 Assignment 1 with Complete & 
Verified Solutions | 2024 Updated 
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 
de...
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Add to cartCPCU 553 Assignment 1 with Complete & 
Verified Solutions | 2024 Updated 
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 
de...
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 ...
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Add to cartCPCU 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 ...
CPCU 553 Exam Questions with 100% correct 
Answers | Verified & Updated | 13 Pages 
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 su...
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Add to cartCPCU 553 Exam Questions with 100% correct 
Answers | Verified & Updated | 13 Pages 
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 su...
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 L...
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Add to cartCPCU 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 L...
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...
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Add to cartCPCU 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...
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 m...
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Add to cartCPCU 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 m...
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 injure...
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Add to cartCPCU 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 injure...
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 ...
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Add to cartCPCU 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 ...
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 loss...
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Add to cartCPCU 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 loss...
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...
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Add to cartCPCU 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...
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 l...
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Add to cartCPCU 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 l...
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 dwel...
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Add to cartCPCU 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 dwel...
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