CPCU 553 Practice Test Questions and Answers

CPCU 553 Practice Test Questions and Answers T/F: retirement investment portfolio is example of Asset exposed to loss - Answer-True EX of Real Property - Answer-- Brick storage shed - Underground Pipes/flues - detached garage EX of Personal Property - Answer-- Sport equipment - silverware - fishing boat - household appliances - Motorhome / automobile Compensatory Damages - Answer-- Special Damages - Liability Loss - Answer-claim for money damages bc of injury to another party or their property Slander - Answer-Untrue, Oral statement that damages someone's reputation Assets Exposed to Loss due to Health /Disability loss exposure - Answer-- Employment Income - Savings - Employer provided benefits NOT Social Security Income Primary risk to financial Assets for a retiree - Answer-retirement assets will be insufficient Financial Consequences of Loss - Answer-- Reduction in Value of property - Increased Expense - Lost Income General Damages - Answer-compensate victim for losses with NO measurable expense such as Pain & Suffering