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CPCU 553 Questions And Answers With Verified Solutions Already Passed!!! Latest Updated 2024
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CPCU 553 Questions And Answers With Verified Solutions Already Passed!!! Latest Updated 2024
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CPCU 553 Questions And Answers WithVerified Solutions Already Passed!!!
Latest Updated 2024
The personal auto policy (PAP) definition of your covered auto includes -
ANSWER✔✔ Any vehicle shown in the dec pg, a newly acquired auto, any trailer
owned by the named insured, and a temp auto or trailer
Regarding the PAP which one of the following includes details on coverage related
to state specific laws and regulations - ANSWER✔✔ endorsements
An example of an uninsured motor vehicle under the PAP is - ANSWER✔✔ a
vehicle which is insured below the state required minimum limit
The policy territory of the PAP includes the US, ... - ANSWER✔✔ US territories and
possessions, Puerto Rico, and Canada
Name 2 types of compensatory damages - ANSWER✔✔ special and general
An insurer's right to recover payment from a legally liable third party is -
ANSWER✔✔ subrogation
An insured covers his owned auto with more than one PAP each from a different
insurer. In the event of a claim for med pmts coverage who would pay -
ANSWER✔✔ each insurer pays its pro rata share based on the proportion that its
limit of liability bears to the total of applicable limits
,An individuals liability losses - ANSWER✔✔ may consume most of his/hers
present assets and future income
Does a PAP cover electronics in the car - ANSWER✔✔ no, unless they're
permanently installed
The declarations page of a PAP includes 3 components .. - ANSWER✔✔ 1. Policy
period
2. name of the insurer issuing the policy
3. name and mailing address of the insured
What is required under additional duties under Part D-PAP - ANSWER✔✔ 1.
prevent further loss
2. notify police
3. permit inspection and appraisal
what is the max number of days an insurer will pay for transportation expenses -
ANSWER✔✔ 13
Dirk has a restored 1968 Mustang. Dirk has spent a lot of money and time
bringing the car back to a like-new condition. Dirk insures the Mustang under his
Personal Auto Policy (PAP) with collision and other than collision coverages. Dirk
can best establish the value of the Mustang with his insurer by attaching which
one of the following endorsements to his PAP? - ANSWER✔✔ coverage for
damage to your auto (max limit of liability)
, The Snyder family purchased a three wheel all-terrain vehicle (ATV) for their
children to use on an open field behind their property. Which one of the following
endorsements should be attached to the Snyder's Personal Auto Policy (PAP) to
provide liability coverage for the ATV? - ANSWER✔✔ miscellaneous type vehicle
endorsement
Marge and her husband Jack have a Personal Auto Policy (PAP) to cover their two
automobiles. Marge also has a company car provided by her employer. Which one
of the following endorsements would best provide Marge with liability and
medical payments coverage for her company car? - ANSWER✔✔ extended non
owner coverage- vehicles furnished or available for regular use endorsement
Which one of the following best describes what is included in a loss payment
under the Auto Loan/Lease Coverage endorsement to the Personal Auto Policy
(PAP)? - ANSWER✔✔ the balance of the loan or lease amount for the vehicle
the public or livery conveyance exclusion endorsement is designed to be attached
to all personal auto policies - ANSWER✔✔ unless one of the ISO transportation
network driver endorsements is attached
the transportation network driver coverage (no passenger) endorsement uses the
wording of the public or livery conveyance exclusion and includes an exception
that - ANSWER✔✔ covers the share the expense carpooling and operation of an
auto without passengers while the driver is logged into a transportation network
platform
Katie was on vacation visiting her friend Emily. One day Katie borrowed Emily's
car and collided with a deer, resulting in $3,000 damage to Emily's car. Emily and
Katie each have a Personal Auto Policy (PAP) with collision and other than
collision (OTC) coverages. Which one of the following would be the primary
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