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CPCU 555 Questions And Answers With Verified Solutions 100% Rated A+
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CPCU 555 Questions And Answers With Verified Solutions 100% Rated A+
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CPCU 555 Questions And Answers WithVerified Solutions 100% Rated A+
Coverage A - open perils - ANSWER✔✔ Dwelling - 3 types
1. Residence premises (1,2,3,4 family/insured primary residence in at least one)
2. Structures Attached to dwelling - includes fixtures but not fence, utility line as
attachment
3. Construction Supplies/materials (for other structures also if on or next to
residence)
Coverage B - open perils - ANSWER✔✔ Other Structures covered unless perils
excluded
1. Applies to other structures on the residence premises meeting the following:
b. They are not attached to the building
c. There is a clear space separating the structure from the dwelling
2. A structure is built and has a # of parts arranged in particular way or pattern
Coverage C - named perils - ANSWER✔✔ Personal Property
1. Must be owned or used by persons qualifying as insureds (named insured,
resident relatives of named insured, and persons under 21 and in the care of the
named insured or a resident relative.) or
2. Includes property insured uses but is owned by someone else or
3. Full-time student who BEFORE entering school was a resident relative of named
insured (until 24) or under the care of the named insured or of a resident relative
(until 21).
4. Coverage is worldwide
, Coverage A Dwelling -Limits - ANSWER✔✔ On Dec page - can be replacement cost
Coverage B - Other Structures Limits - ANSWER✔✔ 10% of Coverage A and is in
addition to it.
Coverage C - Personal Property Limits - ANSWER✔✔ 1. @ Insured's Residence
Premises = 50% of A
if A has replacement then = 70%
2. @ Insured's Other Residences = 10% of C or $1,000 whichever is GREATER;
except full Coverage C limits apply when :
a. insured moves personal property to repair/rennovate/rebuild primary
residence that is uninhabitable
b. insured moves personal property to new primary residence over time not > 30
days
Coverage C - Personal Property Special Limits = sublimits that are < than C and
don't + to C - ANSWER✔✔ i. $200 on money, bank notes, bullion, gold (not
goldware), silver (not silverware), platinum (not platinumware), coins, medals,
scrip, store value cards and smart cards.
ii. $1,500 on securities. Accounts, deeds,
evidences of debt, letters of credit, notes (not bank notes), manuscripts, personal
records, passports, tickets, & stamps
iii. $1,500 on all watercraft including their trailers, furnishings, equipment and
outboard engines or motors.
iv. $1,500 on trailers or semi-trailers not used with watercraft
v. $1,500 for stolen jewelry, watches, furs, precious and semiprecious stones.
vi. $2,500 for stolen firearms and related equipment
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