Exam (elaborations)
CPCU 551 FULL PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
- Course
- Institution
CPCU 551 FULL PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
[Show more]
Content preview
Name: Score:50 Multiple choice questions
Term 1 of 50
Question 21
ID# 5941517Points: 1
Flag Question
Question text
Drake's Dry Cleaners damages $800 worth of linen tablecloths owned by Christopher's Cafe.
When Christopher asks for reimbursement, Drake tells Christopher that according to language on
the service slip, it is not liable for the damage. Christopher files a claim with its insurance company
for the damaged tablecloths. Which one of the following statements is the purpose of the No
Benefit to Bailee condition of the Commercial Property Conditions Form?
Select one:
It relieves bailees of liability for damage if the damage is recoverable under insurance
carried by the bailor.
It reinforces the insurer's right of subrogation against the bailee.
It relieves bailees of liability to bailors for any damage to the property they hold.
It allows bailees to limit their liability for others' property by using contractual provisions.
,Term 2 of 50
Question 37
ID# 5941431Points: 1
Flag Question
Question text
Which one of the following items, owned or installed by the insured, is covered under the Building
and Personal Property Coverage Form (BPP) as business personal property?
Select one:
Building contents such as furniture
Fixtures, including outdoor fixtures
Completed additions to a building
Permanently installed machinery and equipment
Term 3 of 50
Question 1
ID# 5856418Points: 1
Flag Question
Question text
One dimension of analyzing loss exposures is timing of losses. The timing of losses is significant
because
Select one:
Funds to pay for losses must be readily available and paid in full for valid claims.
Accurate reserves must be established.
Compliancy requirements must be met.
Money held in reserve to pay for a loss can earn interest until the actual payment is made.
, Term 4 of 50
Question 28
ID# 5841652Points: 1
Flag Question
Question text
A retail store, owner of various commercial trucks, wants to send a small shipment of goods to
their warehouse 40 miles away. They want to keep this process as uncomplicated as possible.
Which one of the following methods of shipping would you suggest for the retailer?
Select one:
Ship the goods on their own truck to the warehouse.
Hire a rail car to carry the goods to the warehouse.
Ship the goods with a local trucking company to the warehouse.
Hire an aircraft to transport the goods to the warehouse.
Term 5 of 50
uestion 16
ID# 5868683Points: 1
Flag Question
Question text
James is in the process of forming his own brokerage company which will include several
employees. James will be best protected by purchasing which one of the following to cover the
crime loss exposures of his company?
Select one:
Financial Institution Bond.
Surety Bond.
Commercial Crime Insurance.
Fidelity Bond.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller magiten11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now