Exam (elaborations)
CPCU 530 Study Questions and answers
CPCU 530 Study Questions and answers
[Show more]
Preview 4 out of 75 pages
Uploaded on
September 9, 2024
Number of pages
75
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers
Institution
CPCU 530
Course
CPCU 530
$18.49
100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached
CPCU 530 Study Questions and answers
Which |one |of |the |following |best |explains |how |a |successful |litigant |enforces |an |arbitration |
award?
Select |one:
A. |The |winning |party |can |take |the |arbitrator's |award |directly |to |a |sheriff |to |mandate |
compliance |with |the |decision.
B. |An |arbitrator |cannot |award |money, |but |the |decision |can |be |used |as |persuasive |evidence |in |
a |real |court.
C. |An |arbitrator's |award |is |filed |with |the |appropriate |court |and |is |as |enforceable |as |any |court |
judgment.
D. |The |parties |participating |in |the |arbitration |agree |in |a |contract |to |comply |with |the |
arbitrator's |decision. |- |ANSWERS✔✔ |C. |An |arbitrator's |award |is |filed |with |the |appropriate |
court |and |is |as |enforceable |as |any |court |judgment.
Jessica |operates |her |architectural |business |out |of |her |home. |She |obtains |her |business |and |
personal |insurance |through |Glaston |Insurance |Agency |(GIA). |Daniel, |the |agent |at |GIA, |
neglected |to |tell |Jessica |that |professional |liability |coverage |was |excluded |when |she |purchased
|the |coverage |for |her |business. |When |the |deck |on |her |house |collapses, |Lily |files |a |suit |against |
Jessica's |architectural |business. |It |is |soon |discovered |that |Jessica's |coverage |from |GIA |does |
not |include |professional |liability |coverage, |and |that |Jessica |does |not |have |adequate |funds |to |
compensate |Lily. |Lily |decides |to |file |a |suit |against |Daniel. |Which |one |of |the |following |
statements |is |correct |regarding |Lily's |right |to |sue |Daniel?
Select |one:
A. |Because |the |circumstances |involve |professional |liability |exposures, |most |courts |will |
interpret |that |Lily, |as |a |third |party, |has |the |right |to |sue |Daniel.
B. |Lily, |as |a |third |party, |has |the |right |to |sue |Daniel |for |hi |- |ANSWERS✔✔ |C. |Lily |was |not |a |
party |to |the |Daniel |and |Jessica's |producer-customer |relationship, |and |therefore |has |no |rights |
under |the |contract.
,The |Jet |Hotel |had |an |old, |dangerous |boiler |in |the |basement |that |was |rarely |used. |The |
Occupational |Health |and |Safety |Administration |(OSHA) |had |no |safety |standards |for |this |
particular |boiler, |but |did |have |standards |for |similar |pieces |of |equipment. |The |Jet |Hotel's |
management |took |no |steps |to |make |the |boiler |safe. |One |day, |the |boiler |exploded. |No |one |was |
seriously |hurt, |but |nine |employees |were |treated |with |first |aid. |The |management |did |not |
record |these |injuries |or |report |the |accident |to |OSHA. |Which |one |of |the |following |OSHA |
requirements |or |standards |has |the |management |violated?
Select |one:
A. |The |general |duty |clause
B. |The |reporting |requirement
C. |The |recordkeeping |requirement
D. |The |specific |safety |standard |for |boilers |- |ANSWERS✔✔ |A. |The |general |duty |clause
Which |one |of |the |following |is |a |necessary |element |for |a |document |to |be |considered |a |title |
under |Uniform |Commercial |Code |(UCC) |Article |7?
Select |one:
A. |The |document |gives |the |holder |the |right |to |receive, |hold, |and |dispose |of |both |the |goods |
and |the |document |of |title |itself.
B. |The |document |is |a |contract |to |ship, |store, |or |dispose |of |goods.
C. |The |document |is |negotiable.
D. |The |document |is |created |by |the |bailee |as |a |receipt |for |goods |received. |- |ANSWERS✔✔ |D. |
The |document |is |created |by |the |bailee |as |a |receipt |for |goods |received.
Justine |contracted |to |create |Charlotte's |wedding |gown |by |next |June. |Later, |Justine |and |
Charlotte |agreed |that |Tammy |would |make |the |gown, |and |Charlotte |expressly |released |Justine
|from |the |original |contract. |Which |one |of |the |following |statements |is |true?
Select |one:
A. |There |was |a |discharge |by |performance.
B. |There |was |a |personal |satisfaction |contract.
C. |There |was |an |agreement |to |rescind.
,D. |There |was |substantial |performance |of |a |contract. |- |ANSWERS✔✔ |C. |There |was |an |
agreement |to |rescind.
Ralph |is |the |director |of |a |fraternal |organization |that |is |a |not-for-profit |association. |Ralph |
volunteers |his |time |to |manage |the |organization, |and |he |is |not |paid |a |salary |nor |does |he |
receive |any |type |of |non-monetary |compensation. |Which |one |of |the |following |statements |
regarding |Ralph's |role |as |director |of |the |fraternal |association |is |true?
Select |one:
A. |Since |Ralph |receives |no |compensation, |his |standard |of |care |owed |to |the |association |is |less |
than |that |of |a |compensated |corporate |director.
B. |Ralph, |as |a |member |of |the |fraternal |association, |has |no |property |rights |in |the |association's |
assets.
C. |As |an |association |director, |Ralph |has |legal |rights |and |duties |that |differ |from |those |of |a |
corporate |director.
D. |Ralph |cannot |be |sued |by |a |member |of |the |association |but |the |fraternal |association |itself |
may |be |sued |by |a |member |who |has |suffered |damage. |- |ANSWERS✔✔ |A. |Since |Ralph |receives
|no |compensation, |his |standard |of |care |owed |to |the |association |is |less |than |that |of |a |
compensated |corporate |director.
To |perfect |a |security |interest |in |a |negotiable |instrument, |one |should
Select |one:
A. |Take |actual |possession |of |the |instrument.
B. |Create |a |document |of |constructive |notice.
C. |Negotiate |a |termination |statement |with |the |debtor.
D. |File |a |finance |statement |in |the |proper |county |office. |- |ANSWERS✔✔ |A. |Take |actual |
possession |of |the |instrument.
Transferring |actual |possession |is |the |only |way |to |perfect |a |security |interest |in |a |negotiable |
instrument, |such |as |a |bearer |bond, |because |delivery |transfers |ownership
In |bailments |for |mutual |benefit, |the |bailee |can |use |the |property
, Select |one:
A. |Only |as |specified |within |the |bailment |agreement |or |contract.
B. |In |any |way |that |has |reasonably |been |contemplated |by |the |bailor.
C. |In |any |way |that |is |necessary |to |accomplish |the |mutual |goal, |as |long |as |the |bailee |uses |
reasonable |care.
D. |Only |to |the |extent |necessary |to |preserve |and |protect |it. |- |ANSWERS✔✔ |A. |Only |as |
specified |within |the |bailment |agreement |or |contract.
In |bailments |for |mutual |benefit, |the |bailee |can |use |the |property |only |as |specified |within |the |
bailment |agreement |or |contract. |For |ex., |a |person |who |leases |a |car |can |use |it |only |according |
to |the |lease |agreement's |terms.
Anna |is |the |lawyer |for |the |plaintiff |in |a |jury |trial. |She |is |preparing |her |opening |statement. |
Which |one |of |the |following |correctly |describes |what |Anna |should |do |during |her |opening |
statement?
Select |one:
A. |During |her |opening |statement, |Anna |should |instruct |the |jury |about |any |applicable |laws.
B. |During |her |opening |statement, |Anna |should |present |a |summary |of |what |she |expects |to |
prove.
C. |During |her |opening |statement, |Anna |should |challenge |the |testimony |and |evidence |of |the |
defendant.
D. |During |her |opening |statement, |Anna |present |a |summary |of |all |of |the |evidence |that |she |
plans |to |present. |- |ANSWERS✔✔ |B. |During |her |opening |statement, |Anna |should |present |a |
summary |of |what |she |expects |to |prove.
During |her |opening |statement, |Anna |should |present |a |summary |of |what |she |expects |to |prove.
|She |should |summarize |the |evidence |during |her |closing |statement.
A |complete |contract |of |sale |for |real |property |usually |includes |which |one |of |the |following |
elements?
Select |one: