CPCU 552 (All Terms ) Exam Update 2024 -
2025 | CPCU 552 Actual Exam Latest 2024 Questions and Correct Answers Rated A+ 1. Liability Loss -ANSWER -Any loss that a person or an organization sustains as a result of a claim or suit against that person or organization by someone seeking damages or some other remedy permitted by law 1. Legal Liability -ANSWER -legally enforceable obligation of a person or an organization to pay a sum of money (damages) to another person or organization 1. Civil law -ANSWER -classification of law that applies to legal matters not governed by criminal l aw and that protects rights and provides remedies for breaches of duties owed to others 1. Criminal Law -ANSWER -branch of the law that imposes penalties for wrongs against society 1. Tort -ANSWER -A wrongful act or an omission, other than a crime or a bre ach of contract that involves a legally protected right. 3 categories: 1)negligence, 2) intentional, 3) strict liability 1. Strict Liability (absolute) -ANSWER -Liability imposed by a court or by a statute in the absence of fault when harm results from a ctivities or conditions that are extremely dangerous, unnatural, ultra hazardous, extraordinary, abnormal or inappropriate 1. Breach of contract -ANSWER -failure, without legal excuse, to fulfill a contractual promise 1. Statute -ANSWER -written law passed by a legislative body, at either the federal or state level 1. Common -law system -ANSWER -legal system in which the body of law is derived more from court decisions as opposed to statutes or constitutions 1. Tort Law -ANSWER -the branch of civil law that deals with civil wrongs other than breaches of contract 1. Statutory Law -ANSWER -formal laws or statutes enacted by federal, state or local legislative bodies 1. tort - 4 elements -ANSWER -1. wrongful invasion(breach), 2. of a legally protected right (duty), 3. resulting in(caused) 4. proximate or direct damages(damage) 1. warranty -ANSWER -a promise made by a seller about its product 2. Premise and Operations Liability -ANSWER -liability for Bodily Injury and Property Damage caused by: (1) an accident occurring on the premise owned, leased, rented, (premise liability) (2) an accident away from the premise caused by the person/organizations ongoing operations (operations liability) 2. Products and Completed Operations L iability -ANSWER -the legal responsibility of the manufacturer, distributor, and or retailer of a product to the product customer (1) the product was defective when it left (2) the defect made the product unreasonably dangerous (3) the product was the proxi mate cause of the injury Completed operations: liability arising out of completed work. 2. Auto liability -ANSWER -liability for BI and PD arising from the ownership, maintenance, or use of autos (but not mobile equipment) 2. Negligent entrustment -ANSWER -loaning a vehicle to someone who is not fit to drive. 2. No -fault laws -ANSWER -provide benefits to injured persons without the need to prove fault 2. Avoidance, Loss prevention, loss reduction, separation -ANSWER -
4 risk control techniques 2. Root cause s -ANSWER -real causes of accidents, rather than symptoms 2. Commercial General Liability Coverage Form (CGL) -ANSWER -
coverage form commonly used for insuring an organizations premises and operations liability loss exposures and products/completed operations liability loss exposure 2. Bodily Injury -ANSWER -Physi cal Injury to a person, including sickness disease and death 2. Contractual Liability Coverage -ANSWER -coverage for liability that the insured has assumed under contract 2. Amendment of Insured Contract Definition Endorsement -
ANSWER -the endorsement that modifies the CGL form so that subpart f. of the insured contract definition will not include bodily injury or property damage caused solely by an indemnitee of the named insured 2. Host Liquor Liability -ANSWER -Coverage for a person or an organization th at serves alcoholic beverages to others, but is not in the alcoholic beverage business; it covers the insured host against liability for accidents caused by persons who become intoxicated as a result of the insured's serving of alcoholic beverages. 2.Excl usive Remedy -ANSWER -workers compensation law grants benefits as the employees' sole source of recovery against the employer, so employees lose the right to sue their employers for injuries covered by workers comp. 2. Dual -capacity doctrine -ANSWER -a lega l doctrine giving the employee the right to sue the employer when the employer acts in a capacity other than that of employer 2. Montrose Language -ANSWER -in the occurrence version of the CGL eliminates coverage for progressive injury or damage if the insured knew of the injury or damage before the current policy period 2. Progressive Injury or Damage -ANSWER -Injury or damage that spans more than one policy period 2. The amendment of the Liquor Liability Exclusion Endorsement -
ANSWER -more restrictive the n the basic liquor liability endorsement 2. third -party actions -ANSWER -injured employee sues and recovers from a negligent 3rd party and then the 3rd part sues the employer for joint negligence
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