CPCU BUNDLED Exam 2023 with 100% correct answers

Probability - correct answer -The likelihood that an outcome or event will occur Risk - correct answer -Uncertainty about outcomes, with the possibility that some outcomes can be negative Pure Risk - correct answer -A chance of loss or no loss, but no chance of gain Speculative Risk - corre...

Ethical behavior is based on - correct answer -reasoned consideration of all issues surrounding a conflict Morality is - correct answer -universal and basic to human relationships Maintaining high ethical standards is best associated with - correct answer -knowledge of law and regulations T...

Railroad owners commonly require contractors to purchase a Railroad Protective Liability Coverage Form. Which one of the following statements about this form is true? - correct answer -One of the coverage limits applies to physical damage to property owned by or leased or entrusted to the railroad ...

Commercial Package Policy (CPP) 1-1 - correct answer -Policy that covers two or more lines of business by combining ISO's commercial lines coverage parts Businessowners Policy (BOP) 1-2 - correct answer -A package policy that combines most of the property and liability coverages needed by small ...

Doctrine of stare decisis - correct answer -The principle that lower courts must follow precedents set by higher courts. Criminal law - correct answer -The branch of the law that imposes penalties for wrongs against society. Civil law - correct answer -A classification of law that applies to l...

True - correct answer --If the jurisdiction of the federal courts is based on diversity of citizenship, the subject matter of the dispute may be which state's law applies Judical Branch - correct answer --is charged with deciding if another branch of government has the power to enact a new law ...

James wants to pursue a legal claim against his neighbor, but he does not know what kind of dispute resolution procedure is the best choice for his situation. The dispute is over a relatively small amount of money, so James does not want to spend a lot in pursuit of his claim. James wants to be able...

Which one of the following functional areas of Keithly can assist Alex with this audit's irregularity? - correct answer -Special Investigation Unit Which one of the following best describes a FAIR plan and its insureds? - correct answer -State-run plans with cost spread among private insurers in...

The expenses associated with adjusting claims are referred to as Select one: A. Prospective loss costs. B. Loss adjustment expenses. C. Claims costs. D. Operating expenses. - correct answer -B. Loss adjustment expenses. Insurer Y is small but has a specialty insurance market for high-value...

Key questions in determining insurable interest - correct answer -1. What is insurable interest 2. When must insurable interest exist 3. Why require insurable interest 4. What is the legal basis of insurable interest 5. What happens when insurable interest overlap Problems associated with mai...

Which one of the following statements is true about an organization's balance sheet? Select one: A. Total liabilities minus owners' equity equals total assets on the balance sheet. B. The balance sheet shows the financial position of a business on a specific date. C. The balance sheet summar...

Autonomous Vehicle Applications (AVA) is a start-up company that develops safety technologies that can be sold to companies that are producing autonomous vehicles. One technology AVA is developing allows an autonomous vehicle to detect, extract, and analyze images; and then to respond to the images....

Describe the 2 elements of risk - correct answer -1.) Uncertainty of outcomes: risk involves uncertainty about the type of outcome, timing o outcome, or both 2.) possibility of a negative outcome: at least of the potential outcomes is negative Whats the difference between possibility and proba...

Which one of the following statements about the use of drones is true? - correct answer Drones may be equipped with cameras that relay data in real-time Which one of the following uses infrared light to detect nearby objects? - correct answer Lidar AMRM Insurance Company sells insurance in Vir...