CPCU - 551 - CHP 8 Practice Questions with Complete Solutions
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Course
CPCU 551
Institution
CPCU 551
what rating methods for the filed ISO commerical Inland marine forms are based on procedures established by... ISO commerical lines manual
Nonfiled class of inland marine insurance contractors equipment floater
Filed inland marine classes classes which the insurer must file and the rates and/...
CPCU - 551 - CHP 8 Practice Ques tions with Complete Solutions what rating methods for the filed ISO commerical Inland marine forms are based on procedures established by... ✅ISO commerical lines manual Nonfiled class of inland marine insurance ✅contractors equipment floater Filed inland marine classes ✅classes which the insurer must file and the rates and/or forms with the state insurance department nonfiled classes of inland marine insurance have become... ✅standardized to an extent for policies that re widely written 1900's marine insurers - ✅willing to provide broad perils or "all risk" since they were accustomed to coverring ocean cargoes for different cause of loss - theft Parties involved in transporation ✅shipper and consigneee FOB Point of Origin ✅Best terms of sale -manufacturer does not want to assume any liability once product is acceted by the carrier for transit FOB (free on board) vessel - who's responsible ✅The buyer assumes responsibility for loss as soon as the goods are placed aboard the vessel at the port named in the terms Common Carrier - why best ✅highest degree of responsibility - they are usually liable for any cargo losses Theft risk control measure for transportation losses ✅Establish employee work rules Ex Point of Origin ✅The buyer takes no liability for the goods until they are delivered to the destination free on board destination ✅The seller pays the transportation and the buyer takes title upon delivery. Owned by the manufacturer who can hold the delivery service liability for cost of repair/replace. A dispute between a buyer and seller over the ownership of goods in transit can be resolved by the ✅Terms of sale
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