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CPCU 520 PRACTICE TEST QUESTIONS EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS) 2024 $10.99   Add to cart

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CPCU 520 PRACTICE TEST QUESTIONS EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS) 2024

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  • Course
  • CPCU - Chartered Property Casualty Underwriter
  • Institution
  • CPCU - Chartered Property Casualty Underwriter

CPCU 520 PRACTICE TEST QUESTIONS EXAM STUDY MATERIALS QUESTION AND ANSWERS (VERIFIED ANSWERS) 2024

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  • August 3, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Unknown
  • CPCU - Chartered Property Casualty Underwriter
  • CPCU - Chartered Property Casualty Underwriter
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ESTUDY



CPCU 520 PRACTICE TEST QUESTIONS EXAM STUDY MATERIALS
QUESTION AND ANSWERS (VERIFIED ANSWERS)
1. **Which department at Keithly can help Alex with an audit problem?**

- a) Claims Department

- b) Risk Control Department

- c) Special Investigation Unit

- d) Marketing Department

- **Answer:** c) Special Investigation Unit



2. **What is a FAIR plan and who does it cover?**

- a) A private insurance plan for high-risk individuals

- b) A state-run plan where costs are spread among private insurers

- c) A local insurance plan for small businesses

- d) A nationwide plan for international companies

- **Answer:** b) A state-run plan where costs are spread among private insurers



3. **Which department provides information to help underwriters select and rate risks?**

- a) Claims Department

- b) Marketing Department

- c) Risk Control Department

- d) Legal Department

- **Answer:** c) Risk Control Department



4. **What is the minimum obligation of an insurer to society?**

- a) Maximize profits

, ESTUDY


- b) Expand market share

- c) Avoid causing any public harm

- d) Increase policy limits

- **Answer:** c) Avoid causing any public harm



5. **Which insurer function includes setting insurance rates and estimating loss reserves?**

- a) Claims Department

- b) Actuarial Department

- c) Risk Management Department

- d) Underwriting Department

- **Answer:** b) Actuarial Department



6. **How can property-casualty insurers be classified?**

- a) By the types of policies they offer

- b) By their size and financial strength

- c) By their licensing status

- d) By their market share

- **Answer:** c) By their licensing status



7. **What is true about an insurer's goals?**

- a) A mutual insurer must earn profits to operate.

- b) A proprietary insurer must earn competitive profits to raise capital.

- c) All insurers are non-profit organizations.

- d) A government insurer does not need to make a profit.

- **Answer:** b) A proprietary insurer must earn competitive profits to raise capital.

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