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CPCU 530 Exam Review questions with correct answers
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CPCU 530 Exam Review questions with correct answers
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CPCU 530 Exam Review questions withcorrect answers
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 to present
his side of the story and his witnesses before a neutral third party. James would be pleased if he and his
neighbor could reach a compromise, but, ideally, James wants to be able to walk away with a binding
decision. Assuming that James' neighbor will agree to participate in whatever procedure James suggests,
which one of the following dispute resolution procedures is the best choice for James? - correct answer -
arbitration
Kirk contracts with Ernest for five shipments of fresh produce at a specific price per shipment due at the
time of delivery. Kirk fails to ship the third shipment. The contract between Kirk and Ernest is - correct
answer -Divisible.
John contracts with Rex to purchase three steel braces by April 5. In the contract, they agree that the
amount of damages either of them would pay in the event of breach would be $50,000. The $50,000 is
the result of their good faith effort to estimate actual damages that probably would result from a
breach. These types of damages are known as - correct answer -Liquidated damages.
The Consumer Credit Protection Act prohibits discharge of employees resulting from withholding from
employee's wages due to - correct answer -Garnishment.
Ten-year-old Bart used money he took from his mother's purse to buy 20 baseball cards that he traded
for five baseball caps. If a court ruled that Bart had to return the baseball cards to avoid the contract,
the courts would be requiring - correct answer -Restitution.
Which one of the following terms describes an insurer's agent whose authority is established and
restricted by express agreement with the insurer? - correct answer -The special agent
While driving, Karl's foot slips off the brake and his car rolls into the back of Sunny's vehicle. No one is
hurt, but the accident caused a large dent in the back bumper of Sunny's vehicle. For which one of the
following types of damages is Sunny eligible? - correct answer -Special damages
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