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CPCU 553 Questions and Answers (100% Pass)
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CPCU 553 Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+CPCU 553 Questions and Answers
(100% Pass)
The personal auto policy (PAP) definition of your covered auto includes
✓ Any vehicle shown in the dec pg, a newly acquired auto, any trailer
owned by the named insured, and a temp auto or trailer
Regarding the PAP which one of the following includes details on coverage
related to state specific laws and regulations
✓ endorsements
An example of an uninsured motor vehicle under the PAP is
✓ a vehicle which is insured below the state required minimum limit
The policy territory of the PAP includes the US, ...
✓ US territories and possessions, Puerto Rico, and Canada
Name 2 types of compensatory damages
✓ special and general
An insurer's right to recover payment from a legally liable third party is
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ subrogation
An insured covers his owned auto with more than one PAP each from a
different insurer. In the event of a claim for med pmts coverage who would
pay
✓ each insurer pays its pro rata share based on the proportion that its limit
of liability bears to the total of applicable limits
An individuals liability losses
✓ may consume most of his/hers present assets and future income
Does a PAP cover electronics in the car
✓ no, unless they're permanently installed
The declarations page of a PAP includes 3 components ..
✓ 1. Policy period
✓ 2. name of the insurer issuing the policy
✓ 3. name and mailing address of the insured
What is required under additional duties under Part D-PAP
Master01 | October, 2024/2025 | Latest update
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✓ 1. prevent further loss
✓ 2. notify police
✓ 3. permit inspection and appraisal
what is the max number of days an insurer will pay for transportation
expenses
✓ 13
Dirk has a restored 1968 Mustang. Dirk has spent a lot of money and time
bringing the car back to a like-new condition. Dirk insures the Mustang under
his Personal Auto Policy (PAP) with collision and other than collision
coverages. Dirk can best establish the value of the Mustang with his insurer by
attaching which one of the following endorsements to his PAP?
✓ coverage for damage to your auto (max limit of liability)
The Snyder family purchased a three wheel all-terrain vehicle (ATV) for their
children to use on an open field behind their property. Which one of the
following endorsements should be attached to the Snyder's Personal Auto
Policy (PAP) to provide liability coverage for the ATV?
✓ miscellaneous type vehicle endorsement
Master01 | October, 2024/2025 | Latest update
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