Study guides, Class notes & Summaries

CPCU 553 - Personal Insurance and Financial Planning Exam with 100% Correct Answers Define: Liability loss exposure - Answer ️️ -Any condition or situation that presents the possibility of a claim alleging legal responsibility of a person or business for injury or damage suffered by another party. Define: Damages - Answer ️️ -Money claimed by, or a monetary award to, a party who has suffered bodily injury or property damage for which another party is legally responsible. Define: S...

CPCU 553 - chapter 11 Exam with 100% Correct Answers Described what expenses, other than the costs of living, a primary wage earner who becomes disabled or suffers a serious health condition might incur because of that disability or condition. - Answer ️️ -The individual would likely incur medical care expenses, possible hospitalization or skilled nursing facility costs, and possible rehab and/or further education expenses to enable him or her to return to work. Explain why, even thou...

CPCU 553 - chapter 9 Exam Questions with 100% Correct | Verified & Updated Describe the costs (6) associated with premature death. - Answer ️️ -1. Lost income 2. Final costs (funeral costs, medical expenses...) 3. Outstanding debts (credit cards, mortage,..) 4. Unpaid long-term obligations (retirement savings, child-care, college tuitions fund, etc) 5. Estate planning costs (Estate tax, probate cost) 6. Unfulfilled family obligations (standard of living) Describe the financial impact...

CPCU 553 - chapter 10 Exam Questions with 100% Verified & Complete Answers Identify the objective of retirement planning. - Answer ️️ -The objective is to accumulate sufficient funds to meet expenses (especially when increased costs for age related expenses such as healthcare, long-term care) and maintain an acceptable standard of living. Identify how individuals can supplement the minimal retirement income Social Security provides. - Answer ️️ -They can do this via employer-sponso...

CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minim...

CPCU 553 Assignment 5 Questions with 100 % Correct Answers | 2024 Updated Named perils coverage - Answer ️️ -An insurance policy in which the covered causes of loss are listed or "named" in the policy. Functional replacement cost - Answer ️️ -The cost of replacing damaged property with similar property that performs the same function but might not be identical to the damaged property. Special form coverage - Answer ️️ -Property insurance coverage covering all causes of loss n...

CPCU 553 Exam Questions with 100% Correct Answers | Verified & Updated Base premium is influenced by - Answer ️️ -dwelling location, public protection class, construction factors, coverage amount, and policy form selected. Special Limit of Liability for: Cash - Answer ️️ -$200 Special Limit of Liability for: Loss by theft of firearms and related equipment - Answer ️️ - $2500 Special Limit of Liability for: Loss be theft of silverware, tea sets, pewter, etc - Answer ️️ - $...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

CPCU 553 Assignment 2 with 100 % Correct Answers | Verified & Updated Financial responsibility laws - Answer ️️ -Laws enacted to ensure that motorists have the financial ability to pay for any property damage or bodily injury they might cause as a result of driving or owning an auto. Compulsory auto insurance law - Answer ️️ -Law that requires the owners or operators of automobiles to carry automobile liability insurance at least equal to certain minimum limits before the vehicle ...

CPCU 553 Assignment 1 with Complete & Verified Solutions | 2024 Updated Loss exposure - Answer ️️ -Any condition or situation that presents a possibility of loss, whether or not an actual loss occurs. Cause of loss (peril) - Answer ️️ -The actual means by which property is damaged or destroyed. Property loss exposure - Answer ️️ -A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, ...