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CPCU 551 - Chapter 7 Questions and Answers
CPCU 551 - Chapter 7 Questions and Answers 
business income insurance 
Insurance that covers the reduction in an organization's income when operations are interrupted by damage to property caused by a covered peril 
 
 
 
net income 
the difference between total revenue and total expenses when total revenue is greater 
 
 
 
 
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profit 
net income that results when revenu...
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CPCU 551 - Chapter 7 Questions and Answers 
business income insurance 
Insurance that covers the reduction in an organization's income when operations are interrupted by damage to property caused by a covered peril 
 
 
 
net income 
the difference between total revenue and total expenses when total revenue is greater 
 
 
 
 
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CPCU 551 - Chapter 8 Questions and Answers
CPCU 551 - Chapter 8 Questions and Answers 
To resolve the disputes between fire underwriters and marine underwriters, insurance regulators in 1933 introduced the Nationwide Marine Definition. It restricted marine insurers to covering the loss exposures included in the Definition. Today, the Definition continues to be used for classification purposes and remains useful in determining the types of insurance that are exempt from filing requirements. 
Explain the historical and modern purpose of th...
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CPCU 551 - Chapter 8 Questions and Answers 
To resolve the disputes between fire underwriters and marine underwriters, insurance regulators in 1933 introduced the Nationwide Marine Definition. It restricted marine insurers to covering the loss exposures included in the Definition. Today, the Definition continues to be used for classification purposes and remains useful in determining the types of insurance that are exempt from filing requirements. 
Explain the historical and modern purpose of th...
CPCU 530 Applying Legal Concepts to Insurance Questions & Answers
CPCU 530 Applying Legal Concepts to Insurance Questions & Answers 
Elements of a legally binding contract 
-Agreement (includes the offer and acceptance) 
-Capacity (or competence) of all involved parties 
-Mutual assent 
-Consideration 
-Legal purpose 
-Proper, legally required form 
-pg. 1.4 
 
 
 
Offeror 
The party to a contract who promises to give something in return for a promise or an act by another party 
-pg. 1.4 
 
 
 
 
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CPCU 530 Applying Legal Concepts to Insurance Questions & Answers 
Elements of a legally binding contract 
-Agreement (includes the offer and acceptance) 
-Capacity (or competence) of all involved parties 
-Mutual assent 
-Consideration 
-Legal purpose 
-Proper, legally required form 
-pg. 1.4 
 
 
 
Offeror 
The party to a contract who promises to give something in return for a promise or an act by another party 
-pg. 1.4 
 
 
 
 
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CPCU 500 - Identifying and Analyzing Costly Risks 3.2 Questions and Answers
CPCU 500 - Identifying and Analyzing Costly Risks 3.2 Questions and Answers 
Incorporating individuals from multiple areas of an organization into the risk identification process can __________ 
bring more risks to light as well as reveal how those risks are interconnected 
 
 
 
Effective team approaches to identifying risks include? 
1) Facilitated workshops, 
 
2) The Delphi technique, 
 
3) Scenario analysis, 
 
4) HAZOP (hazard and operability study), 
 
5) SWOT (strengths, weaknesses, oppo...
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CPCU 500 - Identifying and Analyzing Costly Risks 3.2 Questions and Answers 
Incorporating individuals from multiple areas of an organization into the risk identification process can __________ 
bring more risks to light as well as reveal how those risks are interconnected 
 
 
 
Effective team approaches to identifying risks include? 
1) Facilitated workshops, 
 
2) The Delphi technique, 
 
3) Scenario analysis, 
 
4) HAZOP (hazard and operability study), 
 
5) SWOT (strengths, weaknesses, oppo...
CPCU Exam 1 Questions and Answers
CPCU Exam 1 Questions and Answers 
Probability 
The likelihood that an outcome or event will occur 
 
 
 
Risk 
Uncertainty about outcomes, with the possibility that some outcomes can be negative 
 
 
 
 
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Pure Risk 
A chance of loss or no loss, but no chance of gain 
 
 
 
Speculative Risk 
A chance of loss, no loss, or gain 
 
 
 
Credit Risk 
The risk that customers or o...
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CPCU Exam 1 Questions and Answers 
Probability 
The likelihood that an outcome or event will occur 
 
 
 
Risk 
Uncertainty about outcomes, with the possibility that some outcomes can be negative 
 
 
 
 
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Pure Risk 
A chance of loss or no loss, but no chance of gain 
 
 
 
Speculative Risk 
A chance of loss, no loss, or gain 
 
 
 
Credit Risk 
The risk that customers or o...
CPCU 530 Test questions & Answers
CPCU 530 Test questions & Answers 
True 
-If the jurisdiction of the federal courts is based on diversity of citizenship, the subject matter of the dispute may be which state's law applies 
 
 
 
Judical Branch 
-is charged with deciding if another branch of government has the power to enact a new law 
 
 
 
 
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Complaint 
-This must include a requested remedy 
 
 
 
Rule...
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CPCU 530 Test questions & Answers 
True 
-If the jurisdiction of the federal courts is based on diversity of citizenship, the subject matter of the dispute may be which state's law applies 
 
 
 
Judical Branch 
-is charged with deciding if another branch of government has the power to enact a new law 
 
 
 
 
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Complaint 
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Rule...
Final Practice Exam - CPCU 540 Questions and Answers
Final Practice Exam - CPCU 540 Questions and Answers 
Sean owns a retail men's clothing store. After a recent fire, the insurance adjuster requested copies of the store's most recent financial statements. The adjuster is more likely to use the statements to 
Estimate the inventory on hand at the dat of the loss 
 
 
 
Why is it so important for a corporation to adopt a code of ethics? 
A code of ethics provides a means of actively managing ethics in the workplace 
 
 
 
 
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Final Practice Exam - CPCU 540 Questions and Answers 
Sean owns a retail men's clothing store. After a recent fire, the insurance adjuster requested copies of the store's most recent financial statements. The adjuster is more likely to use the statements to 
Estimate the inventory on hand at the dat of the loss 
 
 
 
Why is it so important for a corporation to adopt a code of ethics? 
A code of ethics provides a means of actively managing ethics in the workplace 
 
 
 
 
0:28 
/ 
1:27 
5 ...
CPCU 500 EXAM 3 Questions & Answers
CPCU 500 EXAM 3 Questions & Answers 
To accurately determine its level of risk, an organization must examine the effectiveness of its efforts to prevent losses from occurring and to reduce the severity of losses that do occur. An organization's efforts in this area are called 
Risk control 
 
 
 
After a month in which three employees were seriously injured at company paper mills, Ashley, the risk manager of Bright White Paper Company, wanted some answers about the causes of employee injuries...
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CPCU 500 EXAM 3 Questions & Answers 
To accurately determine its level of risk, an organization must examine the effectiveness of its efforts to prevent losses from occurring and to reduce the severity of losses that do occur. An organization's efforts in this area are called 
Risk control 
 
 
 
After a month in which three employees were seriously injured at company paper mills, Ashley, the risk manager of Bright White Paper Company, wanted some answers about the causes of employee injuries...
CPCU 551 - Chapter 4 Questions & Answers
CPCU 551 - Chapter 4 Questions & Answers 
Blanket Insurance 
Insurance that covers either of the following with one limit of insurance: (1) one type of property in one or more separately rated buildings or (2) two or more types of property in one or more separately rated buildings. 
 
 
 
A disadvantage of blanket insurance is that the minimum coinsurance percentage is ____% 
90% 
 
 
 
 
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CPCU 551 - Chapter 4 Questions & Answers 
Blanket Insurance 
Insurance that covers either of the following with one limit of insurance: (1) one type of property in one or more separately rated buildings or (2) two or more types of property in one or more separately rated buildings. 
 
 
 
A disadvantage of blanket insurance is that the minimum coinsurance percentage is ____% 
90% 
 
 
 
 
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CPCU 500 Questions and Answers
CPCU 500 Questions and Answers 
insurtech 
the use of emerging technologies in the insurance industry 
 
 
 
connected ecosystem 
The emerging technologies applied to risk assessment and control link the physical domain to the virtual domain. Together, these domains linked by the emerging technologies create a 
 
 
 
 
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mechanical sensors 
pressure sensors, flow sensors, mo...
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CPCU 500 Questions and Answers 
insurtech 
the use of emerging technologies in the insurance industry 
 
 
 
connected ecosystem 
The emerging technologies applied to risk assessment and control link the physical domain to the virtual domain. Together, these domains linked by the emerging technologies create a 
 
 
 
 
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NSE 211 Final Exam Review Questions and Answers