CPCU 551
Stanford University
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CPCU 551 Chp6 questions and answers
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Most aftershocks will be considered part of the original event because an occurrence under the form refers to all earthquake shocks that occur within how many hours 
168 hours or 7 days 
 
 
differences between the two ISO earthquake forms CP 10 40 & CP 10 45 (sublimit form) 
- The sub-limit form contains an aggregate and the CP 10 40 does not. 
-The sub-limit form's deductible is the percentage of the value of the property damaged and the CP 10 40's deductible is the percentage of the limit o...
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CPCU 551 - Ch 1 Q with 100% correct answers.
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Property, Liability, Personnel, Net Income 
What are the four categories of loss exposures faced by most organizations to which risk control techniques can be applied to prevent or reduce the cost of losses? 
 
 
Avoidance eliminates any possibility of loss. The probability of loss from an avoided exposure is zero because the entity does not assume the loss in the first place. 
Describe the way in which avoidance prevents or reduces the cost of losses 
 
 
This technique is applied to a particul...
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CPCU 551 Chapter 7 questions and answers
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Business Income Insurance 
covers the decrease in an organization's income when operations are interrupted by damage to property as a result of covered peril. 
 
 
Time Factors of Business Income Loss 
1. Time required to replace damaged property 
2. Time required to restore normal level of operations 
 
 
Contingent Business Income 
Dependent property exposures A business could incur business income and/ or extra expense losses as a result of damage to property at the premises of a firm upon w...
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CPCU 551 -Chp 9 questions and answers
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Financial Institution Bond 
A policy that covers the crime loss exposures of financial institutions such as banks, savings and loan institutions, and insurance companies. 
 
 
Most used financial institution bond 
Standard from No. 24 
 
 
Why are Financial institution bonds called "bonds" 
Employee dishonesty, a key coverage, was tradtionally called a "fidelity bond" 
 
 
Enitities eligible for financial institution bonds are 
not eligible for the ISO Crime Forms 
 
 
Computer and funds tra...
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CPCU 551 Missed Questions and answers
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An insured who owns a large business has been comparing the different types of commercial insurance policies. The insured would likely choose a Commercial Package Policy (CPP) because it will provide 
The option to add lines of insurance for most coverages that are needed. (It will provide the option to add lines of insurance for most coverages that are needed.) 
 
 
The risk manager of a midsize manufacturing company would like several specific property coverage enhancements and a seamless appr...
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CPCU 551 REVIEW NOTES CHAPTER 1 WITH VERIFIED SOLUTIONS
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CPCU 551 REVIEW NOTES CHAPTER 1 WITH VERIFIED SOLUTIONS
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CPCU 551- Addressing Commercial Property Risk 2023.
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4 elements to property loss exposures 
-assets exposed to property loss 
-the causes of loss 
-the potential financial consequences of loss 
-the parties that can be affected by loss- (Property Owners, Secured Lenders, and Property Holders) 
 
 
Property Loss Exposure 
A condition that presents the possibility that a person or an organization will sustain a loss resulting from damage (including destruction, taking, or loss of use) to property in which that person or organization has a financial ...
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CPCU 551 - Exam Questions and answers
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Take 2 - 6. Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? 
The BPP lists several types of classes of property that do not qualify as covered property. 
 
(The BPP provides coverage against direct physical loss only.) 
 
Under Property Not covered section it states that there is a number of classes of property not covered. For this reason, you need to have a list of property covered and not covered read together when tryin...
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CPCU 551 - Addressing Commercial Property Risk exam study guide questions and answers
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Condominium 
A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners. 
 
 
Condominium unit 
The portion of a condominium owned solely by a unit owner. 
 
 
Common elements 
Areas of a condominium that are jointly owned by all unit owners, including the land on which the buildings are located. 
 
 
Condominium association 
An...
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CPCU 551 Chapter 1 questions and answers
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Broad-Aggregate Commercial Property Insurance Definition 
All types of commercial property insurance covering property loss and related net income loss 
 
 
Narrow-Singular Commercial Property Insurance Definition 
One particular type of commercial property insurance that covers loss of or damage to buildings and business personal property at specified locations 
 
 
Property Loss Exposure 
A condition that presents the possibility that a person or an organization will sustain a loss resulting f...
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