Cpcu 557 - Study guides, Class notes & Summaries

CPCU 557 Chap 8 Questions and Answers Already Passed Doctrine of Respondeat Superior - ️️ Aka let the master answer Liability falls on the employer for the employees actions (as long as they were in the scope) Employers Nonownership liability - ️️ An employer's liability for its employees' operation of their autos in the employer's business. Covered by commercial auto insurance. Garage coverage form - ️️ contains optional garagekeepers coverage for insuring loss to custom...

CPCU 557 Chap 3 Questions & Answers Already Graded A+ Business Income Insurance aka Business interruption coverage - ️️ Insurance that covers the reduction in an organization's income when operations are interrupted by damage to property caused by a covered peril. Continuing expenses - ️️ Expenses that continue to be incurred during a business interruption. (Payroll of key employees, debt repayments, taxes, insurance, etc) Noncontinuing expenses - ️️ Expenses that will not co...

Categories of personal property - Answer- Contents, Property in transit, Property in the possession of others, Floating property Floating property - Answer- does not remain at a fixed worksite or is in transit between work sites. Property in transit - Answer- Transported by a variety of means, for any length of time Property in the possession of others - Answer- an organization may place its property in the possession of others for repair or storage Financial Consequences of a proper...

CPCU 557 Chapter 2 Questions with correct Answers Graded A+ BPP Loss Conditions - ️️ Abandonment Appraisal Duties in the Event of Loss or Damage Loss Payment Recovered Property Vacancy Valuation Coinsurance Mortgageholder What are the 4 Loss Payment options? - ️️ 1. Pay the Amount of the Damage 2. Pay the cost of repairing or replacing the damaged property 3. Take all or any part of the property and pay either agreed or appraised price 4. Repair/replace with LKQ When will ...

CPCU 557 Chapter 1

CPCU 557 Chapter 1

WC Statute - Answer- a statute that obligates employers, regardless of fault to pay specified medical, disability, rehabilitation and death benefits for their employees' job-related injures and diseases. Occupational Disease - Answer- Disease thought to be caused by work or the work environment. Temporary Partial Disability (TPD) - Answer- a disability caused by a work-related injury or disease that temporarily limits the extent to which a worker can perform job duties; the worker is even...

CPCU 557 Chapter 1

Doctrine of Respondeat Superior - Answer- Aka let the master answer Liability falls on the employer for the employees actions (as long as they were in the scope) Employers Nonownership liability - Answer- An employer's liability for its employees' operation of their autos in the employer's business. Covered by commercial auto insurance. Garage coverage form - Answer- contains optional garagekeepers coverage for insuring loss to customers' autos while they are int eh custody for ...