CPCU 551 EXAM QUESTIONS AND ANSWERS 100% CORRECT!.GRADED A!!, Exams of Commercial Law

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CPCU 551 EXAM QUESTIONS AND

ANSWERS 100% CORRECT!.GRADED

A!!

The Causes of Loss—Special Form is a commercial property form that covers causes of loss that are not specifically excluded. One reason to purchase this form is - ANSWERIt shifts the burden of proof to the insurer to prove a loss is excluded Which one of the following Additional Coverages is covered under the Causes of Loss— Special Form but not under the Causes of Loss—Broad Form? - ANSWERProperty in Transit Which one of the following statements is correct with respect to the Newly Acquired or Constructed Property extension of coverage of the Building and Personal Property Coverage Form (BPP)? - ANSWERIt covers newly acquired buildings, provided the purpose of the newly acquired building is similar to the use of the building described in the declarations. Under the Building and Personal Property Coverage Form (BPP), which one of the following extensions covers loss only by fire, lightning, explosion, riot or civil commotion, and aircraft? - ANSWEROutdoor Property Which one of the following statements is correct with respect to Property Not Covered under the Building and Personal Property Coverage Form (BPP)? - ANSWEROnly contraband or property in the course of illegal transportation or trade is totally uninsurable by endorsement or in other policies Paris Cuisine, a fine-dining restaurant, rents space in a commercial building, which is insured by its owner. Paris Cuisine spends $50,000 on wallpaper, floor coverings, windows, and other improvements that would remain in the building if Paris Cuisine were to move out. Paris Cuisine's interest in these improvements is insured under which one of the following? - ANSWERThe business personal property section of Paris Cuisine's BPP Which one of the following statements is correct with regard to the Causes of Loss— Broad Form? - ANSWERThe weight of snow, ice, or sleet cause of loss does not cover damage to personal property in the open Which one of the following statements is correct with respect to the Building and Personal Property (BPP) Coverage Form? - ANSWERThe BPP lists several types of classes of property that do not qualify as covered property. Which one of the following statements is correct with respect to the building coverage provided by the Building and Personal Property Coverage Form (BPP)? - ANSWERPersonal property owned by the insured and used to maintain or service the building or its premises is included in the BPP's definition of "building." Which one of the following statements is correct with respect to the Preservation of Property additional coverage of the Building and Personal Property Coverage Form (BPP)? - ANSWERIt protects against "any direct physical loss or damage" and is not limited to either the covered causes of loss or locations stipulated in the coverage form