CPCU 552 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE

CPCU 552 EXAM QUESTIONS AND ANSWERS WITH

COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE


Liability Loss Exposure

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.

Strict Liability (absolute liability)

Liability imposed by a court or by a statute in the absence of fault when harm results

from activities or conditions that are extremely dangerous, unnatural, ultrahazardous,

extraordinary, abnormal, or inappropriate.

Hold-harmless agreement (or indemnity agreement)

A contractual provision that obligates one of the parties to assume the legal liability of

another party.

Mobile Equipment

Various types of vehicles designed for use principally off public roads, such as

bulldozers and cranes.

1st Key Element to Prove Strict Liability

The product was defective when it left the manufacturer's or supplier's custody or

control.

2nd Key Element to Prove Strict Liability

The defective condition made the product unreasonably dangerous.

3rd Key Element to Prove Strict Liability