CPCU 552, CP&L FINAL EXAM NEWEST 2025 ACTUAL EXAM COMPLETE 140 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+BRAND NEW VERSION!!.pdf

CPCU 552, CP & L FINAL Exam Test | 2025
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Actual Exam With Correct Verified Answers
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| Guaranteed A+ Exam m m m




Aircraft have a significant exposure to catastrophe losses. Of the many
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reasons for the catastrophic loss potential of aircraft, the most signific
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ant is - ✔✔✔ Correct Answer > The physical properties of aircraft.
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Jim is sued for false arrest. He is sued for $500,000. Jim is insured unde
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r an insurance policy with a liability limit of $300,000, but his policy exc
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ludes coverage for false arrest. Jim is also insured under an umbrella in
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surance policy with a policy limit of $2,000,000 and self-
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insured retention (SIR) of $2,000. Which of the following is true in rega
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rds to this scenario? A. Jim must pay self-
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insured retention B. Jim's umbrella insurance policy will not pay for thi
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s loss C. Jim's umbrella insurance policy will pay $500,000 for this loss
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D. Jim must pay a premium for drop gap coverage to apply -
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m ✔✔✔ Correct Answer > A) Jim must pay self-insured retention
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,Which one of the following statements about the general aggregate li
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mit under a Commercial General Liability (CGL) Coverage Form is true?
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-
m ✔✔✔ Correct Answer > It is reduced by an claims paid for medical pa
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yments under Coverage C. m m m




Tom often runs errands for his boss at XYZ Company, using the boss' ca
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r. On one of these errands, Tom is involved in a serious auto accident.
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He spends a couple of weeks in the hospital; misses four weeks of work
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; and must undergo physical therapy. Does XYZ's Workers Compensatio
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n and Employers Liability Insurance (WC&EL) Policy cover Tom's injurie
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s, lost income, and rehabilitation expenses? -
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m ✔✔✔ Correct Answer > Yes, the workers compensation policy would
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m pay all of Tom's expenses, because his injuries arose out of his empl
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oyment at XYZ Company. m m m




A security guard is employed at a pier where shipping containers are l
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oaded and unloaded from barges. There is also a small marina for plea
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sure craft at the pier. The security guard trips over equipment left on a
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m dock alongside a pleasure craft and is injured. The pier only has insura
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nce coverage that provides benefits under the Longshore and Harbor
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Workers Compensation Act (LHWCA). Is the guard's injury
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,covered under LHWCA? - m m m




m ✔✔✔ Correct Answer > The injury is covered by LHWCA because the
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guard is not covered under a state's workers compensation law.
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ABC Plumbing entered into a contract with Bill to install a commercial
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grade septic system on his property. The installation of the septic septi
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c was time sensitive because the rest of Bill's construction project coul
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d not go forward until the septic system was in place. The contract req
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uired that the work be done within 30 days of contract signing, or ABC
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would have to pay a penalty of $1,000 per day. Which one of the follo
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wing categories of damages does the $1,000 per day penalty specified
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in the contract fall into? - ✔✔✔ Correct Answer > Liquidated damages
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Many states have funds from which employers may purchase workers
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compensation insurance. Such funds may be either -
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m ✔✔✔ Correct Answer > Competitive or monopolistic
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Section II— m




Who Is an Insured identifies the persons and organizations that qualify
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m as insureds under the Commercial General Liability (CGL)
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, Coverage Form. Which one of the following statements regarding who
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m is considered an insured is most accurate? -
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m ✔✔✔ Correct Answer > When a CGL policy covers one or more indiv
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iduals as named insureds, any person or organization having proper t
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emporary custody of the named insured's property following the na
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med insured's death is an insured.
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What is the name given to a claim by an employee who says that he or
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she was fired because of the filing of a workers compensation claim? -
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✔✔✔ Correct Answer > Retaliation claim
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Railroad owners commonly require contractors to purchase a Railroad
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Protective Liability Coverage Form. Which one of the following statem
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ents about this form is true? -
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m ✔✔✔ Correct Answer > One of the coverage limits applies to physica
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l damage to property owned by or leased or entrusted to the railroad
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Javier's business auto policy contains a personal injury protection (PIP)
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endorsement. He is involved in an auto accident in the covered auto, r
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esulting in $30,000 in property damage, $5,000 in third-party bodily
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