7/13/25, 12:15
PM
CPCU 552 ALL TERMS EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS
VERIFIED LATEST UPDATE GRADED A++
Terms in this set (343)
Any loss that a person or an
1. Liability Loss organization sustains as a result of a
claim or suit against that person or
organization by someone seeking
damages or some other remedy
permitted by law
1. Legal Liability legally enforceable obligation of a
person or an organization to pay a
sum of money (damages) to
another person or organization
1. Civil law classification of law that applies to
legal matters not governed by
criminal law and that protects rights
and provides remedies for breaches
1/
19
,7/13/25, 12:15
PM
of duties owed to others
1. Criminal Law branch of the law that imposes penalties
for wrongs against society
A wrongful act or an omission, other
than a crime or a breach of contract
1. Tort that involves a legally protected
right.
3 categories: 1)negligence, 2) intentional, 3)
strict liability
Liability imposed by a court or by a
1. Strict Liability statute in the absence of fault when
(absolute) harm results from activities or
conditions that are extremely
dangerous, unnatural, ultra
hazardous, extraordinary, abnormal or
inappropriate
1. Breach of contract failure, without legal excuse, to fulfill a
contractual promise
1. Statute written law passed by a legislative body, at
either the federal or state level
1. Common-law legal system in which the body of law
is derived more from court decisions
2/
19
, 7/13/25, 12:15
PM
system as opposed to statutes or
constitutions
1. Tort Law the branch of civil law that deals with civil
wrongs other than breaches of contract
1. Statutory Law formal laws or statutes enacted by federal,
state or local legislative bodies
1. tort - 4 elements 1. wrongful invasion(breach), 2. of a
legally protected right (duty), 3.
resulting in(caused) 4. proximate or
direct damages(damage)
1. warranty a promise made by a seller about its
product
liability for Bodily Injury and Property
Damage caused by: (1) an accident
2. Premise and occurring on the premise owned,
Operations Liability leased, rented, (premise liability) (2)
an accident away from the premise
caused by the
person/organizations ongoing
operations (operations
liability)
the legal responsibility of the
manufacturer, distributor, and or
3/
19
PM
CPCU 552 ALL TERMS EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS
VERIFIED LATEST UPDATE GRADED A++
Terms in this set (343)
Any loss that a person or an
1. Liability Loss organization sustains as a result of a
claim or suit against that person or
organization by someone seeking
damages or some other remedy
permitted by law
1. Legal Liability legally enforceable obligation of a
person or an organization to pay a
sum of money (damages) to
another person or organization
1. Civil law classification of law that applies to
legal matters not governed by
criminal law and that protects rights
and provides remedies for breaches
1/
19
,7/13/25, 12:15
PM
of duties owed to others
1. Criminal Law branch of the law that imposes penalties
for wrongs against society
A wrongful act or an omission, other
than a crime or a breach of contract
1. Tort that involves a legally protected
right.
3 categories: 1)negligence, 2) intentional, 3)
strict liability
Liability imposed by a court or by a
1. Strict Liability statute in the absence of fault when
(absolute) harm results from activities or
conditions that are extremely
dangerous, unnatural, ultra
hazardous, extraordinary, abnormal or
inappropriate
1. Breach of contract failure, without legal excuse, to fulfill a
contractual promise
1. Statute written law passed by a legislative body, at
either the federal or state level
1. Common-law legal system in which the body of law
is derived more from court decisions
2/
19
, 7/13/25, 12:15
PM
system as opposed to statutes or
constitutions
1. Tort Law the branch of civil law that deals with civil
wrongs other than breaches of contract
1. Statutory Law formal laws or statutes enacted by federal,
state or local legislative bodies
1. tort - 4 elements 1. wrongful invasion(breach), 2. of a
legally protected right (duty), 3.
resulting in(caused) 4. proximate or
direct damages(damage)
1. warranty a promise made by a seller about its
product
liability for Bodily Injury and Property
Damage caused by: (1) an accident
2. Premise and occurring on the premise owned,
Operations Liability leased, rented, (premise liability) (2)
an accident away from the premise
caused by the
person/organizations ongoing
operations (operations
liability)
the legal responsibility of the
manufacturer, distributor, and or
3/
19
