CPCU 500, Missed Exam Questions with 100%
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2026/2027
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Terms in this set (22)
Declarations Contain the unique information provided by and
about the insured. Include:
* policy number
* policy inception and expiration dates
* name of the insurer
* name of the insurance agent
* name of the insured
* names of persons or organizations whose
* additional interests are covered
* mailing address of the insured
* physical address and description of the covered
property or operations
* numbers and edition dates of all attached forms
and endorsements
* dollar amounts of applicable policy limits
* dollar amounts of applicable deductibles
premium
Insuring Agreement A statement in an insurance policy that the insurer
will, under certain circumstances, make a payment
or provide a service.
, Policy Conditions Any provision in an insurance policy that qualifies
an otherwise enforceable promise of the insurer.
Examples of widely used conditions included
concealment, misrepresentation, or fraud
provisions' coverage maintenance provisions'
suspension or reduction in coverage provisions'
insurer and insured's duties in the event of a loss
provisions' and dispute resolution, subrogation and
salvage provisions.
Exclusions A policy provision that eliminates coverage for
specific exposures.
Definitions Defines the terms used throughout the policy or
form.
Joint Tenancy A concurrently owned and undivided interest in an
estate that transfers to a surviving joint tenant upon
the death of the other.
Tenancy by the Entirety A joint tenancy between husband and wife.
Tenancy in Common A concurrent ownership of property, in equal or
unequal shares, by two or more joint tenants who
lack survivor ship rights.
Tenancy in Partnership A concurrent ownership by a partnership and its
individual partners of personal property used by
the partnership.
Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (22)
Declarations Contain the unique information provided by and
about the insured. Include:
* policy number
* policy inception and expiration dates
* name of the insurer
* name of the insurance agent
* name of the insured
* names of persons or organizations whose
* additional interests are covered
* mailing address of the insured
* physical address and description of the covered
property or operations
* numbers and edition dates of all attached forms
and endorsements
* dollar amounts of applicable policy limits
* dollar amounts of applicable deductibles
premium
Insuring Agreement A statement in an insurance policy that the insurer
will, under certain circumstances, make a payment
or provide a service.
, Policy Conditions Any provision in an insurance policy that qualifies
an otherwise enforceable promise of the insurer.
Examples of widely used conditions included
concealment, misrepresentation, or fraud
provisions' coverage maintenance provisions'
suspension or reduction in coverage provisions'
insurer and insured's duties in the event of a loss
provisions' and dispute resolution, subrogation and
salvage provisions.
Exclusions A policy provision that eliminates coverage for
specific exposures.
Definitions Defines the terms used throughout the policy or
form.
Joint Tenancy A concurrently owned and undivided interest in an
estate that transfers to a surviving joint tenant upon
the death of the other.
Tenancy by the Entirety A joint tenancy between husband and wife.
Tenancy in Common A concurrent ownership of property, in equal or
unequal shares, by two or more joint tenants who
lack survivor ship rights.
Tenancy in Partnership A concurrent ownership by a partnership and its
individual partners of personal property used by
the partnership.
