Exam (elaborations)
CPCU 530 Quiz/Exam Questions And Answers With Verified Solutions Rated A+
- Course
- Institution
CPCU 530 Quiz/Exam Questions And Answers With Verified Solutions Rated A+
[Show more]
1 review
By: rlawk02 • 3 weeks ago
Content preview
CPCU 530 Quiz/Exam Questions AndAnswers With Verified Solutions Rated
A+
A producer may have apparent authority when no actual agency relationship
exists. In such cases, the law holds that an agency relationship may exist,
depending on the conduct of the
Select one:
A. Insurer.
B. Non-principal party.
C. Producer.
D. Insurance applicant and how the applicant perceives the agency relationship. -
ANSWER✔✔ A. Insurer.
Which one of the following would most likely be recognized by a court as
something that an insurer could properly waive?
Select one:
A. Public policy prohibiting insuring illegal goods
B. The doctrine of insurable interest
C. Policy notice of loss requirements
D. A policy exclusion - ANSWER✔✔ C. Policy notice of loss requirements
Insurers can waive any policy provision, providing it involves a right—even
standard policy language. Insurers cannot waive matters that further public
policy, like the doctrine of insurable interest, and they cannot waive policy
exclusions.
, Denny properly mortgaged land to Marvin to secure a loan for $100,000 and then
he conveyed the land to Ben. If Denny or Ben does not pay the loan when it falls
due
Select one:
A. Marvin has no right to foreclose on the mortgage.
B. If the proceeds of a foreclosure sale are insufficient to satisfy the debt to
Marvin, he has no right to obtain a deficiency judgment against Denny.
C. Ben cannot lose his interest because it is not subject to Marvin's mortgage
rights.
D. If a foreclosure sale yields excess money, it goes to Denny as mortgagor or to
Ben, the subsequent buyer. - ANSWER✔✔ D. If a foreclosure sale yields excess
money, it goes to Denny as mortgagor or to Ben, the subsequent buyer.
Which one of the following statements is true regarding warranties?
Select one:
A. Warranties only need to be substantially true in order to be valid.
B. Warranties can create a void contract, but only if the insured knew them to be
deceitful.
C. Warranties are presumed to be immaterial, but their breach makes the
contract voidable.
D. Warranties may be either material or immaterial and are part of the final
contract. - ANSWER✔✔ D. Warranties may be either material or immaterial and
are part of the final contract.
Which one of the following presents the two central elements that can give rise to
an estoppel?
Available answer optionsSelect only one option
A
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75391 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now