Cpcu 530 Latest Questions And Answers 2023/2024

3 major types of product defects: {Ans: • Defect in manufacture or assemply • Defect in design • Failure to warn}Board of directors make 2 types of decisions: {Ans: 1. Decides corporations structure and form 2. Determines business policy}Nonexempt employee {Ans: hourly}Advantages of incorporation: {Ans: 1. Limit the owners' liability for the corporation's contracts and torts 2. Possible tax advantages 3. Easier to sell or transfer ownership 4. Easier to raise capital 5. Perpetuity beyond the death of owners}Notice of lien to be filed must include: {Ans: • Amount claimed • Claimants name and address • Type of improvement • Description of land • Owner's name}Bailee's duty {Ans: Must take reasonable care of the bailed goods}"Forms of collateral" {Ans: 1. Consumer goods 2. Equipment 3. Farm products 4. Inventory 5. Property on paper- Stocks bonds or chattel paper}Incorporeal interest {Ans: A nonmaterial interest in real property}Features of class action law suit - {Ans: • Numerosity • Commonality • Typicality • Adequacy of representation}Creative process leads to two results: {Ans: 1. The intellectual property itself, that is, the expressed form of an idea or intangible subject matter 2. The intellectual property