Cpcu 552, Cp&l Final Exam 2023 With 100% Verified Accurate Answers

Is defense within or outside limits of a professional liability policy? {Ans: within}What is part 1 of the WC & EL policy? {Ans: It covers all operations of the employer except those otherwise insured or specifically excluded by endorsement. There are no exclusions.}What is statutory law? {Ans: A formal law passed by federal, state or local legislature. Example= Workers Compensation}How many exclusions are in part B and what are the big ones? {Ans: 16: A: Knowing Violation of Rights of Another B: Material Published with Knowledge of Falsity C: Material Published Prior to Policy Period D: Criminal Acts E: Contractual Liability F: Breach of Contract G: Quality of goods-Failure to conform to H: Wrong Description of prices I: Infringement of Copyright, patent, trademark or trade secret J: Insured in Media and Internet-type business K: Electronic chatrooms or bulletin boards L: Unauthorized use of another's name or product OTHERS ARE NOT IMPORTANT M:Pollution/Pollution related N: War O: Recording and distribution of material or information in violation of law}What is a negligence tort? {Ans: The failure to exercise the degree of care that a reasonable person in a similar situation would exercise to avoid harming others}What is