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CPCU Ethics test 2023 Latest Version | All Questions and Answers

CPCU Ethics test 2023 Latest Version | All Questions and Answers
Ethical behavior is based on -----------------------------------reasoned consideration of all
issues surrounding a conflict
Morality is -----------------------------------universal and basic to human relationships
Maintaining high ethical standards is best associated with -----------------------------------
knowledge of law and regulations
The Sarbanes-Oxley federal law requires that publicly traded companies identify
principal ethics officers, create anonymous hotlines for reporting unethical behavior, and
-----------------------------------establish codes of ethics.
Enforceable components of the CPCU Code of Professional Conduct are the --------------
---------------------Guidelines and Rules.
Lloyd is a commercial property underwriter at Insurance Company (IC). Two years ago,
he completed his studies and obtained the CPCU designation. Due to recent changes in
workers compensation legislation in one of the states in which IC operates, the insurer
has arranged for a one-day seminar to explain the changes and the impact they will
have on underwriting and claim settlement. Considering Lloyd's obligations under the
Code of Professional Conduct (the Code), which one of the following statements is
correct?
Choose one answer.
A. Lloyd is required to complete any training made available by his employer.
B. Because Lloyd has his CPCU, further training is considered unnecessary.
C. The Code requires Lloyd to remain current on all changes in insurance legislation.
D. Because the seminar is not directly related to Lloyd's job, he is not obliged to attend.
-----------------------------------D. Because the seminar is not directly related to Lloyd's job,
he is not obliged to attend.
Ming is the chief actuary at ABC Insurance and a CPCU. Ming has developed a new
method for calculating incurred but not reported losses (IBNR). He has tested the
method over a number of years and has found it to be much more accurate than the
traditional method used by most actuaries. Because the new method gives Ming more
confidence in the accuracy of his rate-making data, it allows ABC to charge lower rates
than its competitors. This in turn gives ABC a marketing advantage. Which one of the
following best describes Ming's obligations under Canon 5 of the Code of Professional
Ethics regarding raising the professional standards of the insurance profession?

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Specifications

Level: University
School: Trinity College
Course: ACLS Exam
Subject: CPCU
All documents for this course ›
Document
Section: Examinations
Updated on: 09-18-2023
Made on: 09-18-2023
Type: .pdf
Pages: 24
Language: English
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