CPCU® 551 – My Answers to The Most Common Questions 

The CPCU® 551 is a difficult exam. This exam focuses on the topics of commercial property insurance products, including topics such as the building and personal property coverage form (BPP), businessowners policy (BOP), business income insurance (BIC), and commercial crime insurance. In total, there are over 20 commercial insurance products that you need to memorize to pass this exam.

In this blog, I’m going to answer some of the most common questions that we receive about the CPCU® 551 exam. In this blog we will answer the following questions:

  • What is the CPCU® 551 exam format?
  • What is the passing grade for the CPCU® 551?
  • What is the cost of the CPCU® 551 exam?
  • What is the most difficult aspect of the CPCU® 551?
  • What study material do you recommend for the CPCU® 551?

What is the CPCU® 551 exam format?

The CPCU® 551 exam consists of 85 multiple choice questions broken up into two sections, part A and part B.

  • Part A: Concept questions – The first section of the exam will be concept questions; these questions will test your understanding of a definition or topic. The multiple-choice answers will generally provide 2 or 3 partially correct answers and one “best” answer.
  • Part B: Case questions – The second section of the exam will be case questions; these questions will require you to apply your knowledge to a specific scenario or event. You will be given a real-life scenario; your job will be to select the best recommendation to solve the given scenario.

What is the passing grade for the CPCU® 551?

The passing grade for the CPCU® 551 exam is 70%. This means you must answer 70% of the questions correctly to receive a passing grade on the CPCU® 551.

Since the CPCU® 551 exam is 85 questions long, this means you must answer 60 questions correctly (you can get 25 wrong) to earn a passing grade on the CPCU® 551.

What is the cost of the CPCU® 551 exam?

The cost of CPCU® 551 exam varies depending on your choice of study material and exam registration. Each exam costs about $320 and study material ranges between $250 to $400 per exam.

This means the total CPCU® 551 exam cost is around $600.

I recommend this study material from AB Training Center for $295. It comes with a print book, digital book, and audiobook and is definitely worth the money.

What is the most difficult aspect of the CPCU® 551?

This exam is tough because there is so much content to memorize. In particular, there are a ton of different insurance products and coverages that you need to memorize.

We have personally reviewed the content and counted over 20 different commercial insurance products (such as flood coverage, equipment breakdown, and ocean marine) that you need to be familiar with for this exam. Almost every single question on the CPCU® 551 exam will be based on some type of coverage, exclusion, or endorsement.

For comparison purposes, this exam is most similar to the CPCU® 555 and CPCU® 557 exams (except this one is based on commercial property insurance). Much like the CPCU® 555 exam, for the CPCU® 551 exam you will be required to memorize every aspect of each insurance product including the coverages, conditions, exclusions, and endorsements. In total, there are over 20 commercial insurance products that you need to memorize to pass this exam.

The hardest part of the CPCU® 551 will be memorizing each coverage, condition, exclusion, and every minor aspect of each commercial insurance product. The reason people fail this exam is because they underestimate the amount of content. There is a LOT to memorize.  For each commercial insurance product, such as the building and personal property coverage form (one of the most important topics of the 551 exam), you must know the insurance limit, covered losses, optional coverages, additional coverages, coverage extensions, loss conditions, coverage conditions, exclusions, and endorsements. You have to know this for EACH of the 20+ commercial insurance products covered in this exam (that’s a lot to memorize).

For more information checkout our blog detailing the CPCU® 551 exam difficulty.

What study material do you recommend for the CPCU® 551?

Unfortunately, we do not offer a full CPCU® 551 course at this time, we only offer our practice exams course.

If you need a full course for this exam, I do recommend this study material from AB Training Center. This is the study material I use; it does a great job breaking down the materials into the most important topics in simple notes (about 6 pages per chapter) so I could easily memorize the content. It also includes an “educational objectives” section at the end that reflected a lot of the most important topics and a full practice exam to prepare for the official exam. The material comes with a print book, digital book, and audiobook. Here are the three CPCU® courses I recommend:

Free Practice Exam

Ready to get started studying? We’re here to help (for free). Download our free CPCU® 551 practice exams to get a feel for the type of questions you will see on the exam.

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More Information

For more information about the CPCU® 551 exam, checkout some of our other free resources:

 

Disclaimer 

Difficulty rank, importance rank, and the advice provided in this resource are solely the opinion of AssociatePI. This resource is intended to provide you with a general idea of where your focus should be. Each exam administered by The Institutes is different. AssociatePI is not affiliated with The Institutes or involved in the exam writing process. Please be sure to thoroughly study every chapter and every topic of this course.

CPCU® exams are administered by the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI does not administer the actual exams, we are an independent resource of free content, advice, and study material for professional insurance education. This blog is intended for informational purposes only, to inform prospective students of the benefit of the CPCU® designation.

CPCU®, ARM™ and API are trademarks of the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI LLC is not affiliated with, associated with, endorsed by or otherwise supported or recognized by The Institutes in any way. AssociatePI LLC is not authorized by The Institutes to offer courses, practice examinations, or any other resources related to the Institutes’ designations or other programs.

For further information, please email [email protected].

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