CPCU® 555 Exam Format
The CPCU® 555 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 approximately 57 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 approximately 28 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.
CPCU® 555 – Exam Topics
The CPCU® 555 questions will be formatted in a similar manner to the CPCU® 500 exam questions. These questions require you to fully understand every aspect of the main topics and require you to actually apply the knowledge, rather than just repeating a definition. You will NOT be simply repeating a definition.
The major focus of the CPCU® 555 exam is insurance and personal insurance coverages. The main topics covered in this exam include auto insurance, homeowners insurance, watercraft insurance, and personal insurance profitability.
CPCU® 555 – Important Topics
Below we are outlining some important CPCU® 555 exam topics. We recommend you master these topics before attempting the CPCU® 555 exam. This is our opinion of the topics that are important on your exam.
- Auto insurance – we recommend you heavily focus on the auto insurance chapter, in our opinion this is one of the most important topics of the CPCU® 555 content. Understand the auto insurance contract, provisions, endorsements, and coverages.
- Homeowners insurance – we highly recommend you master the topics of homeowners insurance. Memorize all of the available endorsements, coverages, and contract sections.
- Endorsements – this is a common theme throughout every section of the CPCU® Each section will touch on the specific endorsements of the personal insurance product covered in the section. For example, the auto insurance section will cover auto insurance endorsements. There are hundreds of endorsements to memorize for this exam. We highly recommend you write down every endorsement in your notes, be sure to memorize each and know how each endorsement is applied. The exam will try to trick you, you must know the minor differences between each endorsement and how each endorsement can be applied to the personal insurance product.
- Coverages – similar to endorsements, each section will touch on the specific coverages of the personal insurance product covered in the section. For example, the watercraft insurance section will cover the available watercraft coverages. Be sure to memorize each available coverage and know how each coverage is applied to the personal insurance product.
Remember, every CPCU® exam is different. No single exam is the same. Be sure to study ALL topics (not just our recommendation). This resource is intended to provide you with a general idea of where your focus should be. Make sure to thoroughly study every topic of this exam.
Two Final Tips:
1) Read the entire online course and focus on the details: Remember to focus on the hundreds of endorsements and coverages. There are a lot of tricky minor details on this exam, take extra time to write down every coverage and endorsement in your notes. You must be able to choose the best endorsement or coverage given a scenario. You must memorize the minor details of each coverage and endorsement to be able to differentiate and choose the best coverage for a given risk. These questions require that you know all of the minor details and differences between each CPCU® 555 topic so be sure to fully read through the course and memorize all minor details because these questions will try to trick you by changing one little detail!
2) Practice, practice, practice: Practice makes perfect. The only way to prepare for the type of questions you will see on the CPCU® 555 is to take as many practice exams as you possibly can. This will help you familiarize yourself with the CPCU® 555 question format and help you determine which topics you need to re-study.
Free Practice Exam
Ready to get started studying? We’re here to help (for free). Download our free CPCU® 555 practice exams to get a feel for the type of questions you will see on the exam.
For more information about the CPCU® 555 exam, checkout some of our other free resources:
- CPCU®555 exam questions
- CPCU®555 exam format
- CPCU®555 exam difficulty
- CPCU®555 Video series
- CPCU® Designation Overview
- CPCU® Designation Salary
- CPCU® Cost
- CPCU® Exam Pass Rates
- API™ designation overview
- How to complete the API™ designation
- Continuing education with your API™ designation
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® 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.
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