Yes CPCU 540 exam credits will be considered for MBA and you can request for the waiver.

Applicable advanced or master’s degrees in business, finance, risk management, and insurance only (no undergraduate or MA degrees); must be from:
Middle States Association of Colleges and Schools, Commission on Higher Education
New England Association of Schools and Colleges
North Central Association of Colleges and Schools
Northwest Association of Schools and Colleges
Southern Association of Colleges and Schools
Western Association of Schools and Colleges

All required CPCU exams (core and concentration exams) are multiple-choice questions

The Institutes administer exams at three distinct kinds of testing centres:

Prometric Testing Centres (at locations worldwide)
Institutes Approved On-Site Testing Centres
International Pen-and-Paper Testing Centres

CPCU 540—Finance and Accounting for Insurance Professionals
Understand how corporate finance and accounting apply to property-casualty insurers and non insurer

Introduction to Corporate Finance and Accounting, GAAP Financial Statements, GAPP Financial Statement Analysis, Insurer Statutory Accounting, Insurer Statutory Annual Statement Analysis, Cash Flow Valuation, Bonds and Stocks, Insurer Investment Portfolio Management, Insurer Capital Needs and Sources, Capital Management, Mergers and Acquisitions, and The Underwriting Cycle.