This document provides an overview of key concepts for property and casualty insurance. It defines important terms like insurance, indemnity, subrogation, and insurable interest. It also outlines the structure of insurance regulation, including the roles of the NAIC, state insurance codes, and insurance commissioners. Famous court cases that impacted insurance regulation are summarized. The document reviews license requirements, types of insurers, and temporary insurance contracts like binders and conditional receipts.
This document provides an overview of key concepts for property and casualty insurance. It defines important terms like insurable interest, indemnity, and subrogation. It also outlines the structure of insurance regulators like the Department of Insurance and National Association of Insurance Commissioners. Famous court cases that impacted insurance regulation are summarized. Different types of insurers, brokers, agents and their roles are defined. Elements of an insurance contract and different policy structures are also introduced. The document is intended to help students prepare for their insurance licensing exam.
This document provides a study guide for an insurance exam, containing 9 multiple choice questions about insurance concepts and policies. It covers topics like pure risk, mutual insurers, characteristics of insurance contracts, negligence liability, declarations pages, coinsurance formulas, dwelling policy coverage amounts, and determining the appropriate homeowners policy for a condo owner. For each question, it provides the multiple choice answers and an explanation for the correct answer. The goal of this study guide is to help students score 90% or higher to advance to further study sessions.
This document provides the fourth part of an ultimate study guide. It begins by welcoming the reader to part 4 and stating that comprehending the concepts will allow them to progress to study lounge sessions. It then provides 4 multiple choice questions and explanations about topics like comprehensive auto insurance coverage, homeowners insurance additional property coverage limits, types of damages in third party claims, and concurrent causation exclusions. It continues with another 4 multiple choice questions and explanations about earthquake damage coverage, subrogation rights, unfair practices acts, and extra expense coverage. It concludes with 4 final multiple choice questions about notice periods for non-payment cancellations, watercraft endorsements, inspection rights, and extended reporting period endorsements.
Practice does not make perfect, no it does not. Practive makes patterns. Practice the wrong pattern and you will find yourseld having to practice approximately 85% more to achieve the same result as would have been obtained naturally by simply practicing the right pattern in the right time sequence. It is however, the repetitive practice of executing a perfect pattern in a perfect environment that makes perfect. The Insuratest P&C Exam Mastery System and especially this E-Book is how you practice perfectly for your State Exam.
Kumar was in a solo car accident that resulted in minor injuries to himself and his two passengers, Angela and Eric. Kumar's personal auto policy has a $2,000 limit for medical payments coverage per person. The correct settlement amount by Kumar's insurer is $5,500, paying the $2,000 limit to each injured person. An insurer is considered insolvent if it does not maintain sufficient reserves to cover its liabilities and risks. A loss sustained commercial crime policy will cover losses that occurred during the policy period even if they are discovered later.
This document is part 4 of an ultimate study guide. It provides 151 multiple choice questions and answers to test knowledge of various insurance concepts like policy coverages, exclusions, endorsements, and legal requirements. It explains the answers in detail to help the reader fully comprehend the concepts. Once a reader scores 90% or higher on all four parts of the study guide, they will be ready to advance to study lounge sessions.
Kumar was in a solo car accident that resulted in minor injuries to himself and his two passengers, Angela and Eric. Kumar's personal auto policy has a $2,000 limit for medical payments coverage per person. The correct amount payable by Kumar's insurer is $5,500, paying the $2,000 limit to each injured person. An insurer is considered insolvent if it does not maintain sufficient reserves to cover its liabilities and risks. A loss sustained commercial crime policy will cover losses that occurred during the policy period even if they are discovered later.
The document contains sample questions and answers from "The Ultimate Study Guide - Part 2". It provides explanations and reasoning for answers to questions about various types of insurance policies, including auto, homeowners, and commercial general liability. Specifically, it discusses endorsements for non-vehicle owners, coinsurance requirements, umbrella policy coverage, definitions in business owners policies, and coverage included in commercial general liability policies.
This document provides an overview of key concepts for property and casualty insurance. It defines important terms like insurable interest, indemnity, and subrogation. It also outlines the structure of insurance regulators like the Department of Insurance and National Association of Insurance Commissioners. Famous court cases that impacted insurance regulation are summarized. Different types of insurers, brokers, agents and their roles are defined. Elements of an insurance contract and different policy structures are also introduced. The document is intended to help students prepare for their insurance licensing exam.
This document provides a study guide for an insurance exam, containing 9 multiple choice questions about insurance concepts and policies. It covers topics like pure risk, mutual insurers, characteristics of insurance contracts, negligence liability, declarations pages, coinsurance formulas, dwelling policy coverage amounts, and determining the appropriate homeowners policy for a condo owner. For each question, it provides the multiple choice answers and an explanation for the correct answer. The goal of this study guide is to help students score 90% or higher to advance to further study sessions.
This document provides the fourth part of an ultimate study guide. It begins by welcoming the reader to part 4 and stating that comprehending the concepts will allow them to progress to study lounge sessions. It then provides 4 multiple choice questions and explanations about topics like comprehensive auto insurance coverage, homeowners insurance additional property coverage limits, types of damages in third party claims, and concurrent causation exclusions. It continues with another 4 multiple choice questions and explanations about earthquake damage coverage, subrogation rights, unfair practices acts, and extra expense coverage. It concludes with 4 final multiple choice questions about notice periods for non-payment cancellations, watercraft endorsements, inspection rights, and extended reporting period endorsements.
Practice does not make perfect, no it does not. Practive makes patterns. Practice the wrong pattern and you will find yourseld having to practice approximately 85% more to achieve the same result as would have been obtained naturally by simply practicing the right pattern in the right time sequence. It is however, the repetitive practice of executing a perfect pattern in a perfect environment that makes perfect. The Insuratest P&C Exam Mastery System and especially this E-Book is how you practice perfectly for your State Exam.
Kumar was in a solo car accident that resulted in minor injuries to himself and his two passengers, Angela and Eric. Kumar's personal auto policy has a $2,000 limit for medical payments coverage per person. The correct settlement amount by Kumar's insurer is $5,500, paying the $2,000 limit to each injured person. An insurer is considered insolvent if it does not maintain sufficient reserves to cover its liabilities and risks. A loss sustained commercial crime policy will cover losses that occurred during the policy period even if they are discovered later.
This document is part 4 of an ultimate study guide. It provides 151 multiple choice questions and answers to test knowledge of various insurance concepts like policy coverages, exclusions, endorsements, and legal requirements. It explains the answers in detail to help the reader fully comprehend the concepts. Once a reader scores 90% or higher on all four parts of the study guide, they will be ready to advance to study lounge sessions.
Kumar was in a solo car accident that resulted in minor injuries to himself and his two passengers, Angela and Eric. Kumar's personal auto policy has a $2,000 limit for medical payments coverage per person. The correct amount payable by Kumar's insurer is $5,500, paying the $2,000 limit to each injured person. An insurer is considered insolvent if it does not maintain sufficient reserves to cover its liabilities and risks. A loss sustained commercial crime policy will cover losses that occurred during the policy period even if they are discovered later.
The document contains sample questions and answers from "The Ultimate Study Guide - Part 2". It provides explanations and reasoning for answers to questions about various types of insurance policies, including auto, homeowners, and commercial general liability. Specifically, it discusses endorsements for non-vehicle owners, coinsurance requirements, umbrella policy coverage, definitions in business owners policies, and coverage included in commercial general liability policies.
The document is a study guide that provides questions and answers to test understanding of insurance concepts. It covers topics like pure risk, types of insurance companies, characteristics of insurance contracts, elements of negligence, parts of an insurance policy, and types of losses. For each question, the guide provides the answer and a short explanation to help remember the concept.
The document provides instructions for preparing to study for an insurance exam. It recommends going to a quiet place, wearing earplugs or headphones to block noise, chewing cinnamon gum, and listening to classical music. It explains that traditional practice tests are ineffective because they require spending 85% of time on incorrect answers rather than focusing only on the right answers. The document introduces an alternative study method of reading questions and their correct answers repeatedly to memorize only the right information.
This document is part 4 of an ultimate study guide. It provides 151 multiple choice questions and answers to help test knowledge of various insurance concepts and coverages. It explains things like which type of coverage would apply to damage from a flood or earthquake (comprehensive), what additional property coverage is included in an HO3 policy (lawn, trees and plants), and how subrogation prevents double recovery from insurers. The questions cover topics like commercial property exclusions, homeowners policy concurrent causation, and endorsements that can extend claims-made policy reporting periods. Studying these concepts will help prepare for moving on to study lounge sessions.
The document contains sample questions and answers from "The Ultimate Study Guide - Part 2". It provides explanations and tips for various insurance-related questions. One question asks about the type of auto insurance endorsement that would be recommended for someone who occasionally borrows cars. Another examines the minimum insurance limits needed to ensure adequate coverage in the event of a partial home loss. A third discusses the policy that provides coverage for personal property in an insured's care, custody or control.
This document provides a study guide for an insurance exam, containing 9 multiple choice questions about insurance concepts and policies. It covers topics like pure risk, mutual insurers, characteristics of insurance contracts, negligence liability, declarations pages, coinsurance formulas, dwelling policy coverage amounts, and determining the appropriate homeowners policy for a condo owner. For each question, it provides the multiple choice answers and an explanation for the correct answer. The goal is to help students score 90% or higher to advance to further study sessions.
This document provides an overview of the key terms and coverages for 10 types of insurance policies that are important to know for the licensing exam: 1) Dwelling Property policies, 2) Standard Fire policies, 3) Homeowner's policies, 4) Personal Auto policies, 5) Commercial lines, 6) Commercial Package policies, 7) Commercial General Liability policies, 8) Commercial Crime policies, 9) Commercial Auto policies, and 10) Business Owner's policies. It defines the important symbols and outlines the typical coverage sections for each policy type. The document emphasizes memorizing these details in order to adequately prepare for the licensing exam.
The document provides instructions for preparing to study for an insurance exam. It recommends going to a quiet place, wearing earplugs or headphones to block noise, chewing cinnamon gum, and listening to classical music. These activities are said to boost brain power and focus. It explains that traditional practice tests are ineffective because they require spending 85% of time on incorrect answers rather than focusing only on the right answers. The document introduces an alternative study method of reading questions and answers together repeatedly to reinforce remembering only the correct information.
Kumar was in a solo car accident with two passengers, Angela and Eric. Kumar's insurer has $2,000 per person liability limits. Kumar's injuries were $1,500, Angela's were $2,000, and Eric's were $2,500. The correct amount payable by Kumar's insurer is $5,500, which is the total of the injuries ($1,500 + $2,000 + $2,500), with each person limited to $2,000 per the policy limits.
This document contains sample questions and answers from "The Ultimate Study Guide - Part 2". Question 51 asks about the type of auto policy endorsement that would be recommended for someone who occasionally borrows cars. The answer is a Named Non-owner coverage endorsement, which allows bodily injury coverage to follow the person from vehicle to vehicle. Question 52 asks about the minimum insurance limits needed to ensure adequate coverage for a partial loss on a homeowner's policy. The answer is that the insured needs $400,000 in coverage A and $40,000 in coverage B to avoid a coinsurance penalty.
The document is a study guide that provides questions and answers to test understanding of insurance concepts. It covers topics like pure risk, types of insurance companies, characteristics of insurance contracts, elements of negligence, parts of an insurance policy, and types of losses. For each question, the guide provides the answer and a short explanation to help remember the concept.
The document provides instructions for preparing to study for an insurance exam. It recommends going to a quiet place, wearing earplugs or headphones to block noise, chewing cinnamon gum, and listening to classical music. It explains that traditional practice tests are ineffective because they require spending 85% of time on incorrect answers rather than focusing only on the right answers. The document introduces an alternative study method of reading questions and their correct answers repeatedly to memorize only the right information.
This document is part 4 of an ultimate study guide. It provides 151 multiple choice questions and answers to help test knowledge of various insurance concepts and coverages. It explains things like which type of coverage would apply to damage from a flood or earthquake (comprehensive), what additional property coverage is included in an HO3 policy (lawn, trees and plants), and how subrogation prevents double recovery from insurers. The questions cover topics like commercial property exclusions, homeowners policy concurrent causation, and endorsements that can extend claims-made policy reporting periods. Studying these concepts will help prepare for moving on to study lounge sessions.
The document contains sample questions and answers from "The Ultimate Study Guide - Part 2". It provides explanations and tips for various insurance-related questions. One question asks about the type of auto insurance endorsement that would be recommended for someone who occasionally borrows cars. Another examines the minimum insurance limits needed to ensure adequate coverage in the event of a partial home loss. A third discusses the policy that provides coverage for personal property in an insured's care, custody or control.
This document provides a study guide for an insurance exam, containing 9 multiple choice questions about insurance concepts and policies. It covers topics like pure risk, mutual insurers, characteristics of insurance contracts, negligence liability, declarations pages, coinsurance formulas, dwelling policy coverage amounts, and determining the appropriate homeowners policy for a condo owner. For each question, it provides the multiple choice answers and an explanation for the correct answer. The goal is to help students score 90% or higher to advance to further study sessions.
This document provides an overview of the key terms and coverages for 10 types of insurance policies that are important to know for the licensing exam: 1) Dwelling Property policies, 2) Standard Fire policies, 3) Homeowner's policies, 4) Personal Auto policies, 5) Commercial lines, 6) Commercial Package policies, 7) Commercial General Liability policies, 8) Commercial Crime policies, 9) Commercial Auto policies, and 10) Business Owner's policies. It defines the important symbols and outlines the typical coverage sections for each policy type. The document emphasizes memorizing these details in order to adequately prepare for the licensing exam.
The document provides instructions for preparing to study for an insurance exam. It recommends going to a quiet place, wearing earplugs or headphones to block noise, chewing cinnamon gum, and listening to classical music. These activities are said to boost brain power and focus. It explains that traditional practice tests are ineffective because they require spending 85% of time on incorrect answers rather than focusing only on the right answers. The document introduces an alternative study method of reading questions and answers together repeatedly to reinforce remembering only the correct information.
Kumar was in a solo car accident with two passengers, Angela and Eric. Kumar's insurer has $2,000 per person liability limits. Kumar's injuries were $1,500, Angela's were $2,000, and Eric's were $2,500. The correct amount payable by Kumar's insurer is $5,500, which is the total of the injuries ($1,500 + $2,000 + $2,500), with each person limited to $2,000 per the policy limits.
This document contains sample questions and answers from "The Ultimate Study Guide - Part 2". Question 51 asks about the type of auto policy endorsement that would be recommended for someone who occasionally borrows cars. The answer is a Named Non-owner coverage endorsement, which allows bodily injury coverage to follow the person from vehicle to vehicle. Question 52 asks about the minimum insurance limits needed to ensure adequate coverage for a partial loss on a homeowner's policy. The answer is that the insured needs $400,000 in coverage A and $40,000 in coverage B to avoid a coinsurance penalty.
12.
How Policies are Structured:
DICE – The Five “ Sliced and Diced” Parts of an
Insurance Policy
D Declarations page
I Insuring agreement / clause
C Conditions (payment due, length of coverage)
E Exclusions (excluded perils, persons or property)
D Definitions (key contract terms explained clearly for the insured)
Common Policy Conditions Include:
• Cancellation
• Changes
• Examination of an insured's books and records
• Inspections and surveys
• Premium payment due date
• Transfer of rights/assignment with prior consent of the insurer
21. • Brokers represent the Insured (customer) and secures coverage.
• Brokers are paid in commissions.
• Brokers Post a $10,000 bond and cannot bind coverage
• Brokers are allowed to charge Broker Fees.
• Brokers May not transact life or disability insurance
4. LIFE AGENT (“ Person” )
A Life Agent must be licensed.
A Life Agent has fiduciary responsibility.
Remember: Only Life Agents may Sell Life Insurance.
5. LIFE & DISABILITY ANALYST (“ Person” )
A Life & Disability Analyst must be licensed.
A Life & Disability Analyst has fiduciary responsibility.
• L & D Analysts compare and recommend policies on behalf of the Insured.
• L & D Analysts cannot sell insurance, thus avoiding a conflict of interest.
23. 4. Life Agent
5. Life & Disability Analyst
6. Solicitor / Producer
7. Personal Lines Licensee
A Warranty, A Representation & How they interrelate:
Warranty
Statement of fact
Express – in writing
Implied – not in writing
• A Warranty can be Expressed or Implied *
• A Warranty can be Oral or Written
• A Warranty can be Altered or Withdrawn (withdrawn only at time of application)
Representation
* A Representation may qualify as an Implied Warranty.
• Best knowledge or belief/promise
• Oral or in writing
• May be changed before policy goes into effect