Study Guide: Property and Casualty Insurance

The Property and Casualty Insurance Study Guide will assist the property and casualty insurance prelicense student with important and much needed information that will be useful in helping you successfully pass your state licensing examination. The Guide specifically concentrates on the content listed in your state’s Candidate Information Bulletin and provides a comprehensive and in-depth break-down of the important concepts, characteristics, and definitions seen in the test content outline for insurance examinations in all states, and will provide the student with a line-by-line breakdown of the main content found in the Content Outline in the Candidate Licensing Bulletin. The Study Guide is a supplement to your prelicense studies and will add significantly to your knowledge base.

Included in the Study Guide is detailed information on the content sections found in the Candidate Licensing Bulletin that is published by all states. In this Guide, you will find detailed information and bullet points of knowledge on these important topics:

• General Insurance, including risk and how it is handled, elements of an insurable risk, insurer classifications, the authority and powers of producers, contract elements, legal interpretations affecting insurance, and more.
• Property and Casualty Basics: In this section, the Guide dives into P&C basics, including insurable interest, the four types of rating used, hazards, negligence and associated elements and defenses against negligence as well as potential damage awards and types, liability, peril, and loss definitions, specific, scheduled and blanket insurance, loss valuation, accident versus occurrence, policy structure and design, insureds, policy periods and territories, deductibles, other insurance, coinsurance, provisions and much more.
• Dwelling Policy Concepts: This portion of the Guide details dwelling insurance policies, and looks at their purpose, eligibility for coverage, coverage forms and benefits, primary and other property coverages, exclusions, conditions including loss settlements, pair and set clause, appraisal, subrogation, other insurance, law suits, mortgage clauses, endorsements, liability coverage supplement, and more.
• Homeowner Policy Concepts: this section will amplify the dwelling section and applies specifically to homeowner insurance. Discussed topics include eligibility and purpose, the different forms of coverage and allied coverages, Section I property and Section II liability protections, special limits of liability, exclusions and conditions, important endorsements and their uses, perils insured against and additional coverages, personal liability, medical payments to others, professional services, controlled substances, duties of insureds and injured persons, cancellation and nonrenewal, assignment, liberalization, named-insured’s death, loss settlements, scheduled personal property,replacement cost coverage, daycare, business pursuits, watercraft, personal injury, coinsurance and more.
• Personal and Commercial Automobile Insurance: an in-depth discussion of both personal and commercial/business automobile insurance. The section includes topical material on definitions used in the contracts, coverage determination and allowances, liability and physical damage coverage, conditions and exclusions, supplementary payments in the contracts, medical payments and personal injury protection benefits, comprehensive and collision protection, duties after an accident or loss, endorsements, territory covered, miscellaneous vehicles, commercial coverage forms, division one and two, hired and non-owned autos, commercial auto symbols, liability including garage and garagekeepers coverage, physical damage coverage, exclusions and conditions, legal actions, commercial endorsements and associated automobile material.
• Commercial General Liability (CGL) Insurance: The Guide reviews and provides needed information concerning commercial policy coverage components, interline endorsements, CGL coverage sections, covered exposures and perils, bodily injury and property damage coverage, including personal and advertising injury, medical payments, products and completed operation protections, conditions, exclusions, definitions, territories insured, mobile equipment, occurrence and claims-made forms, triggers, retroactive dates,  and extended reporting periods.
• Commercial Policy Packages (CPP): In this section, we cover the purpose and characteristics of commercial insurance policies. Included in the material is information related to coverage and components of a CPP, monoline versus packages of coverages, inland marine, commercial crime, contractual liability, business and other personal property, property of others, valuable papers and records, off-premises coverage, outdoor property, trailers, temporary locations, property forms and coverages, builder’s risk insurance and coverage, business income and extra expense, legal liability, discovery versus loss sustained forms, computer and funds transfer fraud, money orders/counterfeit money, interests covered, guest property, custodians and watchpersons, selected endorsements and schedules, earthquake and volcanic eruption, equipment breakdown,commercial inland marine, ocean versus inland marine, floaters, farms, coinsurance, medical payments.
• Businessowner Policies (BOPs): This provides the characteristics and purpose of businessowner coverage, eligibility, building size and use for coverage, descriptions of property and liability coverage, including exclusions and conditions, care/custody/control issues, computers, electronic date, animal coverage, limits of insurance, business personal property and coverage extensions, loss settlement options, coinsurance, vacancy, optional coverages, definitions, specified cause of loss forms, liability protection, and more.
• Other Types of Property and Casualty Insurance: This area considers other types of available P&C coverage, such as personal and commercial umbrella and excess liability coverage, self-insured retention, exclusions and conditions, cyber-liability, specialty liability insurance including errors and omissions, malpractice and other specialty insurance, directors and officers, employment practices liability, employee benefits and ERISA, surety (bonding), types of surety contracts, and the parties to the contract, mobile home insurance, flood and earthquake coverage, watercraft coverage, duties after accident or loss.