Property Casualty Cheat Sheet

Cheat sheet Property Casualty Cheat Sheet Practice Questions Study Guide Print / Save PDF

Property Insurance Not published of exam Property Valuation Homeowners Forms Dwelling Forms Perils Coinsurance

Auto Insurance Not published of exam Auto Coverages PAP Parts Symbols No-Fault UM UIM

Liability Insurance Not published of exam Liability Concepts CGL Negligence Umbrella Occurrence vs Claims

Commercial Lines Not published of exam Commercial Property Workers Comp BOP Inland Marine Crime

Regulation + Claims Not published of exam Regulations Claims Producer Duties Unfair Practices Claims Handling State Law

Quick Facts Exam P&C Producer Questions 100-175 by state Pass CA 60%, FL 70% Time 150-195 min by state Scope State licensing Core Property + liability License State issued Study 40-80 hours

Named vs Open Perils PR

Named Only listed Insured proves peril

Open All except exclusions Insurer proves exclusion Listed vs excluded

Coverage Picker PR Home owner occupied → HO policy Rental dwelling → DP policy Tenant contents → HO-4 Condo unit → HO-6 Older home → HO-8 Small business → BOP

Property Valuation PR ACV Replacement minus depreciation Replacement cost New-for-old cost Agreed value Value set upfront Stated amount Listed maximum Market value Sale price Coinsurance Insurance-to-value clause Deductible Insured pays first

ACV vs Replacement PR

ACV Depreciation deducted Lower payout

Replacement New cost No depreciation Old value vs new

Loss Picker PR Fire damages house → Property coverage Use lost after loss → ALE Business shuts down → Business income Need quick reopening → Extra expense Auto hits object → Collision Auto theft occurs → Comprehensive

Homeowners Forms PR HO-2 Broad named perils HO-3 Open dwelling perils HO-4 Renters contents HO-5 Open property perils HO-6 Condo unit owners HO-8 Modified older homes Section I Property coverage Section II Liability coverage

HO-3 vs HO-5 PR

HO-3 Open dwelling Named contents

HO-5 Open dwelling Open contents Contents difference

Dwelling Forms PR DP-1 Basic named perils DP-2 Broad named perils DP-3 Open dwelling perils Coverage A Dwelling Coverage B Other structures Coverage C Personal property Coverage D Rental value

PAP Parts AU A liability, B med, C UM, D damage. A: liability B: med pay C: UM/UIM D: physical

Collision vs Comprehensive AU

Collision Impact Upset Another vehicle

Comprehensive Theft Fire/weather Animal impact Crash vs other

Auto Coverages AU Part A Liability Part B Medical payments Part C UM/UIM Part D Physical damage Collision Upset/impact Comprehensive Other-than-collision PIP No-fault benefits Symbol 1 Any auto

CGL ABC LI A BI/PD, B ads, C med. A: injury/damage B: personal ads C: med pay

Occurrence vs Claims-made LI

Occurrence Event date Late claim okay

Claims-made Claim date Retro date matters Event vs claim

Liability Picker LI Home guest injured → HO Section II Auto BI claim → PAP Part A Premises lawsuit → CGL Coverage A Libel in ad → CGL Coverage B Small injury no fault → Med Pay Limits exhausted → Umbrella

Liability Concepts LI Tort Civil wrong Negligence Breach of duty BI Bodily injury PD Property damage Occurrence Event trigger Claims-made Claim trigger Umbrella Extra liability

CGL LI Coverage A BI/PD liability Coverage B Personal advertising injury Coverage C Medical payments Premises Location liability Operations Work liability Products Goods liability Completed ops Finished work liability

Commercial Property CO CPP Package policy BPP Business personal property Causes Basic Named perils Causes Broad More named perils Causes Special Open perils Business income Lost earnings Extra expense Continue operations BOP Small business package

Workers Comp CO Part One Statutory benefits Part Two Employer liability Medical Work injury care Disability Wage replacement Rehab Return to work Death Survivor benefits

Policy DICE RE DICE: Declarations, Insuring, Conditions, Exclusions. D: who/limits I: promise C: duties E: no coverage

Property vs Casualty RE

Property First-party loss Physical things Direct damage

Casualty Third-party claims Legal liability Injury/damage owed Own stuff vs liability

Risk Fundamentals RE Risk Chance of loss Pure risk Loss/no loss Speculative risk Gain or loss Peril Cause of loss Hazard Increases loss chance Moral hazard Dishonest behavior Morale hazard Careless attitude

Hazards RE Physical, moral, morale. Physical: condition Moral: dishonesty Morale: carelessness

Policy Parts RE Declarations Who/what/limits Insuring agreement Coverage promise Conditions Policy duties Exclusions Not covered Endorsement Policy change Definitions Meaning of terms

Regulations Claims RE Producer Licensed seller Appointment Insurer authorization Fiduciary Handles premiums Rebating Illegal inducement Twisting Misleading replacement Misrepresentation False policy statement Notice Claim reporting Proof of loss Sworn claim detail

Common Traps

Peril vs hazard Peril causes loss ≠ Hazard increases chance

Moral vs morale Moral is dishonest ≠ Morale is careless

ACV formula ACV subtracts depreciation ≠ RC ignores depreciation

Medical payments Med Pay no fault ≠ Liability needs fault

CGL Coverage B Personal injury terms ≠ Not bodily injury

State law National concepts repeat ≠ State rules vary

Last Minute 1 . Peril = loss cause 2 . Hazard = risk booster 3 . DICE policy parts 4 . HO-3: open dwelling 5 . HO-5: open property 6 . PAP A/B/C/D 7 . Collision = crash 8 . Comp = other damage 9 . Occurrence = event date 10 . Claims-made = claim date

Property & Casualty Practice Questions 235 questions Study Guide 72 topics Cheat Sheet 79 facts Flashcards 50 cards Course Playlist 141 videos Shorts 3 short s Videos 88 videos Blogs 64 blogs Free CE Radio On air Radio Now playing

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Mississippi Property & Casualty Insurance Cheat Sheet 83 facts Practice Questions 431 questions Study Guide 80 topics Flashcards 50 cards Course Playlist 141 videos Shorts 1 short Videos 3 videos Blogs 4 blogs Free CE

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Florida Property & Casualty Insurance Cheat Sheet 78 facts Practice Questions 408 questions Study Guide 24 topics Flashcards 50 cards Course Playlist 141 videos Shorts 1 short Videos 2 videos Blogs 2 blogs Free CE

Texas Property & Casualty Insurance Cheat Sheet 160 facts Practice Questions 397 questions Study Guide 24 topics Flashcards 50 cards Course Playlist 141 videos Shorts 3 short s Videos 2 videos Blogs 2 blogs Free CE

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