Study guide
1.4 Policy Structure: Declarations, Insuring Agreement, Conditions, Exclusions
Alaska Property & Casualty Insurance State
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1 Standalone Coverage Map
Standalone Coverage Map
2 Introduction: Alaska Property & Casualty Insurance Exam Overview
Alaska Property & Casualty Exam Overview
3 National Portion: Insurance Fundamentals
1.1 Risk, Hazards, Perils, and the Law of Large Numbers 1.2 Insurable Interest, Indemnity, and Other Insurance Principles 1.3 Insurance Contract Law and Elements 1.4 Policy Structure: Declarations, Insuring Agreement, Conditions, Exclusions 1.5 Parties, Agents vs. Brokers, and Authority
4 National Portion: Property Insurance Concepts
2.1 Causes of Loss / Named-Peril vs. Open-Peril 2.2 Valuation: ACV, Replacement Cost, and Functional Value 2.3 Coinsurance and the Coinsurance Formula 2.4 Deductibles, Limits, and Loss Settlement 2.5 Common Property Policy Conditions and Clauses
5 National Portion: Dwelling Policies (DP)
3.1 Dwelling Policy Forms DP-1, DP-2, DP-3 3.2 Dwelling Coverages A-E and Other Coverages 3.3 Dwelling Perils, Conditions, and Endorsements 3.4 Mobile Home and Specialized Dwelling Coverage
6 National Portion: Homeowners Policies - Forms & Section I
Homeowners Forms HO-2 through HO-8 and Eligibility Section I Coverages A-D and Additional Coverages Section I Perils Insured Against and Exclusions Replacement Cost vs. ACV and Loss Settlement in Homeowners
7 National Portion: Homeowners Policies - Section II & Endorsements
Section II Coverages E (Liability) and F (Medical Payments) Homeowners Conditions and Duties After Loss Common Homeowners Endorsements
8 National Portion: Personal Auto Policy - Liability & Injury
6.1 Personal Auto Policy Structure and Eligibility 6.2 Part A Liability and Supplementary Payments 6.3 Part B Medical Payments 6.4 Part C Uninsured/Underinsured Motorists
9 National Portion: Personal Auto Policy - Physical Damage & Duties
7.1 Part D Coverage for Damage to Your Auto 7.2 Exclusions and Part E Duties After an Accident 7.3 Part F General Provisions, Endorsements, and No-Fault Concepts
10 National Portion: Liability Insurance Concepts
8.1 Negligence, Torts, and Legal Liability 8.2 Defenses, Damages, and Vicarious Liability 8.3 Occurrence vs. Claims-Made Triggers 8.4 Bodily Injury, Property Damage, and Personal/Advertising Injury
11 National Portion: Commercial Property Insurance
9.1 Commercial Package Policy Structure and Common Policy Conditions 9.2 Building and Personal Property Coverage Form (BPP) 9.3 Causes of Loss Forms (Basic, Broad, Special) 9.4 Business Income and Extra Expense 9.5 Commercial Property Endorsements and the BOP
12 National Portion: Commercial General Liability - Coverages
10.1 CGL Coverage A: Bodily Injury and Property Damage Liability 10.2 CGL Coverage B: Personal and Advertising Injury, Coverage C: Medical Payments 10.3 Who Is an Insured and Supplementary Payments
13 National Portion: Commercial General Liability - Limits, Triggers & Exclusions
11.1 CGL Limits of Insurance and Aggregates 11.2 Occurrence vs. Claims-Made CGL and Retroactive Dates 11.3 Key CGL Exclusions and Endorsements
14 National Portion: Commercial Auto Insurance
12.1 Business Auto Coverage Form and Covered Auto Symbols 12.2 Commercial Auto Liability and Physical Damage 12.3 Motor Carrier / Trucking and MCS-90 12.4 Garage Coverage Form and Garagekeepers 12.5 Commercial Auto Endorsements
15 National Portion: Workers Compensation
13.1 Workers Compensation Statutory Background and Benefits 13.2 Part One (Workers Comp) and Part Two (Employers Liability) 13.3 Premium Basis, Experience Modification, and Classification 13.4 Other States, USL&H, and Federal Acts 13.5 Workers Comp Exclusions and Endorsements
16 National Portion: Other Commercial Lines - BOP, Crime & Marine
14.1 Businessowners Policy (BOP) in Depth 14.2 Crime and Fidelity Coverage 14.3 Inland Marine and Nationwide Marine Definition 14.4 Ocean Marine Coverages (Hull, Cargo, Freight, P&I)
17 National Portion: Other Commercial Lines - Specialty & Professional
15.1 Farm and Agricultural Coverage 15.2 Commercial Umbrella and Excess Liability 15.3 Professional Liability and Errors & Omissions 15.4 Directors & Officers and Employment Practices Liability
18 National Portion: Other Commercial Lines - Surety, Flood & Specialty
16.1 Surety and Fidelity Bonds 16.2 National Flood Insurance Program (NFIP) 16.3 Cyber, Aviation, and Other Specialty Lines
19 National Portion: Insurance Regulation & Market Conduct
17.1 State Regulation, Licensing, and the McCarran-Ferguson Act 17.2 Rates, Forms, Solvency, and Guaranty Associations 17.3 Producer Authority, Fiduciary Duty, and Company Operations
20 National Portion: Ethics & Unfair Trade Practices
18.1 Unfair Trade Practices and Unfair Claims Settlement 18.2 Producer Ethics, Errors & Omissions Exposure, and Fiduciary Conduct 18.3 Privacy, Fraud, and Consumer Protection
21 Chapter 1: Alaska P&C Insurance Regulation & Licensing
1.1 Alaska Division of Insurance 1.2 Alaska P&C Producer Licensing Requirements 1.3 Alaska Producer Duties and Responsibilities
22 Chapter 2: Alaska Property Insurance
2.1 Alaska Homeowners Insurance 2.2 Alaska Property Insurance Policy Provisions
23 Chapter 3: Alaska Auto & Casualty Insurance
3.1 Alaska Auto Insurance Requirements 3.2 Alaska Commercial Liability Insurance
24 Chapter 4: Alaska Ethics & Professional Conduct
4.1 Alaska Ethical Standards for Insurance Producers 4.2 Alaska Privacy Laws and Regulatory Compliance
1.4 Policy Structure: Declarations, Insuring Agreement, Conditions, Exclusions
Key Takeaways Explain This Topic AI
Policies follow the DICE structure: Declarations, Insuring agreement, Conditions, Exclusions, plus Definitions and Endorsements.
The declarations page lists the named insured, location, policy period, limits, deductible, premium, and mortgagee — the limit caps recovery.
Named-perils forms cover only listed perils (insured proves the cause); open-perils/special forms cover all but exclusions (insurer proves the exclusion).
Conditions impose duties — notice, proof of loss, cooperation, subrogation, appraisal — and breaching them can defeat an otherwise covered claim.
Coinsurance penalizes underinsurance: Payment = (Carried ÷ Required) × Loss − Deductible, capped at the limit.
Last updated: June 2026
The Standard Policy "DICE" Framework
Most ISO property and casualty policies are organized into the same parts. A widely used mnemonic is DICE : D eclarations, I nsuring agreement, C onditions, E xclusions (plus definitions and endorsements). Knowing where each provision lives is the difference between a quick correct answer and a guess.
Part What it contains
Declarations The "who/what/where/how much" — named insured, address, policy period, limits, premium, deductibles, mortgagee
- Insuring Agreement The insurer's core promise of coverage
- Conditions The rules/duties both parties must follow
- Exclusions What is not covered
- Definitions Defined terms (often in bold or quotes)
- Endorsements Forms that add, delete, or modify coverage
Declarations Page
The declarations (the "dec page") is the customized front page. It identifies the named insured , the insured location, the policy period (effective and expiration dates, typically 12:01 a.m. standard time at the insured's address), the coverage limits , the deductible , the premium , and listed mortgagees or loss payees . It is the page an examiner references when asking "how much will the policy pay" — the limit always governs the maximum recovery.
Insuring Agreement and Coverage Triggers
The insuring agreement is the heart of the policy — the insurer's promise. Two coverage formats define how perils are triggered:
Named-perils (specified-perils): covers only the perils listed. The burden of proof is on the insured to show the loss was caused by a listed peril. Example: ISO DP-1 dwelling form, HO-8.
Open-perils (special / "all-risk"): covers all direct physical loss except what is excluded. The burden of proof shifts to the insurer to prove an exclusion applies. Example: HO-3 Coverage A, the ISO CP 10 30 Special causes-of-loss form.
Trap: "All-risk" does not mean everything is covered — exclusions still apply. The advantage is the broader scope plus the shifted burden of proof.