Virginia property and casualty insurance study guide pdf

Licensing requirements vary by state. However, one element is consistent throughout the U.

The objectives of this course is to expose you to a variety of contemporary insurance issues. In addition to laying a foundation of knowledge, it is hoped that these topics will stimulate your curiosity to learn more about one or several of the subjects discussed. This is a self-study course designed to help you meet your prelicensing requirement. It has been accredited by the State. For best results, you should review the complete text.

Virginia property and casualty insurance study guide pdf

Some states require a licensing course before qualifying to take the exam. Even after obtaining a license, all states require a continuation of education to fully prepare each agent as they enter the field. An example is a Maryland resident applying for a non-resident Florida insurance license. Each state has a different set of qualifications for taking the exam, including the completion of a Pre-Licensing Course, a background check, and training. After passing the exam and completing the other requirements, candidates may apply for the license. Below are some possible categories for this exam. Typically, applicants have the option to fill out the application online or mail it in. For example, if you are seeking licensure in Texas, you can contact the Texas Department of Insurance. Candidates are also encouraged to stay up-to-date with renewal fees and requirements, if applicable. For more information on examination fees, please contact the state insurance board. Applicants across the country can expect different test-taking experiences because each state adopts different protocols. Below are some common rules and procedures. It is normal to experience anxiety when preparing for an exam — especially an exam that can advance your career.

Because Lucy didnt take any steps to protect the interior of her house, any water damage done to the contents wont be covered.

.

As an insurance agent, one is allowed to offer many different lines of coverage — provided that the required training and testing qualifications have been met. Those who wish to sell property and casualty insurance are required to possess the proper licensing for each state in which they conduct business. The actual exam tests your knowledge, skills and abilities in: Types of policies, bonds, and related terms, Insurance terms and related concepts, and Policy provisions and contract law under national and state insurance law. View Answers as You Go. Coverage is provided for bodily injury liability.

Virginia property and casualty insurance study guide pdf

Last updated: December 19, These steps will take a few weeks to complete so we recommend you bookmark this page so you can use it as a reference throughout the process. Just follow these five simple steps to start your journey toward becoming a property and casualty insurance agent.

La joven con el arete de perla reparto

Just make sure youre absorbing what each policy section includes, because they like to try to catch you on the details. An accident is defined as a sudden, unforeseen, and unintentional act identifiable in time and place. The California Insurance Code states that: All fire policies on subject matter in California shall be on the standard form, and except as otherwise provided shall not contain additions thereto. Liability and the Law There are various terms that relate to the legality of liability: 1 Tort means a civil wrong not a pastryyoull thank us later. For example, Angies house burns down and she loses everything. It is also of interest that Property and Casualty Broker-Agents today are NOT permitted to sell health, disability and long term care insurance products; products previously sold under the defunct Fire and Casualty License. In that way, its not covered twice and the. Legal World: A representation made by an applicant for insurance may be altered or withdrawn before the insurance goes into effect, but. Putting it into Context: Under Coverage M, how could someone leave the premises and then end up injured because of a condition on the premises? Otherwise, the areas in a personal residence used for business purposes wouldnt be covered by the HOP.

If you are looking to become a licensed property and casualty insurance agent in West Virginia, you will need to pass the state licensing exam.

The damage could mean someones car is scratched, or the damage could mean someone was harassed and bullied until they suffered a nervous breakdown. Note: This coverage doesnt apply if the vehicle in question belongs to the insured. Inland Marine insurance covers valuable items in transit. The endorsement only covers the property itself. If the risk isnt predictable, because the coverage or situation is so individualized, then a nonfiled form is appropriate. Standard Mortgagee Clause If the insured borrowed money from a bank or some other lender to finance property, then that third-party also has an insurable interest in the property. If Company B cedes fifty percent of the policy to Company C, then they split the premium profits and any losses between them. Most insurance contracts are considered aleatory contracts, because the insured could make premium payments for years for an occurrence that never happens, or the insurer could end up compensating an insured after only a few premium payments. That sounds obvious, except certain Inland Marine policies involve leaving property with bailees. Proximate Cause Proximate cause is the factor causing damage or loss for which there is an unbroken chain of events between the occurrence of the insured peril and the resulting injury or damage. If the risk isnt predictable, because the coverage or situation is so individualized, then a nonfiled form is appropriate. First Party Claim: The insurance policy pays directly to the named insured, less any deductible.