Virginia property and casualty insurance study guide pdf

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.

Licensing requirements vary by state. However, one element is consistent throughout the U. All states require license candidates to be at least 18 years old, a valid permit to work in the U. Most states also require candidates to pass a criminal background check and have their fingerprints on file. Some states may require proof of continuing education courses in the selected field and proof of financial responsibility.

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.

Earthquake coverage is obtained through endorsement or as a separate policy. Earthquake Insurance Dwelling and Homeowners policies specifically exclude Earthquake coverage, including earth movement. Note: The DP forms dont include theft coverage for certain items that are usually targeted by thieves, like jewelry, furs, and firearms.

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Last updated: March 15, Recommended : Interested in getting started? Kaplan Education Company. A Property and Casualty Insurance License enables an insurance agent or broker to sell or negotiate property and casualty insurance policies that protect people and businesses from financial losses resulting from property damages, accidents, theft, bad weather conditions, and other covered events. Most insurance agents combine these two lines of authority, such as getting both property and casualty insurance licenses. It is a good idea to be licensed in as many insurance disciplines as possible to make yourself more attractive as an insurance professional and to be able to offer comprehensive solutions to your clients. Along with the property and casualty license, agents will also generally get their Life and Health license. Each state outlines various requirements to obtain insurance licenses. Find the specific licensing requirements for your state: Insurance Licensing.

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. Once you earn this license, check out our guide on how to get your Virginia life insurance license as well. Pre-license education courses are self-paced and include study materials like practice exams and flashcards. Others purchase books or self-study materials to prepare themselves for the exam.

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Again, this form is used a lot with older homes, that are higher insurance risks. Note: Notice that the 4 elements almost spell clock. The insurer keeps the earned premium and refunds the unearned premium. Legal Defenses Against Negligence The legal defenses someone can employ to defend themselves against accusations of negligence are:. The party granting the right transfer is called the assignor and the party receiving the rights is called the assignee. The different systems used to ascertain whether or not a premium rate is fair and adequate, are:. Earthquakes are usually excluded from the HOP. 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. False warranties void the entire contract. The company doesnt pay a contract to transport the tractor parts, because now the company is big enough to transport the equipment themselves. Note: Just a reminderACV is computed on the basis of replacement cost minus depreciation. Besides the normal exclusions, fine arts and stamp and coin collections have their own additional exclusions: Fine Arts coverage excludes:. If a Silverlines Co.

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Usage, wear and tear, obsolescence, etc are all considerations. Any leakage from appliances or plumbing thats been constant or has repeated over a period of time. If someone gives up one of their known rights, this is known as a waiver. The Personal Property Floater doesnt require an appraisal to determine coverage limits. More on liability later in the unit. Even if the bailee isnt at fault, the Bailees Customer policy still covers the damage. The damage could mean someones car is scratched, or the damage could mean someone was harassed and bullied until they suffered a nervous breakdown. This usually applies when a consumer is hurt by a defective product, or to any Workers Compensation claims when someone is injured on the job. Dealers Forms Dealers Forms insure business stock and merchandise on or off the premises. If the information turns out to be incorrect, this is called a misrepresentation. This unit can also be used as an addendum to the glossary.