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.

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

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. The Property and Casualty licensing examination is a two-hour, depending on the state multiple-choice question exam consisting of two parts. The first part consists of questions covering general knowledge of products, terms, and concepts. The second part is state-specific and assesses your knowledge of statutes and regulations. Each section includes non-scored questions that are used to validate future test subjects. While the questions will vary from state-to-state for the second portion of the examination, questions will generally come from the following categories:. Some states will combine both sections into one exam. Other states, like Texas, split the exam into two distinct portions where you will complete the general section first and then complete the state-specific section next. Most states have online registration for the licensing exam and application.

Guaranteed Replacement Cost Endorsement Adding this endorsement means that the insurer will pay the total cost to rebuild a structure, even if the cost to rebuild the structure exceeds the policy limits. Per person means the limit of liability extends to each individual. The amount paid on behalf of an insured under an insurance policy There are 2 categories of loss: 1 Direct Loss, which refers to loss or damage done to the primary subject of the insurance agreement.

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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. This exam can be daunting, but with the right preparation and resources, you can ace it on your first try. In this guide, you will find everything you need to know about the West Virginia Property and Casualty Insurance Exam. The exam questions are divided into two sections: property insurance and casualty insurance. To prepare for the exam, you should study the relevant materials thoroughly. The West Virginia Insurance Licensing Candidate Handbook is an excellent resource that provides detailed information about the exam content and format, as well as study tips and sample questions.

Virginia property and casualty insurance study guide pdf

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.

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Again, this form is used a lot with older homes, that are higher insurance risks. To protect the mortgagee, the standard mortgagee clause is used almost universally. Characteristics of an Insurance Contract There are different characteristics of insurance contracts that can change the entire tone of the contract. Early arrival allows you to complete the necessary paperwork and have your identification verified. Risk is also sometimes used to designate a policyholder, i. Third Party Claim: The insurance policy pays to a third party on behalf of the insured who might have otherwise been liable himself. Watch this video on YouTube. Coverage B Coverage B isnt included in HO 04 or HO 06, because tenants and condo owners wouldnt need to worry about appurtenant structures on the premises. The forms include:. Once you are satisfied, submit your test for scoring. The 2 kinds of Marine Insurance Marine insurance is designed to protect items on the go. Can be.

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.

Angie takes the company to court and the judge issues an estoppel, which forces the insurance company to honor the conditions of the waiver. Insuring Agreement The insuring agreement is considered to be the core of any insurance contract. Coverage is based on ACV. The damage could mean someones car is scratched, or the damage could mean someone was harassed and bullied at work until they suffered a breakdown. Legalities Here are some important legal characteristics affecting contracts: A. Claims Expense covers the insurers cost to defend the insured in a lawsuit. However, real world situations are not always this black and white. The following are Personal Property Exclusions:. Theft Theft is a general term for stealing. Likewise, liability bodily injury for example claims your client incurs as a result of a disaster could have very specific limitations as specified in the declarations page of the policy. Motor Truck Cargo LiabilityOwners form insures company property thats lost or damaged while its being transported by company trucks. The SFP is the only insurance policy that has its wording standardized by law. Customer Eligibility Not only do HOPs offer one-stop shopping coverages, the packages are often priced more competitively than the DPs.