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9 sessions · ~116 minutes total · Listen in order for best results
This session introduces the fundamental concepts of insurance, including the definition of risk, the principles of insurable interest, and the law of large numbers. We will explore the elements of a legally binding contract: offer, acceptance, consideration, and legal purpose. Understanding these core principles is essential for grasping how insurance policies function and are regulated.
Discover the core principles of property insurance, distinguishing between named perils and open perils policies. This session will break down key concepts such as actual cash value (ACV) versus replacement cost, the role of deductibles in managing premiums, and the importance of the coinsurance clause. We will also cover the standard structure of a property policy, including declarations, insuring agreements, conditions, and exclusions.
This session focuses on casualty insurance, which covers liability for harm to others. We will define negligence and its four key elements: duty, breach, causation, and damages. You will learn about common liability exposures, such as bodily injury and property damage, and the legal defenses against negligence claims. This track is crucial for understanding the other half of the P&C world.
Explore the different forms of homeowners insurance (HO-2, HO-3, HO-5, etc.) and what each covers. This session details the two main sections of a homeowners policy: Section I for property coverage (dwelling, personal property) and Section II for liability coverage. We will examine common endorsements and exclusions to help you understand how to tailor a policy to a client's needs.
This track provides a comprehensive overview of the standard Personal Auto Policy (PAP). We will break down each part of the policy, from Part A (Liability Coverage) to Part F (General Provisions). You will learn about who qualifies as a 'covered auto' and an 'insured,' and the function of common endorsements like uninsured/underinsured motorist coverage.
Transitioning to business insurance, this session covers the essentials of the Commercial Package Policy (CPP). We will focus on two key components: Commercial Property Insurance and Commercial General Liability (CGL). Learn about the different causes of loss forms (basic, broad, special) and the various coverages provided under a CGL policy, such as premises and operations liability.
This session delves into two critical commercial coverages: Commercial Auto and Workers' Compensation. We will differentiate the Business Auto Policy (BAP) from the personal auto policy and discuss the various coverage symbols. You will also learn the fundamentals of workers' compensation, a no-fault system that provides benefits to employees for work-related injuries.
Insurance is a heavily regulated industry. This session covers the role of the state insurance department, licensing requirements for producers, and rules governing marketing and advertising. We will discuss unfair trade practices and the importance of ethical conduct in the insurance profession. This knowledge is vital for maintaining your license and serving clients responsibly.
In our final session, we will review some common specialty policies, such as flood insurance, watercraft insurance, and umbrella policies. This track will also serve as a high-level review of the most critical concepts from the entire course. We will revisit difficult topics like coinsurance and negligence, and provide last-minute tips for success on the Property and Casualty exam.
Property and Casualty Insurance
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