Sep 16, 2025 | Study Notes, All Lines
Elements of a Contract There are four elements that make a contract what it is. You need to understand all four elements. Agreement – First, there needs to be an agreement. An agreement is made when somebody presents an offer, and when somebody accepts it. In...
Sep 1, 2025 | Study Notes, All Lines
Certificate of Authority When an insurance company is ready to sell in a state, they will go to the Department of Insurance in that state and ask “can we sell here?” If the department of insurance is okay with that company selling in that state, they will provide them...
Aug 12, 2025 | Study Notes, All Lines
Warranty, Representation, Misrepresentation, Material Misrepresentation and Concealment A warranty is a true statement. There is nothing that should/could be wrong about it. Warranties are mostly used in Property and Casualty where you just NEED to be correct, like “I...
Mar 5, 2025 | All Lines, Study Notes
General Insurance Study Tip: Make note cards with the Bolded words on one side and the definition on the other. Insurance is the transfer of risk of loss. Risk is the uncertainty or chance of loss occurring Two types of Risk: Pure Risk is loss or nothing, no chance of...
Jan 23, 2025 | All Lines, Study Notes
Hazard Vs Peril Let’s talk about how the risk can lead to a loss that insurance companies will cover. A Hazard is something that will increase the chance of a loss, and there are three types: Physical, Moral and Morale. Physical The easiest is physical, you can see...
Jan 22, 2025 | All Lines, Study Notes
All Lines: Law of Large Numbers When we buy insurance, we are paying a relatively small amount of money (the premium) and in return we may be receiving a very large claim payout (this concept is called Aleatory, an exchange of unequal amounts). How can insurance...
