Apr 18, 2025 | Study Notes, Property & Casualty
Loss Valuation ACV/RC/Premium When you select a policy, you select in advance how the policy will pay out if a loss occurred. The two most common are: ACV = Actual Cash Value RC = Replacement Cost Actual Cash Value is Replacement cost MINUS depreciation. ACV With ACV,...
Apr 16, 2025 | Study Notes, Property & Casualty
Bonds What is a Bond Bonds are a way of making a promise and showing that someone will vouch for you on that promise. Let’s say you’re a contractor and you repair kitchens. When a customer asks “How do I know you will do a good job? How can I know I can trust you?”...
Apr 14, 2025 | Study Notes, Property & Casualty
Pro-Rata To explain Pro-Rata I will use an example from my P&C GOLD Course: (Here is the link to buy P&C GOLD) ABC Corp has $100k of coverage on its building through Insurance Co. A and $50k of identical coverage on same building through Insurance Co B....
Apr 11, 2025 | Study Notes, Property & Casualty
Unfair Trade Practices Learn the terms and meaning of the four unfair trade practices: Twisting, Rebaring, Coercion and Defamation. >Twisting Using an improper comparison of two policies in an effort to get the client to cancel their current policy to buy yours...
Apr 9, 2025 | Study Notes, Property & Casualty
Occurence vs Claims Made Whenever you have a loss, there are two important dates. The date the loss occurred and the date you filed the claim. In some cases like car accidents, we immediately know there is an issue and will file a claim right away. However, there are...
Apr 7, 2025 | Study Notes, Property & Casualty
Contributory & Comparative Negligence Scenario One: Let’s say that you went to a store and you’re walking down the aisle and you slip and fall on water dripping from the freezers and bust your hip. You were a normal patron doing a normal activity, it’s totally the...
