May 30, 2025 | Study Notes, Property & Casualty
Property Policies The primary purpose of property policies is to pay for losses after a peril (fire, hail, etc.) occurs and causes direct damage to the property. There are 4 main components/concerns to consider when your purchase a property policy: Structure, Personal...
May 28, 2025 | Study Notes, Property & Casualty
Property & Casualty Quick Notes Study Tip: Make Quick Notes cards with the Bolded words on one side and the definition on the other. General Topics Insurable Interest – You must have interest into the item/person you are insuring, meaning you get insurance...
May 26, 2025 | Study Notes, Property & Casualty
Claims Procedure Claims Procedures is the process for what happens when a claim is filed. Each one is it’s own provisions, but they all fall under the umbrella of claim procedures. Now, this is typically done by the doctors office and most people are not involved with...
May 21, 2025 | Study Notes, Property & Casualty
Personal Auto Policies Quick Breakdown: Part A: Liability – Pays to others that you injure in an accident. Limits are usually either split limits, or combined single limit. Part B: Medical Payments – Pays to you and your passengers in your car for injuries...
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?”...
