Mar 19, 2025 | Study Notes, Property & Casualty
P&C: Types of Liability Liability basically means “you’re responsible for this.” There are three types of liability: Absolute, Strict and Vicarious. Absolute Liability – You’re absolutely at fault, what you did was so reckless and dangerous we don’t...
Mar 17, 2025 | Study Notes, Property & Casualty
P&C Damages Damages: Property, Bodily, Special, General, Punitive Damages are the money that a person pays out when they have caused damage to someone/something. There are three types of Damages and two sub-categories: Property – Physical damage to...
Mar 12, 2025 | Life & Health, Study Notes
Types of Life Policies: Key Points TERM Life Insurance Duration: Lasts for a specific term or set amount of time. Cost: Generally the least expensive option. Purpose: Ideal for those needing coverage for a specific period, like until a child finishes college or until...
Mar 10, 2025 | Life & Health, Study Notes
Whole Life, Cash Value and Automatic Premium Loans A Whole Life policy is saving your OWN money for your OWN death, but if you happen to die early, life insurance will kick in to make up the difference of what you didn’t save. Check out this chart. The top of...
Mar 7, 2025 | Life & Health, Study Notes
Insurable Interest A valid insurable interest may exist between the policy owner and the insured when the policy is insuring any of the following: Policyowner’s own life; The life of a family member (a spouse or a close blood relative); or The life of a business...
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...
