Virginia property and casualty insurance study guide pdf

Some states require a licensing course before qualifying to take the exam. Even after obtaining a license, all states require a continuation of education to fully prepare each agent as they enter the field. An example is a Maryland resident applying for a non-resident Florida insurance license.

Licensing requirements vary by state. However, one element is consistent throughout the U. All states require license candidates to be at least 18 years old, a valid permit to work in the U. Most states also require candidates to pass a criminal background check and have their fingerprints on file. Some states may require proof of continuing education courses in the selected field and proof of financial responsibility.

Virginia property and casualty insurance study guide pdf

The objectives of this course is to expose you to a variety of contemporary insurance issues. In addition to laying a foundation of knowledge, it is hoped that these topics will stimulate your curiosity to learn more about one or several of the subjects discussed. This is a self-study course designed to help you meet your prelicensing requirement. It has been accredited by the State. For best results, you should review the complete text. To measure your knowledge, you must pass the online examinations associated with this course. For details on the examination and procedures for earning a Certificate of Completion and credit hours, go to www. This publication is designed to provide authoritative information in regard to the subject matter covered. It is sold with the understanding that the author is not engaged in rendering legal, accounting or other professional services. The information within these pages is general insurance education. It is not to be used to advise your clients or others in specific matters unless we agree in writing, in advance, that it will be used for that purpose.

The SFP is the only insurance policy that has its wording standardized by law.

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At WebCE, we are passionate about delivering exceptional professional development solutions. With world-class customer support and education to serve multiple professions, we're here to help professionals reach their career goals. Access Period: 3 months. Back to Catalog. It includes the VA Property and Casualty Exam Prep Course covering Virginia's current property and casualty insurance exam content outline in the following categories:. Exam Tutor, our diagnostic testing tool which provides unlimited customizable practice quizzes and complete state exam simulations. My Study Planner, a dynamic planner that allows you to establish a study plan with a specific completion goal to help you focus on incremental daily progress in the course content. International Risk Management Institute, Inc. IRMI is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners.

Virginia property and casualty insurance study guide pdf

Last updated: December 19, These steps will take a few weeks to complete so we recommend you bookmark this page so you can use it as a reference throughout the process. Just follow these five simple steps to start your journey toward becoming a property and casualty insurance agent. Once you earn this license, check out our guide on how to get your Virginia life insurance license as well. Pre-license education courses are self-paced and include study materials like practice exams and flashcards. Others purchase books or self-study materials to prepare themselves for the exam. A pre-license education course provides very specific industry knowledge that insurance professionals will encounter during the exam. You can complete insurance licensing courses on your own schedule and at your own pace when you choose online courses. Recommended Course.

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Homeowners need protection from 3 major risks: 1 Damage or destruction to the house 2 Damage or destruction to personal property 3 Liability and any lawsuits HOPs are designed to protect a person or family against the 3 above risks. I in my soup. You may run into this question on the test: Whats the primary source of insurability? For example, if a car has really old, malfunctioning brakes, the faulty brakes are a hazard. Mortgage Guaranty insurance protects against financial losses due to the nonpayment of principal, interest, and other fees that have to be paid under the terms of any note, bond, or contract. Indemnity is a noun: its a type of contract. Note: Boat owners may need to look beyond their homeowners policy to boat owners coverage if their boat is too big or where specialized coverage like extended travel, fuel spills, personal property, replacement cost coverage and more are limited or excluded. Such structures could include a detached garage, pool, or storage shed. Equipment Dealers Coverage covers the inventory of businesses that sell or rent contractor or agricultural equipment. The first part consists of questions covering general knowledge of products, terms, and concepts. A lot of times, this has a negative impact on the propertys insurance. The insurer determines the replacement cost and subtracts and amount for depreciation. Usually this provision stipulates that claims will be paid on an ACV or replacement basis. Premium Rating The California Insurance Code specifies that premium rates cant be excessive, discriminatory, or inadequate.

If you are looking to become a licensed property and casualty insurance agent in West Virginia, you will need to pass the state licensing exam. This exam can be daunting, but with the right preparation and resources, you can ace it on your first try.

Note: Boat owners may need to look beyond their homeowners policy to boat owners coverage if their boat is too big or where specialized coverage like extended travel, fuel spills, personal property, replacement cost coverage and more are limited or excluded. But its a fact of life that some people are natural oafs, and everyone has the potential for unintentional oafishness. The bill of lading could limit the carriers liability, rendering the shipment underinsured. Whether an insured owns or rents a home, a HOP provides valuable and necessary protection. The amount of reduction in the value of an insureds property caused by a covered peril. Note: The Business Pursuits Endorsement doesnt cover a business that the insured owns, because that would need to be covered under a Commercial coverage. Note: You should recognize that property insurance policies contain many items but NOT the insureds property address. Fair Credit Reporting Act The Fair Credit Reporting Act means that the applicant has to know in advance if an insurance agency is going to request a copy of their consumer report. The provision is called Automatic Removal, and it gives the insured 30 days coverage for personal property at the new residence. Coverage B: Appurtenant Structures other buildings on the property that arent attached to the main dwelling. The insurer provides and pays for a legal defense, and pays up to the coverage limit for damages. Accident An accident is the insurance opposite of an occurrence.