CA Property & Casualty study guide
CA Property & Casualty · Work through your exam, one topic at a time.
The California Property and Casualty Broker-Agent license is the combined credential that allows a licensed individual or business entity to transact both property insurance (such as homeowners, commercial property, and inland marine) and casualty insurance (such as auto, general liability, and workers' compensation) in California. It is issued by the California Department of Insurance and is the license most new producers pursue because it opens the widest range of personal and commercial lines. Candidates do not have to sit two separate tests. According to the Department, an applicant selects both the Property Broker-Agent and the Casualty Broker-Agent license types when scheduling the license examination at PSI and when filing the new license application; applicants who check both license types on the application pay one filing fee and take one examination covering both license types. The CA Property & Casualty study guide has 4 sections and about 1,595 words.
01Insurance Principles and Concepts
Risk is uncertainty about loss. Peril is the cause of loss (fire, wind, theft, collision).
387 words, about 2 min02Property Insurance Basics
Every property form contains declarations (who, what, limits, deductible), an insuring agreement (the promise), conditions (duties after loss, valuation, other insurance), exclusions , and definitions . Read the insuring agreement first: it tells you whether coverage is named peril (only listed causes; the insured bears the burden of proving the cause) or open peril ("risk of direct physical loss," all causes except those excluded; the insurer bears the burden).
404 words, about 2 min03Casualty Insurance Basics
Liability insurance pays on behalf of an insured who is legally obligated because of negligence : a duty owed, a breach , proximate cause , and damages . Damages may be compensatory (special = medical bills and lost wages; general = pain and suffering) or punitive .
399 words, about 2 min04California Insurance Law and Regulations
California insurance is governed by the Insurance Code , regulations in Title 10 of the California Code of Regulations , and the California Department of Insurance . The Insurance Commissioner is elected to a four-year term (a favorite trap, since most states appoint theirs).
405 words, about 2 min