CO Property & Casualty study plan

Distinguish pure vs. speculative risk, and define peril, hazard, loss, and exposure in your own words

Explain the six characteristics of an insurable risk and apply each to a real line of business

Define indemnity, insurable interest, subrogation, utmost good faith, adhesion, and aleatory, then match each to a policy clause that demonstrates it

Differentiate stock vs. mutual insurers, admitted vs. surplus lines, and the authority types (express, implied, apparent) held by agents and brokers

Label the five structural parts of a policy (declarations, insuring agreement, conditions, exclusions, definitions) on a blank outline from memory

Differentiate named-peril from open-peril (special) forms and list what each does and does not cover

Calculate loss settlements under actual cash value, replacement cost, and functional replacement cost, including the effect of a deductible

Explain how limits of liability, coinsurance/replacement-cost requirements, and other insurance clauses change the payout

Compare the standard homeowners forms by perils insured and tenant/condo occupancy, and state who each form is written for

Map Coverages A, B, C, and D to what each insures and how each limit is derived

Compute additional living expense and fair rental value payments in scenario form

Select the correct endorsement (scheduled personal property, water backup, replacement cost, ordinance or law) for a stated coverage gap

Identify the standard property exclusions and the exceptions that restore coverage

Apply dwelling and commercial property coverage concepts, including coinsurance penalties and blanket vs. specific limits

Explain business income and extra expense coverage and calculate a stated-period loss of income

Define negligence, the four elements of a negligent act, and the common liability defenses

Distinguish the three trigger theories for occurrence-based coverage

Break down the commercial general liability coverage parts: premises/operations, products-completed operations, personal and advertising injury, medical payments

Explain each CGL limit (occurrence, general aggregate, products-completed operations aggregate, damage to premises rented, medical expense) and how they interact

Differentiate occurrence from claims-made forms and apply the retroactive date and extended reporting period rules

Classify a claim as an insured contract, contractual liability, or an excluded exposure

Compare the personal auto policy, the business auto coverage form, and garage/transportation coverages by who and what they protect

Order the priority of coverage when multiple auto policies or an umbrella apply to the same loss

Explain workers compensation benefits, exclusive remedy, and the employer liability exposure that sits above the statutory benefit

Differentiate umbrella from excess liability forms, including self-insured retention and drop-down provisions

Outline Colorado producer licensing requirements, appointment and termination procedures, and continuing education obligations using the current state statute and DOI materials

Describe the acts that constitute unfair trade practices and the prohibited inducements and rebating rules

State the notice and reason requirements for cancellation, nonrenewal, and premium increase for personal and commercial lines

Explain the role of the Colorado guaranty association, the claims-handling standards, and the DOI's enforcement powers and penalties

Retake every previously missed item and confirm each is now explained correctly without notes

Complete two full-length timed practice exams under test conditions

Reconcile the formula/limits sheet and the Colorado flashcard deck into a single one-page final review sheet

Rank your remaining weak areas and drill only the top three before exam day