DE Property & Casualty study guide
DE Property & Casualty · Work through your exam, one topic at a time.
The Delaware Property & Casualty insurance license is a state credential that allows a producer to sell and service property and casualty insurance products in Delaware. It suits career changers entering insurance sales, agency staff who need a lines license, and customer-service or claims professionals moving into licensed roles. The DE Property & Casualty study guide has 8 sections and about 2,801 words.
01Insurance Regulation and Licensing
Insurance is regulated primarily by the states under the McCarran-Ferguson Act (1945), which left oversight to the states and limited federal antitrust reach. In Delaware, Title 18 of the Delaware Code and the Insurance Commissioner - an elected official serving a four-year term - set the rules.
355 words, about 2 min02General Insurance Concepts
Risk is the chance of loss; peril is the cause of loss (fire, windstorm); hazard is a condition that increases the chance or severity of loss. Physical hazards are tangible (oily rags), moral hazards involve dishonesty (arson for profit, inflated claims), morale hazards are carelessness or indifference (leaving doors unlocked), and legal hazards come from court trends or statutes.
349 words, about 2 min03Property Insurance Basics
Every property policy has five pieces: declarations (who, what, where, limits, deductible), the insuring agreement (the promise), conditions (duties after loss, valuation, other insurance), exclusions, and definitions - plus endorsements that amend everything. The insured generally must show a covered peril caused the loss; the insurer must then fit the loss into an exclusion.
370 words, about 2 min04Casualty Insurance Basics
Liability coverage responds to legal liability for injury to others. Negligence requires duty, breach, proximate cause, and damages.
342 words, about 2 min05Dwelling and Homeowners Policies
The DP-1 (basic), DP-2 (broad), and DP-3 (special) insure a dwelling the insured may rent out. Coverages: A dwelling, B other structures, C personal property, D fair rental value, and E additional living expense in some forms.
365 words, about 2 min06Personal Automobile Insurance
Part A liability, Part B medical payments/PIP, Part C uninsured/underinsured motorists, Part D damage to your auto (collision and other than collision), Part E duties after an accident, Part F general provisions. Read definitions first: 'you' and 'your' are the named insured and spouse; a 'family member' is a resident relative; 'your covered auto' includes listed autos, newly acquired autos (subject to notice deadlines), temporary substitutes, trailers, and - for liability only - non-owned autos.
338 words, about 2 min07Commercial Package and Businessowners Policies
The businessowners policy is a packaged, simplified policy for small, low-hazard risks: offices, retail, service businesses, small apartments, restaurants, and qualifying contractors and wholesalers under size thresholds (receipts, square footage, payroll). Auto dealers, banks, and larger or high-hazard operations are ineligible.
353 words, about 2 min08Workers Compensation and Other Coverages
Every state, including Delaware, requires employers to provide statutory benefits for work-related injury or disease: medical care (typically unlimited, no deductible), indemnity for lost wages (temporary total, temporary partial, permanent partial, permanent total), death benefits to dependents, and rehabilitation - without regard to fault. In exchange, the exclusive remedy rule bars employees from suing the employer for negligence, except for intentional torts.
329 words, about 2 min