FL Property & Casualty study guide
FL Property & Casualty · Work through your exam, one topic at a time.
The Florida Property and Casualty insurance license - commonly pursued under Florida's General Lines (2-20) authority - is a state credential issued by the Florida Department of Financial Services through its Division of Insurance Agent and Agency Services. It allows a licensed individual to transact property and casualty insurance business in Florida, and it is aimed at people entering or advancing in the insurance industry: career agents, agency staff, customer-facing producers, and agency principals. The FL Property & Casualty study guide has 6 sections and about 2,207 words.
01Insurance Terms, Concepts, and Principles
Insurance transfers the financial consequences of pure risk (loss or no loss) from one person to a pool in exchange for a premium. A peril is the cause of loss (fire, windstorm, theft); a hazard is a condition that increases the likelihood or severity of that loss.
369 words, about 2 min02Property Insurance Basics and Policy Provisions
Every policy has declarations (who, what, where, how much), an insuring agreement (the promise to pay), conditions (duties the insured must satisfy), exclusions (what is never covered), and definitions that control interpretation. Property can be covered on a named-perils basis (only listed causes) or open/special perils (all risks of direct physical loss unless excluded).
339 words, about 2 min03Casualty (Liability) Insurance Basics and Policy Provisions
Liability insurance pays third parties - it defends and indemnifies the insured for sums the insured becomes legally obligated to pay because of bodily injury , property damage , or personal and advertising injury arising from an occurrence (an accident, including continuous or repeated exposure to substantially the same general harmful conditions). It is not first-party coverage; the insured's own injuries and property are excluded.
374 words, about 2 min04Commercial Property and Commercial Liability Coverages
The Commercial Property Coverage Form insures buildings (including permanently installed fixtures and the insured's interest in improvements) and business personal property (furniture, stock, machinery, and personal property of others in the insured's care). Causes-of-loss forms escalate from Basic (named perils), to Broad (named perils plus breakage, water damage, falling objects), to Special (open perils with exclusions).
342 words, about 2 min05Automobile and Personal Lines Coverages
The PAP has six parts: A - Liability , B - Medical Payments , C - Uninsured/Underinsured Motorists , D - Damage to Your Auto (collision and other-than-collision), E - Duties After an Accident or Loss , and F - General Provisions . Liability pays third parties; Parts B and C are first-party benefits.
365 words, about 2 min06Florida Statutes, Rules, and Regulations Pertaining to Insurance
Florida's insurance code (Chapter 626) is administered by the Department of Financial Services (DFS) for agent licensing and by the Office of Insurance Regulation (OIR) for market conduct and rate filing. Common licenses include the 2-20 General Lines agent and the 4-40 Customer Representative .
418 words, about 2 min