HI Property & Casualty study guide
HI Property & Casualty · Work through your exam, one topic at a time.
The Hawaii Property and Casualty insurance licensing examination is the state's entry requirement for candidates who want to sell or service property and casualty insurance products in Hawaii. It is intended for new applicants seeking a resident producer license, career changers moving into the insurance industry, and producers from other lines who are adding property and casualty authority. The HI Property & Casualty study guide has 4 sections and about 1,354 words.
01Insurance Principles and Concepts
Insurance transfers pure risk (loss or no loss) rather than speculative risk (chance of gain), which is generally uninsurable. Insurers make large numbers of similar, independent exposure units predictable through the law of large numbers , and they manage adverse selection through underwriting.
346 words, about 2 min02Property Insurance Basics
The homeowners program is a package : Coverage A (dwelling), B (other structures), C (personal property), D (loss of use), E (personal liability), F (medical payments to others). Know the form differences: HO-2 broad named perils, HO-3 open perils on the dwelling but named perils on contents, HO-5 open perils on both, HO-8 modified coverage for older homes.
320 words, about 2 min03Casualty Insurance Basics
Liability rests on negligence : a legal duty owed, breach of that duty, proximate cause, and actual damages. Compensatory damages make the injured party whole (medical bills, lost wages, pain and suffering); punitive damages punish.
342 words, about 2 min04Hawaii Insurance Laws, Rules and Regulations
The Hawaii Insurance Division of the Department of Commerce and Consumer Affairs (DCCA), headed by the Insurance Commissioner , licenses insurers and producers, reviews rates and forms, examines market conduct, and enforces the insurance code (HRS Chapter 431). A producer must hold a resident or nonresident license for each line sold, be appointed by the insurer, and hold funds in a fiduciary capacity (premiums are trust funds).
346 words, about 2 min