IA Property & Casualty study guide
IA Property & Casualty · Work through your exam, one topic at a time.
The Iowa Property and Casualty Producer license is the credential that lets you sell, solicit, and negotiate property and casualty insurance products in the state - homeowners, dwelling, personal auto, commercial property, businessowners, commercial general liability, commercial auto, workers compensation, and umbrella or excess lines. It suits people entering the insurance business for the first time as well as life or health agents who want to add property and casualty authority, and it is typically the first step before an appointment with a carrier. The IA Property & Casualty study guide has 9 sections and about 3,161 words.
01Iowa Insurance Laws, Rules, and Producer Licensing
The Iowa Insurance Division, headed by the Insurance Commissioner, administers the Iowa Code provisions governing insurers, producers, and trade practices. The Commissioner may examine insurers, issue cease-and-desist orders, suspend or revoke licenses, and impose penalties.
353 words, about 2 min02General Insurance Concepts and Policy Fundamentals
Risk is uncertainty about loss; a peril is the cause of loss (fire, windstorm); a hazard is a condition that increases the chance or severity of loss (icy steps, defective wiring). Insurance transfers risk for a premium and works through pooling and the law of large numbers.
341 words, about 2 min03Property Insurance Principles and Coverages
Property policies cover direct physical loss to covered property from covered causes of loss. Know the three ISO causes-of-loss forms: basic (named perils such as fire, lightning, windstorm, hail, explosion, riot, aircraft, vehicles, smoke, vandalism, sprinkler leakage), broad (basic plus falling objects, weight of ice or snow, water damage, glass breakage), and special (open perils, meaning risks of direct physical loss except those excluded).
330 words, about 2 min04Casualty Insurance Principles and Coverages
Casualty insurance responds to legal liability for injury to persons or damage to property of others. Negligence requires duty, breach, proximate cause, and damages.
321 words, about 2 min05Dwelling and Homeowners Policies
The dwelling policy (DP-1, DP-2, DP-3) covers the dwelling and appurtenant structures and fits owner-occupied homes that do not qualify for homeowners, rentals, and homes under construction. Homeowners forms add liability and are rated by form: HO-2 (broad named perils on dwelling and personal property), HO-3 (open perils on the dwelling, named perils on personal property, the most common), HO-5 (open perils on both), HO-4 (renters), HO-6 (condo unit-owners), and HO-8 (older homes, modified replacement cost).
362 words, about 2 min06Personal Automobile Policy
The ISO personal auto policy has six parts: A liability, B medical payments, C uninsured/underinsured motorists, D coverage for damage to your auto, E duties after an accident or loss, and F general provisions. Your covered auto means the vehicle shown in the declarations, a newly acquired auto, a trailer you own, and a temporary substitute.
392 words, about 2 min07Commercial Property and Businessowners Coverage
Commercial property forms cover buildings, business personal property, and personal property of others. Causes-of-loss options mirror personal lines: basic, broad, and special.
334 words, about 2 min08Commercial General Liability
The CGL is an occurrence-based or claims-made liability policy with three coverage parts: A bodily injury and property damage liability, B personal and advertising injury liability, and C medical payments. Coverage A pays sums the insured becomes legally obligated to pay because of bodily injury or property damage to which the insurance applies, and the insurer has the right and duty to defend.
356 words, about 2 min09Other Commercial Lines (Commercial Auto, Workers Compensation, Umbrella/Excess)
Commercial auto uses numbered covered-auto symbols. Symbol 1 means any auto; 2 means owned autos only; 7 means specifically described autos; 8 means hired autos only; 9 means non-owned autos only.
372 words, about 2 min