IN Property & Casualty study guide
IN Property & Casualty · Work through your exam, one topic at a time.
The Indiana Property and Casualty Producer license is a state credential, administered through the Indiana Department of Insurance (IDOI), that allows a person to sell, solicit, and negotiate property and casualty insurance in Indiana. It suits people entering insurance sales, agency owners and staff, customer service representatives moving into licensed roles, and career changers who need a resident property and casualty line. The IN Property & Casualty study guide has 6 sections and about 1,945 words.
01Insurance Principles and Concepts
Insurance transfers pure risk (loss or no loss). Speculative risk (chance of gain) is not insurable.
349 words, about 2 min02Property Insurance Basics
Named-peril forms list what is covered; open-peril ("special") forms cover risk of direct physical loss unless excluded. Valuation drives the number: actual cash value (replacement cost minus depreciation), replacement cost , functional replacement cost , agreed value, or market value.
341 words, about 2 min03Casualty Insurance Basics
Four elements must all be present: legal duty owed, breach of that duty, proximate cause (an unbroken, foreseeable chain), and actual damages . Defenses include comparative fault (Indiana's modified rule reduces damages by the plaintiff's share and bars recovery when the plaintiff is more than 50% at fault), assumption of risk, and intervening cause.
307 words, about 2 min04Types of Property and Casualty Policies
Homeowners: HO-2 (broad named perils), HO-3 (special on the dwelling, broad named perils on personal property), HO-5 (comprehensive), HO-4 (tenants - contents and liability, no building), HO-6 (condominium unit-owners), HO-8 (modified form for older homes, functional replacement cost). Dwelling policies (DP-1 basic, DP-2 broad, DP-3 special) insure rental or secondary structures and carry no personal liability unless endorsed.
290 words, about 1 min05Policy Provisions, Options, and Riders
Declarations (who, what, where, when, limits, deductible), Insuring agreement (the promise and the perils), Conditions (duties and rules), Exclusions (what is never covered). Endorsements and riders amend these parts; manuscript forms are negotiated.
314 words, about 2 min06Indiana Insurance Laws, Rules, and Regulations
Indiana insurance is regulated by the Insurance Commissioner , who heads the Indiana Department of Insurance and is appointed by the Governor. The Commissioner licenses producers and insurers, examines companies and conducts market-conduct reviews, holds hearings, adopts administrative rules (760 IAC), and may fine, suspend, or revoke licenses.
344 words, about 2 min