COP Insurance study plan

Define and distinguish pure versus speculative risk, and classify ten everyday exposures into each category with written justification.

Explain the six characteristics of an insurable risk and test five real-world scenarios against each characteristic to determine insurability.

Diagram the indemnity, insurable interest, subrogation, and utmost good faith principles and state how each one limits what a policy will pay.

Describe the underwriting function and list the three main sources of underwriting information (application, inspection/medical evidence, and third-party data) with one example of each.

Compute simple loss-ratio and exposure-based premium examples to show how frequency and severity drive rate adequacy.

Distinguish stock, mutual, reciprocal, and captive insurers, and match each structure to a customer scenario where it fits best.

Explain reinsurance, retention, and ceded risk in plain language, and describe how a reinsurance treaty affects a primary insurer's capacity.

Walk through the underwriting lifecycle from submission to issue, naming the decision points where a policy can be declined, rated, or modified.

Identify the components of a policy contract - declarations, insuring agreement, conditions, exclusions, and endorsements - and label each in a sample policy excerpt you write yourself.

Calculate earned and unearned premium for a mid-term cancellation and explain how pro rata and short-rate methods differ.

Compare term, whole life, universal life, and variable life on premium flexibility, cash value, and death benefit structure, and select the best fit for four client profiles.

Explain the roles of the owner, insured, beneficiary, and irrevocable versus revocable designations, and draft three beneficiary clauses with different contingencies.

Describe nonforfeiture options, policy loans, dividends, and surrender charges, and show numerically how a loan reduces a death benefit.

Apply the incontestability period, suicide clause, grace period, and reinstatement provisions to five short fact patterns.

Explain how medical and financial underwriting differ for life insurance, including the purpose of the MIB-style consumer reporting and attending physician statements.

Distinguish major medical, disability income, and accident coverage, and identify the benefit trigger for each in five claim scenarios.

Explain deductibles, coinsurance, copays, out-of-pocket maximums, and coordination of benefits, and compute member responsibility for three worked claims.

Outline the regulatory framework: state licensing, producer appointment and continuing education, and the role of the insurance department versus federal oversight.

Identify unfair trade practices such as rebating, twisting, misrepresentation, and commingling, and give a compliant alternative for each.

Explain market conduct examinations, producer recordkeeping duties, and the purpose of guaranty associations.

Explain the difference between property and liability loss exposures for a homeowners policy and map five perils to the correct coverage part.

Describe replacement cost versus actual cash value, and calculate a depreciated loss settlement for two personal property items.

Outline commercial property concepts including coinsurance clauses, business income, and blanket versus specific coverage.

Distinguish CGL coverage forms (occurrence versus claims-made), and explain the role of the aggregate limit and the retroactive date.

Explain personal and commercial auto liability, uninsured/underinsured motorist coverage, and the interaction with medical payments coverage.

Describe workers' compensation benefits and employer liability exposure and how experience modification affects premium.

Sequence the claim handling process from first notice of loss through payment or denial, naming the duties owed at each stage.

Explain the roles of adjusters, appraisers, and special investigation units, and identify three red flags of potential fraud in a claim narrative.

Apply the concepts of actual cash value, replacement cost, and betterment to three settlement calculations.

Explain reservation of rights letters, proof of loss, and the appraisal and arbitration provisions used to resolve disputes.

Describe claim-related regulatory requirements: timely acknowledgment, prompt payment, and unfair claim settlement practices.

Apply a needs-based selling process: fact-finding, needs analysis, recommendation, and documentation, using one complete client scenario.

Explain fiduciary duties, suitability, disclosure of compensation, and the difference between replacement and conservation when a client considers a new policy.

Draft three client communications: an adverse underwriting decision letter, a coverage gap explanation, and a claim status update, each in plain language.

Identify privacy and data protection obligations when handling client information and describe three safeguards.

Practice handling a complaint or escalation using a documented response framework, and list the steps to resolve it fairly.

Complete two timed full-length practice exams under exam conditions and score each by domain to identify weak areas.

Re-teach your three weakest domains by writing a one-page summary of each from memory, then correcting it against your notes.

Review every missed question from both practice exams and classify each error as knowledge gap, misread question, or calculation slip.

Recite the key definitions and formulas - insurable interest, ACV, coinsurance, coordination of benefits, pro rata cancellation - without notes.

Build a final one-page formula and definitions sheet for last-minute review.