KS Property & Casualty study guide
KS Property & Casualty · Work through your exam, one topic at a time.
The Kansas Property and Casualty Insurance Producer License Exam is the state licensing assessment that a candidate must pass before applying to the Kansas Insurance Department for a license to sell, solicit, or negotiate property and casualty insurance in Kansas. It is written for people entering the insurance business - career changers, agency customer service representatives moving into sales, bank and auto-dealer staff who need a limited line, and newcomers hired into producer training programs - as well as for licensed producers adding a line of authority. The KS Property & Casualty study guide has 6 sections and about 2,158 words.
01Insurance Regulation, Licensing, and Kansas-Specific Statutes and Rules
Kansas regulates insurance through the Kansas Insurance Department, headed by the Commissioner of Insurance, who is elected statewide to a four-year term. Questions love to test this: the Commissioner is not appointed by the governor.
371 words, about 2 min02General Insurance Concepts, Terms, and Principles
Risk is the uncertainty of financial loss; a peril is the cause of loss (fire, windstorm, collision); a hazard is a condition that increases the chance or severity of loss - physical (icy steps), moral (fraud), or morale (indifference). Only pure risks (loss or no loss) are insurable; speculative risks are not.
356 words, about 2 min03Property Insurance Coverages, Exclusions, and Policy Provisions
Property policies insure the structure and personal property against named perils (basic and broad forms) or against risk of direct physical loss (special form). The commercial causes-of-loss forms build in layers: Basic (fire, lightning, explosion, windstorm, hail, smoke, aircraft, vehicles, riot, vandalism, sprinkler leakage, sinkhole collapse, volcanic action); Broad (adds falling objects, weight of ice/snow/sleet, water damage, breakage of building glass); Special (open perils, subject to exclusions).
327 words, about 2 min04Casualty Insurance Coverages, Exclusions, and Policy Provisions
Casualty policies pay sums the insured becomes legally obligated to pay as damages because of bodily injury or property damage, and provide a defense. On the CGL, defense costs are paid in addition to the limit; on most personal auto and homeowners liability coverages, defense is inside the limit.
353 words, about 2 min05Personal Lines Applications and Policy Forms
Know the differences: HO-2 (broad named perils on both dwelling and contents), HO-3 (open perils on the dwelling, named perils on personal property), HO-5 (open perils on both), HO-4 (renters - contents and liability only, no Coverage A), HO-6 (condominium unit owners), and HO-8 (modified coverage for older homes, functional replacement cost). Section I runs A through D; Section II provides Coverage E (personal liability) and Coverage F (medical payments to others).
383 words, about 2 min06Commercial Lines Applications and Policy Forms
Commercial property policies use building and personal property coverage, causes-of-loss forms, and coinsurance. Business income coverage replaces net income plus continuing normal operating expenses during the period of restoration , and often comes with a coinsurance percentage or a maximum period of indemnity.
368 words, about 2 min