KY Property & Casualty study guide
KY Property & Casualty · Work through your exam, one topic at a time.
The Kentucky Property and Casualty Insurance Producer license is the credential that allows an individual to sell, solicit, and negotiate property and casualty insurance products in Kentucky - homeowners and dwelling policies, commercial property, inland marine, general liability, commercial auto, and personal auto, among others. Candidates typically pursue it to work as agency producers, customer service representatives who transact business, or independent agents, and many hold it alongside a life license. The KY Property & Casualty study guide has 8 sections and about 2,502 words.
01Insurance Regulation and Licensing (National)
Insurance in the United States is regulated primarily by the states. The McCarran-Ferguson Act (1945) confirmed that state regulation serves the public interest and gives insurers a limited federal antitrust exemption - but only to the extent the activity is actually regulated by state law, and never for boycott, coercion, or intimidation.
343 words, about 2 min02General Insurance Concepts
Risk is uncertainty about loss; a peril is the cause of loss; a hazard increases the chance or severity of loss. Moral hazard is dishonesty, morale hazard is carelessness or indifference, and physical hazard is a tangible condition.
342 words, about 2 min03Kentucky Insurance Laws, Rules, and Regulations
Kentucky insurance law is codified in KRS Chapter 304 and administered by the Kentucky Department of Insurance, headed by a commissioner appointed by the governor. The commissioner licenses producers and insurers, examines company financial condition and market conduct, reviews rates and forms, and enforces the unfair trade practice statutes.
317 words, about 2 min04Property Insurance Basics and Policy Provisions
Named-peril forms list the covered causes of loss (fire, lightning, windstorm, hail, explosion, riot, aircraft, vehicles, smoke, vandalism, theft, plus broad-form additions such as weight of ice and snow, accidental discharge of water, and freezing). Open-peril (special) forms cover risks of direct physical loss unless excluded.
300 words, about 2 min05Commercial and Residential Property Coverages
HO-2 is broad named peril on both dwelling and contents. HO-3 is open peril on the dwelling and other structures but named peril on personal property.
300 words, about 2 min06Casualty Insurance Basics and Policy Provisions
Negligence requires duty, breach of duty, proximate cause, and damages. Compensatory damages are special (medical bills, lost wages) or general (pain and suffering); punitive damages punish.
308 words, about 2 min07Commercial General Liability and Related Coverages
The ISO commercial general liability form contains three coverages. Coverage A covers bodily injury and property injury for which the insured is legally obligated to pay damages because of an occurrence, plus the right and duty to defend.
303 words, about 2 min08Automobile and Personal Liability Insurance
Part A is liability; Part B is medical payments; Part C is uninsured and underinsured motorists; Part D is coverage for damage to your auto, split into collision and other-than-collision. "Your covered auto" includes owned vehicles, newly acquired autos within a notice window, trailers, and temporary substitute autos.
289 words, about 1 min