MA Property & Casualty study guide
MA Property & Casualty · Work through your exam, one topic at a time.
Massachusetts requires anyone who sells, solicits, or negotiates property and casualty insurance in the Commonwealth to hold a producer license issued by the Division of Insurance (DOI), the state agency whose stated mission is to monitor the solvency of its licensees and to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The DOI licenses insurance companies and producers, reviews and approves rates and forms, and addresses consumer complaints. The MA Property & Casualty study guide has 6 sections and about 2,142 words.
01Insurance Principles and Concepts
This domain rewards candidates who can apply risk-transfer principles, not just define them. Insurance handles pure risk - loss or no loss.
345 words, about 2 min02Property Insurance Policy Basics and Provisions
Every policy has declarations (who, what, where, how much, deductibles), an insuring agreement (the promise and the perils), conditions (the rules of the relationship), exclusions , and definitions - and defined words control. Named-peril forms list what is covered.
360 words, about 2 min03Casualty Insurance and Liability Basics
A liability policy promises to pay sums the insured is legally obligated to pay as damages because of bodily injury or property damage, plus a duty to defend. The duty to defend is broader than the duty to indemnify - a suit alleging a covered act triggers defense even if the claim later proves groundless or excluded.
367 words, about 2 min04Massachusetts Insurance Laws, Regulations, and Licensing
The Commissioner of Insurance , heading the Division of Insurance, licenses insurers and producers, reviews policy forms, and enforces the insurance statutes and regulations. Producers are licensed by line; an agent represents the insurer (through an appointment) while a broker represents the applicant or insured.
345 words, about 2 min05Personal Lines Coverages (Homeowners, Dwelling, Personal Auto)
Homeowners forms are packaged: Coverage A dwelling, B other structures (usually 10% of A), C personal property (usually 50% of A), D loss of use, E personal liability, F medical payments to others. Coverages B, C, and D are automatically included percentages of A unless endorsed.
370 words, about 2 min06Commercial Lines Coverages
Commercial property forms (CP series) are built from a coverage part plus a causes of loss form: basic (named perils), broad (named perils, wider), or special (open peril). Commercial policies commonly impose coinsurance - the same (carried ÷ required) × loss formula, with required usually 80% or 90% of value.
355 words, about 2 min