MD Property & Casualty study guide
MD Property & Casualty · Work through your exam, one topic at a time.
The Maryland Property & Casualty Insurance Producer License is a state credential that allows a person to be licensed to sell, solicit, or negotiate property and casualty insurance products in Maryland. It is aimed at people entering or advancing in the insurance sales profession - new agents, agency staff who will be licensed to transact business, career changers, and employees of insurers or agencies who need a producer appointment. The MD Property & Casualty study guide has 4 sections and about 1,365 words.
01Insurance Principles and Concepts
Risk is uncertainty about loss. Insurance transfers pure risk (loss or no loss); it does not handle speculative risk (profit or loss, as in gambling or investing).
356 words, about 2 min02Property Insurance Basics and Coverages
Property policies pay for direct physical loss to covered property caused by a covered cause of loss . Homeowners forms differ mainly in perils and eligibility: HO-2 broad named perils; HO-3 dwelling on open peril and personal property on named perils; HO-5 open peril on both; HO-4 renters (no Coverage A); HO-6 condominium unit owners; HO-8 modified form for older homes.
353 words, about 2 min03Casualty Insurance Basics and Coverages
The commercial general liability (CGL) policy is third-party coverage written on an occurrence basis (injury during the policy period, reported later) or a claims-made basis (claim must be made during the policy period, subject to a retroactive date and extended reporting periods). Limits include general aggregate, products-completed operations aggregate, each occurrence, personal and advertising injury, damage to premises rented, and medical expense.
306 words, about 2 min04Maryland Insurance Laws, Rules and Regulations
The Maryland Insurance Administration (MIA) , headed by the Insurance Commissioner, licenses producers, agencies, surplus lines brokers, and adjusters; reviews policy forms and rates; conducts market conduct examinations; and investigates fraud and unfair trade practices. Producers must complete prelicensing education, pass the exam, and renew on a two-year cycle with 24 hours of continuing education, including 3 hours of ethics .
350 words, about 2 min