ND Property & Casualty study guide
ND Property & Casualty · Work through your exam, one topic at a time.
The North Dakota Property & Casualty Producer license is the credential that lets you sell, negotiate, and service property and casualty insurance products in North Dakota - homeowners, dwelling, personal auto, commercial property, commercial general liability, and workers' compensation among them. It suits career changers entering insurance, agency support staff seeking a producer role, and licensed producers moving in from other states. The ND Property & Casualty study guide has 10 sections and about 3,093 words.
01Insurance Regulation and Licensing
Insurance in the U.S. is regulated chiefly by the states, a framework reinforced by the McCarran-Ferguson Act, which left supervision of the business of insurance to the states and gave insurers a limited antitrust exemption.
334 words, about 2 min02General Insurance Principles
Risk is uncertainty about loss. A peril is the cause of loss (fire, wind, theft).
327 words, about 2 min03Property Insurance Fundamentals
Property claims settle at actual cash value (replacement cost minus depreciation) or replacement cost. Replacement cost generally requires repair or replacement; if the insured does not repair or replace, many forms revert to ACV.
336 words, about 2 min04Casualty Insurance Fundamentals
Liability insurance responds to the insured's legal obligation to pay damages. Negligence requires duty, breach, proximate cause, and damages.
317 words, about 2 min05Dwelling Coverage
Dwelling policies (DP-1 basic, DP-2 broad, DP-3 special) insure a dwelling and its contents and are commonly used for owner-occupied homes, rental dwellings, and secondary residences. They are not homeowners policies: liability and medical payments coverage are not built in and must be added by endorsement.
302 words, about 2 min06Homeowners Coverage
Homeowners forms are packaged: property in Section I (Coverages A dwelling, B other structures, C personal property, D loss of use) and liability in Section II (Coverage E personal liability, Coverage F medical payments to others). HO-2 is broad named peril, HO-3 is special (open peril on the dwelling, named peril on personal property), HO-5 is comprehensive (open peril on both), HO-4 is renters (no building coverage), HO-6 is condominium (covers building items), and HO-8 is modified for older homes, often using functional replacement cost.
304 words, about 2 min07Personal Auto Coverage
Part A liability pays bodily injury and property damage the insured is legally liable for, using split limits (for example 50/100/50) or a combined single limit. Part B medical payments pays reasonable medical expenses regardless of fault, subject to a small limit.
287 words, about 1 min08Commercial Property and Package Coverage
The building and personal property coverage form insures buildings, business personal property, and personal property of others. Causes of loss forms parallel personal lines: basic, broad, and special (open peril).
312 words, about 2 min09Commercial General Liability
CGL uses Coverage A (bodily injury and property damage), Coverage B (personal and advertising injury), and Coverage C (medical payments, no-fault and usually $5,000 outside the limits). Limits include each occurrence, general aggregate, products-completed operations aggregate, personal and advertising injury limit, damage to premises rented to you, and medical expense limit.
285 words, about 1 min10Workers' Compensation and Employer Liability
Workers compensation is a no-fault statutory system: employees give up the right to sue in tort and receive medical care and wage-replacement benefits regardless of fault. The exclusive remedy doctrine generally bars employee tort suits against the employer.
289 words, about 1 min