ND Property & Casualty study plan

Define insurable interest, indemnity, subrogation, and utmost good faith, and give a property example of each.

Distinguish actual cash value from replacement cost and compute an ACV settlement for depreciation scenarios.

Apply the coinsurance formula to at least five loss scenarios and identify underinsurance penalties.

Label the parts of a property policy (declarations, insuring agreement, conditions, exclusions) using a policy you outline from memory.

Differentiate perils, hazards (physical, moral, morale), and risk-management techniques such as avoidance, retention, and transfer.

List the four elements of negligence and decide, for ten short scenarios, whether a claim would succeed.

Compare contributory, comparative, and pure comparative negligence rules and their effect on a payout.

Explain compensatory (special vs. general) and punitive damages, and identify which are typically insurable.

Distinguish liability coverage from medical payments coverage and from first-party property coverage.

Outline absolute/strict liability and vicarious liability situations and name the policy type that responds to each.

Map each Homeowners form (HO-2, HO-3, HO-4, HO-5, HO-6, HO-8) to the occupancy it is designed for.

Identify Coverages A through F and state, for each, what limit basis applies (e.g., Coverage A limit and automatic percentages).

List the special limits of liability and the major exclusions (ordinance or law, earth movement, flood, neglect, intentional loss).

Describe the additional coverages and the loss-settlement options (ACV vs. replacement cost, 80% requirement).

Explain how endorsements change the base form for scheduled personal property, water backup, and business pursuits.

Break the Personal Auto Policy into Parts A through F and state what each part pays for.

Define who qualifies as an insured under the policy, including family members and permissive users.

Apply the major exclusions (racing, livery, business use, intentional acts, vehicles with fewer than four wheels) to fact patterns.

Compare financial responsibility, no-fault, uninsured/underinsured motorist, and medical payments rules across states.

Calculate a claim payout across two policies using split limits and pro-rata or excess contribution.