NM P&C study guide
NM P&C · Work through your exam, one topic at a time.
The New Mexico Property and Casualty Insurance Producer License is the state credential that permits an individual to sell, solicit, and negotiate property and casualty insurance in New Mexico. Licensing is administered by the New Mexico Office of the Superintendent of Insurance (OSI), which states that it oversees and regulates most kinds of insurance in the state and licenses the individuals and agencies that sell insurance. OSI also licenses insurers, reviews and approves rate filings, and takes enforcement actions when laws are violated - context worth knowing, because producer conduct rules sit inside that framework. The exam is multiple choice and is organized into four content areas: insurance principles and concepts; property insurance; casualty insurance; and New Mexico insurance laws, rules, and regulations. The NM P&C study guide has 4 sections and about 1,303 words.
01Insurance Principles and Concepts
Insurance transfers pure risk (loss or no loss) - never speculative risk (chance of gain), which is uninsurable. Insurable exposures share features: many similar units, accidental and measurable losses, a definite time and place, and severity that will not bankrupt the insurer.
335 words, about 2 min02Property Insurance
Homeowners forms are numbered by breadth: HO-3 (open peril on the dwelling, named peril on contents), HO-2 (broad named peril), HO-5 (comprehensive), HO-4 (renters), HO-6 (condo), HO-8 (older homes). Coverages run A dwelling, B other structures, C personal property, D loss of use, E personal liability, F medical payments to others.
304 words, about 2 min03Casualty Insurance
Negligence requires duty, breach, proximate cause, and damages. Defenses and doctrines that show up in questions include comparative and contributory negligence, assumption of risk, vicarious liability, and absolute liability.
323 words, about 2 min04New Mexico Insurance Laws, Rules, and Regulations
Property and casualty insurance in New Mexico is regulated by the Office of the Superintendent of Insurance (OSI) , headed by the Superintendent. The Superintendent examines insurers, reviews forms and rates, issues and revokes licenses, and enforces the Insurance Code, including the Unfair Trade Practices Act and unfair claims practices provisions.
341 words, about 2 min