NM P&C study plan

Define risk, peril, hazard, loss, and exposure, and give one property and one casualty example of each

Distinguish indemnity, insurable interest, utmost good faith, subrogation, and contribution as they apply to a loss

Explain the structure of an insurance policy: declarations, insuring agreement, conditions, exclusions, and definitions

Differentiate representations, warranties, concealment, and misrepresentation and state how each affects a claim

Describe the roles of the producer, underwriter, adjuster, and insurer in the application and claims process

Compare admitted and non-admitted insurers, and stock, mutual, and reciprocal carriers by ownership and policyholder rights

Explain reinsurance, coinsurance, and self-insurance as risk-transfer and risk-sharing mechanisms

Identify the parts of a standard property policy and translate each part into plain-language notes

Define actual cash value, replacement cost, agreed value, and functional replacement cost and compute a settlement under each

List the property coverages provided on a homeowners policy (Coverages A through D) and match each to a loss scenario

Distinguish HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8 by form type, eligibility, and perils insured against

Explain Section I conditions and exclusions, including coinsurance, deductible application, and loss settlement provisions

Describe the dwelling policy (DP-1, DP-2, DP-3) differences and select the correct form for a stated exposure

Apply Coverage D loss-of-use and additional coverages to a partial-loss scenario and calculate the payable amount

Explain commercial property concepts: building and personal property coverage, business income, and extra expense

Differentiate causes-of-loss forms (basic, broad, special) and identify which perils each adds

Describe inland marine, crime, and equipment breakdown coverages and the exposure each is designed for

Compare the commercial package policy and the businessowners policy by eligibility and included coverages

Explain the elements of a valid negligence claim and the defenses available to an insured

Distinguish absolute, strict, and vicarious liability and identify the policy that responds to each

Describe the structure of a commercial general liability policy, including Coverages A, B, and C and the limits that apply

Differentiate occurrence and claims-made trigger language, and explain retroactive date and extended reporting provisions

Identify the additional insured, aggregate limit, and supplementary payments provisions and explain how each affects a claim

Compare personal auto policy parts A through D and match each to a stated loss

Explain no-fault, financial responsibility, and uninsured/underinsured motorist concepts and how they interact in a claim

Describe workers compensation benefits and employers liability coverage, including the exclusive remedy rule

Summarize umbrella/excess liability and professional liability coverages by the gap each fills

Outline New Mexico producer licensing requirements covered in the manual: application, examination, appointment, and license maintenance

Outline New Mexico continuing education requirements, recordkeeping, and the consequences of noncompliance

Explain producer duties and prohibited acts, including commingling, rebating, misrepresentation, and unfair claim practices

Describe appointment and termination procedures and the notice obligations of the insurer and producer

Summarize New Mexico rules on policy cancellation, nonrenewal, and notice of premium change

Explain the role of the New Mexico Office of Superintendent of Insurance and the complaint and enforcement process

Re-take every missed question from weeks 1 through 7 and state the rule behind each correct answer

Complete two timed, full-length practice exams under test-day conditions

Review the weakest three topics identified in week 6 and re-drill them to 85% accuracy

Recite from memory the limits, deductibles, and key exclusions of the homeowners, personal auto, CGL, and workers compensation policies