OR Property & Casualty cheat sheet

Producer licenses are issued by the Oregon Division of Financial Regulation (DCBS) and expire every 2 years; renewal requires 24 hours of CE, including 3 hours of ethics.

Oregon auto minimum liability limits are $25,000 per person and $50,000 per accident for bodily injury and $20,000 per accident for property damage.

Oregon requires PIP of at least $15,000 per person and UM/UIM coverage at limits equal to the liability limits unless the insured rejects UM/UIM in writing.

For Oregon auto policies, notice of cancellation must be at least 10 days for nonpayment of premium and at least 30 days for other reasons.

Unfair claim settlement practices are prohibited under ORS 746.230, including misrepresenting policy provisions, unreasonable delay, and failing to conduct a reasonable investigation.

The Oregon FAIR Plan is the state's residual property market, offering basic property coverage to applicants unable to buy insurance in the voluntary market.

The Oregon Insurance Guaranty Association responds to covered claims against insolvent member insurers, subject to statutory per-claim limits and deductibles.

A producer may not solicit or sell insurance for an insurer without an appointment; appointments and terminations are filed electronically with the Division.

Elements of a valid insurance contract: offer and acceptance, consideration, legal purpose, and competent parties.

Insurance contracts are aleatory, unilateral, conditional, and contracts of adhesion; policy ambiguities are construed against the drafter.

Indemnity restores the insured to pre-loss financial position; valued policies, replacement cost, and agreed-value forms are exceptions.

Insurable interest must exist at policy inception for life insurance and at the time of loss for property insurance.

Subrogation gives the insurer the insured's recovery rights against a negligent third party after paying the claim, preventing double recovery.

Coinsurance formula: (insurance carried ÷ insurance required) × loss − deductible, never exceeding the policy limit.

Risk management techniques: avoidance, retention, reduction, sharing, and transfer.

Hazards are classified as physical (conditions), moral (dishonest intent), and morale (carelessness or indifference).

Proximate cause is the unbroken chain of events that produces a loss and without which the loss would not have occurred.

HO-3: Coverage A dwelling is open peril; B other structures 10% of A; C personal property 50% of A; D loss of use 30% of A.

HO-4 and HO-6 insure personal property, loss of use, and liability; the building structure is insured by the landlord or association, not the tenant-owner.

Full replacement cost on a dwelling generally requires insurance equal to at least 80% of replacement cost at the time of loss.

Standard homeowners special limits include $200 for money, $1,500 for theft of jewelry and furs, and $2,500 for theft of firearms.

Commercial property coinsurance: payment = (insurance carried ÷ insurance required) × loss − deductible, where insurance required = coinsurance % × value.

Causes of loss forms: basic and broad are named-peril; special is open-peril subject to stated exclusions.

A building vacant more than 60 consecutive days loses coverage for vandalism, glass breakage, and water damage under standard forms.

NFIP flood policies generally have a 30-day waiting period; earthquake and flood are excluded in standard property forms.

Business income pays lost profits and continuing expenses after a 72-hour waiting period during the period of restoration.

CGL Coverage A: bodily injury and property damage caused by an occurrence; Coverage B: personal and advertising injury; Coverage C: medical payments.

CGL limits include each occurrence, general aggregate, products-completed operations aggregate, damage to premises rented, and medical expense.

CGL exclusions include expected or intended injury, contractual liability (except insured contracts), auto, aircraft, watercraft, pollution, and professional services.

Claims-made policies cover claims first made during the policy period; the retroactive date bars earlier acts and an extended reporting period extends the reporting tail.

PAP: Part A liability, Part B medical payments, Part C UM/UIM, Part D damage to your auto, Part E duties after loss.

Business auto symbols: 1 = any auto, 7 = specifically described autos, 8 = hired autos, 9 = nonowned autos.

Workers compensation: Part One pays statutory benefits, Part Two employers liability, Part Three other states coverage.

Umbrella or excess liability pays above underlying limits and may drop down for gaps, subject to a self-insured retention.

Surety bonds are three-party (surety, principal, obligee); fidelity bonds are two-party and cover employee dishonesty.