VA Property & Casualty study guide
VA Property & Casualty · Work through your exam, one topic at a time.
The Virginia Property and Casualty Insurance Agent license is a producer credential that lets you solicit, negotiate, and sell property and casualty insurance products in the Commonwealth - homeowners and dwelling policies, personal and commercial auto, commercial property and inland marine, general liability, umbrella, and workers' compensation. It suits career changers entering agency or carrier roles, customer service and account-management staff who need a license to transact, and captive or independent agents adding a line of authority. The VA Property & Casualty study guide has 11 sections and about 3,775 words.
01Insurance Regulation, Licensing, and Producer Responsibilities
Insurance is regulated by the states, not the federal government. In Virginia the regulator is the Bureau of Insurance , a division of the State Corporation Commission , headed by the Commissioner of Insurance .
346 words, about 2 min02General Insurance Concepts and Principles
Risk is the chance of loss; a peril is the cause of loss (fire, wind, theft); a hazard increases the chance or severity of loss. Physical hazards are tangible (oily rags), moral hazards involve dishonesty, and morale hazards involve indifference (leaving keys in the car).
351 words, about 2 min03Property Insurance Basics, Policy Provisions, and Loss Valuation
A named peril (or specified peril) form covers only what is listed. An open peril ("special") form covers everything except what is excluded.
321 words, about 2 min04Homeowners and Dwelling Policies
The HO forms share a structure: Coverage A dwelling, B other structures, C personal property, D loss of use, E personal liability, F medical payments to others. In the standard HO-3, B is 10% of A, C is 50%, and D is 30% of A; E and F are stated separately (commonly 100,000 and 1,000).
335 words, about 2 min05Commercial Property, Business Income, and Inland Marine
Commercial property is written through the Commercial Package Policy or a monoline form. Key building and personal property concepts: coinsurance (typically 80% or 90%), agreed value (coinsurance waived), blanket versus specific limits, reporting forms with deposit premiums and monthly reporting, and the three causes of loss forms - Basic (named), Broad (named), and Special (open peril).
346 words, about 2 min06Casualty Insurance Basics, Negligence, and Liability Concepts
The four elements are duty (owed to foreseeable plaintiffs), breach , proximate cause , and damages . Special doctrines include res ipsa loquitur (the thing speaks for itself - exclusive control plus an accident that does not ordinarily happen without negligence), negligence per se (violation of a safety statute), attractive nuisance , and vicarious liability (employer responsible for employees acting within scope).
337 words, about 2 min07Personal Automobile Policy
Part A - Liability (bodily injury and property damage to others). Part B - Medical Payments (insured's own medical bills, regardless of fault, subject to a per-person limit).
349 words, about 2 min08Commercial Auto and Garage Coverage
The Business Auto Coverage Form insures autos used in business. Coverage is controlled by covered auto designation symbols : 1 = Any Auto; 2 = Owned Autos Only; 3 = Owned Private Passenger Autos Only; 4 = Owned Autos Other Than Private Passenger; 5 = Owned Autos Subject to No-Fault; 6 = Owned Autos Subject to Compulsory UM; 7 = Specifically Described Autos; 8 = Hired Autos Only; 9 = Nonowned Autos Only.
349 words, about 2 min09General Liability, Umbrella, and Specialty Liability
The CGL covers bodily injury and property damage on an occurrence basis, plus personal and advertising injury and medical payments . Key coverage blocks: premises/operations , products-completed operations , and fire legal liability (damage to premises rented to you).
323 words, about 2 min10Workers' Compensation Insurance
Workers compensation is a no-fault statutory system: employees give up the right to sue the employer in tort, and in exchange receive medical benefits , disability income , death benefits , and rehabilitation . This is the exclusive remedy , subject only to narrow exceptions.
365 words, about 2 min11Virginia-Specific Insurance Statutes, Regulations, and Market Practices
Insurance is administered by the Bureau of Insurance within the State Corporation Commission ; the Commissioner of Insurance heads the Bureau. Insurers must be admitted to write in Virginia, and nonadmitted carriers must be accessed through licensed surplus lines brokers.
353 words, about 2 min