WI Property & Casualty study guide
WI Property & Casualty · Work through your exam, one topic at a time.
The Wisconsin Property and Casualty Insurance Producer license is the credential that authorizes an individual to sell, solicit, and negotiate property and casualty insurance products in the state - homeowners and dwelling policies, commercial property and inland marine, personal and commercial auto, general liability, workers' compensation, and related specialty coverages. Candidates typically pursue it to work as agency producers, customer service representatives moving into a sales role, captive or independent agents, or staff at carriers and brokerages who need a resident license. The WI Property & Casualty study guide has 10 sections and about 3,054 words.
01Wisconsin Insurance Laws, Rules, and Regulations
Wisconsin insurance is regulated by the Office of the Commissioner of Insurance (OCI). The commissioner is appointed by the governor, not elected, and OCI licenses insurers and producers, reviews policy forms and rates, examines company finances, and enforces the unfair trade practice statutes.
300 words, about 2 min02General Insurance Concepts and Principles
Risk is uncertainty about loss. Only pure risk (loss or no loss) is insurable; speculative risk (chance of gain) is not.
299 words, about 1 min03Property Insurance Principles and Policy Basics
Every property policy has declarations (who, what, where, how much), an insuring agreement (what is promised), conditions (duties, valuation, other insurance), exclusions, and definitions. Know the difference between named-peril forms (basic, broad) and special form (open perils, where everything is covered unless excluded).
291 words, about 1 min04Homeowners and Dwelling Policies
Homeowners forms cover both property and liability: HO-2 (broad form), HO-3 (special form on the dwelling, broad on personal property), HO-5 (comprehensive), HO-8 (modified for older homes). HO-4 covers tenants' personal property and liability; HO-6 covers condo unit owners.
312 words, about 2 min05Commercial Property and Inland Marine Coverages
The Building and Personal Property Coverage Form insures the building, business personal property, and personal property of others at named locations. Key extensions include debris removal, preservation of property, and newly acquired property.
304 words, about 2 min06Casualty Insurance Principles and Negligence/Liability Concepts
Casualty insurance responds to the insured's legal liability. Torts are intentional, negligent, or strict liability.
302 words, about 2 min07Commercial General Liability
Coverage A, Bodily Injury and Property Damage Liability, is occurrence-based for most risks. Coverage B covers personal and advertising injury (libel, slander, wrongful eviction, infringement of advertising ideas, invasion of privacy).
286 words, about 1 min08Personal and Commercial Automobile Insurance
Six parts: A Liability (bodily injury and property damage to others), B Medical Payments, C Uninsured/Underinsured Motorists, D Damage to Your Auto (collision and other than collision), E Duties After an Accident, and F General Provisions. Limits are written either as split limits (25/50/10) or a single combined single limit.
331 words, about 2 min09Workers' Compensation Insurance
Workers' compensation is a no-fault statutory system: employees give up the right to sue the employer in tort, and the employer accepts liability for work-related injury or disease regardless of fault. Benefits are set by statute: medical care, disability income (temporary total, temporary partial, permanent partial, permanent total), rehabilitation, and death benefits for dependents.
302 words, about 2 min10Other Casualty Coverages: Umbrella/Excess, Crime, and Specialty Liability
Excess liability follows the form of the underlying policy and pays only after underlying limits are exhausted. An umbrella is broader: it drops down to cover losses not insured by underlying policies, often subject to a self-insured retention.
327 words, about 2 min