Property General Knowledge
Not publishedof exam
Casualty General Knowledge
Not publishedof exam
Missouri Law
Not publishedof exam
Quick Facts
- Exam
- Code 55
- Credential
- Property + Casualty Producer
- Time
- 3 hours
- Fee
- $40
- Pass
- Scaled 70
- Delivery
- Physical test center
- Prelicensing
- None required
- Outline
- Effective Feb 1 2026
ACV Formula
Replacement cost minus depreciation equals ACV
RC: new equivalentDepreciation: age + wearACV: depreciated value
Peril vs Hazard
Peril
- Causes loss
- Fire, wind, theft
Hazard
- Raises probability
- Physical, moral, morale
Cause vs condition
Property Picker
- Owner-occupied open dwelling→HO-3
- Open dwelling + contents→HO-5
- Tenant needs contents→HO-4
- Condo unit owner→HO-6
- Older modified coverage→HO-8
- Non-homeowners dwelling→DP form
- Eligible small business→BOP
- Modular commercial package→CPP
- Flood exposure→NFIP
Property Blueprint
- Published property subtotal
- 22 + 15 + 13 = 50 scored allocations
- Property policies
- 22 scored items
- Property concepts
- 15 scored items
- Property provisions
- 13 scored items
ACV vs Replacement Cost
ACV
- Subtracts depreciation
- Lower settlement
Replacement cost
- No depreciation
- New equivalent property
Depreciated vs new
Risk Foundations
- Peril
- Loss cause
- Hazard
- Loss probability booster
- Pure risk
- Loss or no loss
- Speculative risk
- Gain or loss
- Indemnity
- Restore financial position
- Insurable interest
- Financial stake
- Proximate cause
- Dominant loss cause
- Subrogation
- Insurer pursues wrongdoer
Named vs Open Perils
Named
- Listed causes covered
- Insured proves peril
Open
- All except exclusions
- Insurer proves exclusion
Listed vs excluded
Property Forms
- HO-2
- Broad named perils
- HO-3
- Open dwelling perils
- HO-4
- Renters contents
- HO-5
- Open dwelling + contents
- HO-6
- Condo unit owners
- HO-8
- Modified older homes
- DP-1
- Basic named perils
- DP-2
- Broad named perils
- DP-3
- Open dwelling perils
- BOP
- Bundled small business
Property Valuation
- ACV
- Replacement minus depreciation
- Replacement cost
- New equivalent cost
- Market value
- Buyer-seller price
- Agreed value
- Prearranged covered value
- Salvage value
- Residual damaged value
- Coinsurance
- Insurance-to-value requirement
- Deductible
- Insured shares loss
- Blanket limit
- Shared property limit
- Specific limit
- Scheduled property limit
Commercial Property
- CPP
- Modular commercial package
- Building form
- Building plus business property
- Business income
- Replaces suspension income
- Extra expense
- Funds continued operations
- Equipment breakdown
- Mechanical or electrical accident
- Builders risk
- Construction property coverage
- Cyber first-party
- Insured's cyber losses
- Inland marine
- Movable specialized property
- Personal articles floater
- Scheduled personal valuables
- Commercial floater
- Mobile business property
- NFIP
- Federal flood coverage
- Earthquake
- Separate policy or endorsement
- Mobile home
- Specialized residence coverage
- Farmowners
- Farm property plus liability
- Windstorm
- Wind-specific protection
- Watercraft
- Boat property plus liability
Policy Structure
DICE builds the policy
D: DeclarationsI: Insuring agreementC: ConditionsE: Exclusions
Occurrence vs Claims-Made
Occurrence
- Injury date controls
- Later reporting can qualify
Claims-made
- Claim date controls
- Retro date matters
Injury vs claim
Casualty Picker
- Premises third-party injury→CGL
- Owned business autos→Business Auto
- Employee work injury→Workers compensation
- Professional service error→E&O
- Management decision claim→D&O
- Employee steals property→Crime coverage
- Contract performance guarantee→Surety bond
- Catastrophic liability limit→Umbrella
Casualty Blueprint
- Published casualty subtotal
- 23 + 15 + 12 = 50 scored allocations
- Casualty policies
- 23 scored items
- Casualty concepts
- 15 scored items
- Casualty provisions
- 12 scored items
Split Limits vs CSL
Split limits
- Separate BI caps
- Separate PD cap
CSL
- One shared cap
- BI + PD combined
Separate buckets vs one
Casualty Coverages
- CGL Coverage A
- BI + PD liability
- CGL Coverage B
- Personal + advertising injury
- CGL Coverage C
- Medical payments
- Workers compensation
- Employee work injuries
- Employers liability
- Employer liability suits
- Crime
- Money + property crimes
- E&O
- Professional service errors
- D&O
- Management decision claims
- Umbrella
- Excess broad liability
- Liquor liability
- Alcohol business exposure
Surety vs Fidelity
Surety
- Guarantees performance
- Three parties
Fidelity
- Covers dishonesty
- Two parties
Promise vs theft
Auto Coverage
- Liability
- Others' BI + PD
- Medical payments
- No-fault medical costs
- Collision
- Upset or object impact
- Other-than-collision
- Theft, weather, animal contact
- UM
- Uninsured driver injury
- UIM
- Insufficient driver limits
- Split limits
- Separate BI + PD caps
- CSL
- One combined accident cap
- Hired auto
- Leased, rented, or borrowed
- Non-owned auto
- Employee auto used for business
Liability Concepts
- Negligence
- Duty breach causes damage
- Absolute liability
- Liability without defenses
- Strict liability
- No negligence proof
- Vicarious liability
- Liability for another
- Occurrence
- Injury during policy
- Claims-made
- Claim during policy
- Retroactive date
- Earliest covered injury
- Aggregate
- Policy-period payment ceiling
- Compensatory damages
- Restore claimant loss
- Punitive damages
- Punish wrongful conduct
Policy Provisions
- Declarations
- Who, what, limits
- Insuring agreement
- Coverage promise
- Conditions
- Coverage duties
- Exclusions
- Removed coverage
- Binder
- Temporary coverage evidence
- Endorsement
- Policy change
- Other insurance
- Coordinates overlapping coverage
- Proof of loss
- Formal loss statement
- Arbitration
- Private dispute resolution
- Supplementary payments
- Defense-related extra payments
Missouri Allocation
20 common, 10 property, 10 casualty
Common: producer rulesProperty: FAIR + noticesCasualty: auto + claims
FAIR Plan vs Guaranty
FAIR Plan
- Residual property access
- Availability mechanism
Guaranty association
- Insolvent insurer claims
- Post-failure mechanism
Placement vs insolvency
Missouri Picker
- Hard-to-place property→MO FAIR Plan
- Required auto limits→25/50/25
- Producer conduct question→Chapter 375
- Auto responsibility question→Chapter 303
- Schedule combined exam→Pearson code 55
- Apply after passing→DCI / NIPR
- Renew resident producer→16 CE hours
- Ethics renewal credit→3 CE hours
Missouri Blueprint
- Missouri total
- 40 scored + 5 pretest
- Missouri common
- 20 scored items
- Missouri property
- 10 scored items
- Missouri casualty
- 10 scored items
Missouri Auto Limits
25 person, 50 accident, 25 property
First: BI personSecond: BI accidentThird: PD accident
Scaled Score vs Percent
Scaled 70
- Official passing standard
- Equated exam forms
70 percent
- Raw-score assumption
- Not official meaning
Reported scale vs raw
Missouri Licensing
- Regulator
- Commerce and Insurance Director
- Producer
- License required
- Nonresident
- Reciprocity rules apply
- Surplus lines
- Separate authority
- Minimum age
- 18
- Prelicensing
- None required
- Producer license
- $100 biennial fee
- Continuing education
- 16 hours biennially
- Ethics
- 3 CE hours
- Exam validity
- One year
Market Conduct
- Unfair practices
- Prohibited conduct
- Rebating
- Unlisted inducement
- Misrepresentation
- False material statement
- Defamation
- False damaging statement
- Unfair discrimination
- Improper unequal treatment
- Certificate authority
- Insurer operating permission
- Fiduciary duty
- Safeguard entrusted funds
- Guaranty association
- Insolvency protection mechanism
Missouri Property
- FAIR Plan
- Residual property market
- FAIR eligibility
- Normal-market coverage unavailable
- FAIR application
- Inspection-based placement process
- Inland marine
- Movable-property coverage scope
- Home statute scope
- Owner-occupied one/two-family
- Binder replacement
- Policy dates to binder
- Binder pricing
- No rate advantage
- Home cancellation
- Generally 30-day notice
- Nonpayment cancellation
- At least 10-day notice
- Home nonrenewal
- At least 30-day notice
Missouri Casualty
- Auto minimums
- 25/50/25 liability
- MO Auto Plan
- Residual auto market
- Financial responsibility
- Chapter 303 duties
- Generally required UM
- 25/50 bodily injury
- UM offer-only exception
- Commercial vehicle; employer 5+ passenger fleet
- Separate UIM
- Optional coverage
- Peer car sharing
- Platform coverage duties
- Claim settlement
- No misleading policy statements
- Workers compensation
- Employee work-injury system
- Medical malpractice
- Health-provider liability coverage
Common Traps
Passing score
Scaled score 70 ≠ Not 70 percent
Combined vs separate
Code 55 combined ≠ Codes 52 / 53 separate
Placement vs failure
FAIR places property ≠ Guaranty handles insolvency
Impact vs other loss
Collision: upset/object impact ≠ OTC: theft/weather/animal contact
Empty vs unused
Vacant lacks contents ≠ Unoccupied lacks people
One vs annual
Occurrence caps event ≠ Aggregate caps period
No insurance vs low
UM means uninsured ≠ UIM means underinsured
Temporary vs amendment
Binder gives coverage ≠ Endorsement changes policy
Last Minute
- 1.Code 55; three hours; $40
- 2.Pass = scaled 70, not percent
- 3.Property allocations: 22 / 15 / 13
- 4.Casualty allocations: 23 / 15 / 12
- 5.Missouri law: 20 / 10 / 10
- 6.Peril causes; hazard increases
- 7.ACV = replacement minus depreciation
- 8.HO-4 renter; HO-6 condo
- 9.Occurrence = injury date
- 10.Claims-made = claim date
- 11.25/50/25 Missouri liability minimums
- 12.FAIR Plan = residual property
- 13.16 CE hours; three ethics
- 14.Current Pearson listing: physical
Online course on MometrixSame family resources
Explore More Property & Casualty Insurance
Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.
More From This Family
Videos and articles for deeper review.
VideoFREE Missouri Property & Casualty Insurance Exam Guide 2026This examVideoActual Cash Value (ACV) ExplainedVideoAdverse Selection ExplainedVideoBinder ExplainedArticleFree Insurance Exam Podcast (2026): Life & Health, Property & Casualty Audio Study Guide8 min readArticleHow Much Do Insurance Agents Make in 2026? Salary Guide & Income Breakdown14 min readArticleFree P&C Practice Questions (2026): 30 Q + Full Explanations14 min readArticleP&C Insurance Exam Cheat Sheet 2026: Key Facts, Formulas & Quick Reference18 min read