National Property Insurance
39%of exam
HO FormsDP FormsCommercial LinesCoinsuranceLoss Valuation
National Casualty Insurance
39%of exam
Mississippi P&C Law
22%of exam
MID LicensingMWUA Wind PoolMIGA GuarantyAuto MinimumsProducer Ethics
Quick Facts
- Exam
- Property & Casualty Producer
- Code
- InsMS-PC06
- Questions
- 90 scored + 10 pretest
- Time
- 150 minutes
- Pass
- 70%
- Format
- Multiple-choice, computer-based
- Level
- State producer license
- Provider
- Pearson VUE
- Blueprint
- June 7, 2022
HO Forms Ladder
HO-2 Broad, HO-3 Special, HO-6 Condo
HO-2: broad formHO-3: special formHO-4: renters formHO-6: condo form
HO-3 vs HO-6
HO-3
- Owned dwelling
- Open-peril structure
- Standard homeowner
HO-6
- Condo unit
- Interior contents only
- Association covers building
Dwelling vs unit
Property Form Picker
- Broadest homeowner coverage→HO-3(Open-peril dwelling)
- Renter, no dwelling owned→HO-4(Contents only)
- Condo unit interior→HO-6(Unit-owners form)
- Older or lower-value home→HO-8(Modified coverage)
- Basic named perils only→DP-1(Fire, lightning)
- Broader named perils→DP-2(Adds windstorm etc)
- Open-peril dwelling, no HO→DP-3(Special form)
- Business property package→CPP or BOP(Commercial lines)
Property Policy Types
- HO-2
- Broad form named perils
- HO-3
- Special form, open perils
- HO-4
- Renters, contents only
- HO-5
- Premier, open perils both
- HO-6
- Condo unit-owners form
- HO-8
- Older or modified home
- DP-1
- Basic named perils only
- DP-2
- Broader named perils form
- DP-3
- Special open-peril dwelling form
DP Forms Ladder
DP-1 Basic, DP-2 Broad, DP-3 Special
DP-1: named perilsDP-2: broader perilsDP-3: open perils
DP-1 vs DP-3
DP-1
- Named perils only
- Basic fire lightning
- Lowest premium
DP-3
- Open-peril dwelling
- Broadest DP coverage
- Higher premium
Basic vs special form
Property Terms & Concepts
- Peril
- Cause of a loss
- Hazard
- Condition that increases risk
- Moral hazard
- Dishonesty increases loss chance
- Proximate cause
- Direct cause of loss
- Indemnity
- Restore to prior condition
- Insurable interest
- Financial stake in property
- Law of Large Numbers
- Predicts losses across a pool
Coinsurance Formula
Carried ÷ Required × Loss = Payment
Carried: amount purchasedRequired: coinsurance % × valueRecovery: proportional claim payment
ACV vs Replacement Cost
ACV
- Replacement cost minus depreciation
- Lower payout
Replacement Cost
- New materials, no depreciation
- Higher payout
Depreciated vs full value
Property Provisions & Valuation
- ACV
- Replacement cost minus depreciation
- Replacement cost
- New cost, no depreciation
- Coinsurance
- Carried over required times loss
- Blanket coverage
- One limit, multiple items
- Specific coverage
- Separate limit per item
- Mortgagee clause
- Protects the lender's interest
- TRIA
- Federal terrorism insurance backstop
CGL Coverage A-B-C
Coverage A property, B injury, C medical
A: bodily injury/property damageB: personal/advertising injuryC: medical payments
Occurrence vs Claims-Made
Occurrence
- Triggered by loss date
- No reporting deadline
Claims-Made
- Triggered by report date
- Needs retroactive date
When it happened vs reported
Casualty Coverage Picker
- Customer slip and fall→CGL Coverage A
- Libel or slander claim→CGL Coverage B
- Medical bills, no fault→CGL Coverage C
- Employee work injury→Workers Compensation
- Officer sued for decisions→D&O liability
- Data breach loss→Cyber liability
- Need limits above CGL→Umbrella/Excess
- Small business, one policy→BOP
CGL Coverage Parts
- Coverage A
- Bodily injury and property damage
- Coverage B
- Personal and advertising injury
- Coverage C
- Medical payments, no fault
- Occurrence form
- Covers date loss occurred
- Claims-made form
- Covers date claim reported
- Retroactive date
- Earliest covered claims-made loss
- Aggregate limit
- Total payout per policy period
CGL Coverage A vs B
Coverage A
- Bodily injury
- Property damage
Coverage B
- Personal injury
- Advertising injury
Physical harm vs reputational harm
Auto Liability & Physical Damage
- Split limits
- Separate bodily injury, property limits
- Combined single limit
- One limit covers all damages
- Collision
- Impact with object or vehicle
- Comprehensive
- Other than collision perils
- UM coverage
- Protects against uninsured driver
- UIM coverage
- Protects against underinsured driver
Workers Comp & Employers Liability
- Exclusive remedy
- Sole remedy against employer
- Employers liability
- Covers gaps beyond WC statute
- Compensation
- Wage and medical benefits
- Premium determination
- Based on payroll and class
Bonds, Crime & Professional Liability
- Fidelity bond
- Covers employee dishonesty loss
- Surety bond
- Guarantees third-party performance
- E&O
- Professional errors and omissions
- D&O
- Directors and officers liability
- EPLI
- Employment practices liability insurance
Casualty Terms & Concepts
- Negligence
- Failure of reasonable care
- Vicarious liability
- Liability for another's acts
- Strict liability
- Liability without fault required
- Compensatory damages
- Reimburses actual loss amount
- Punitive damages
- Punishes egregious wrongful conduct
- Subrogation
- Insurer recovers from at-fault party
Casualty Policy Provisions
- Declarations
- Who, what, limits, premium
- Insuring agreement
- Insurer's core coverage promise
- Exclusions
- Perils or situations excluded
- Supplementary payments
- Defense costs, extra expenses
- Notice of claim
- Prompt reporting duty required
MWUA Six Counties
Six coastal counties get MWUA wind pool
Hancock, Harrison, Jackson coastalPearl River, Stone, George
Tort vs No-Fault State
Tort (MS)
- At-fault driver pays
- Injured party sues at-fault
No-Fault
- Own insurer pays first
- Limits lawsuits
MS is tort state
MS Coverage Gap Picker
- Coastal wind or hail unavailable→MWUA
- Fire coverage unavailable→MS FAIR Plan
- Insurer becomes insolvent→MIGA
- Flood damage occurs→Separate NFIP policy
- Hit by uninsured driver→UM coverage
- Unavailable in admitted market→Surplus lines broker
MS DOI & Licensing
- Commissioner
- Elected statewide, four-year term
- Title 83
- Mississippi Insurance Code
- Prelicense hours
- 20 property + 20 casualty
- CE requirement
- 24 hours including 3 ethics
- License renewal
- Biennial renewal cycle
- Exam provider
- Pearson VUE administers exam
- Exam questions
- 90 scored, 10 unscored pretest
- Exam fee
- $50 per attempt
Twisting vs Rebating
Twisting
- Misleads to replace policy
- Targets existing policyholders
Rebating
- Illegal inducement to buy
- Gift, cash, or discount
Replace vs induce
MS Unfair Practices & Conduct
- Twisting
- Misleads to replace existing policy
- Rebating
- Illegal inducement to purchase
- Misrepresentation
- False statement of policy terms
- Commingling
- Mixing client and personal funds
- Fraud
- Must report to MID
- Cease and desist
- Commissioner's order to stop conduct
MWUA vs MS FAIR Plan
MWUA
- Wind and hail only
- Six coastal counties
MS FAIR Plan
- Fire and extended coverage
- Statewide availability
Wind pool vs fire pool
MS Guaranty & Residual Markets
- MIGA
- Covers insolvent P&C insurer claims
- MIGA cap
- $300,000 per claimant limit
- Workers comp claims
- Paid in full by MIGA
- MWUA
- Wind and hail residual market
- MWUA counties: south
- Hancock, Harrison, Jackson
- MWUA counties: coast
- Pearl River, Stone, George
- MS FAIR Plan
- Basic fire coverage, last resort
MS Auto & Cancellation Rules
- Auto minimums
- 25/50/25 liability limits
- Tort state
- At-fault driver pays damages
- Comparative negligence
- Pure, reduced by fault %
- UM offer
- Must offer; written rejection required
- Nonrenewal notice
- Advance written notice required
- Surplus lines broker
- Needs separate MS license
Common Traps
MWUA ≠ NFIP
MWUA covers wind and hail ≠ NFIP covers flood damage only
Twisting ≠ Legitimate Replacement
Twisting uses false comparisons ≠ Replacement can be sound advice
Rebating ≠ Legal Discount
Rebating is any illegal inducement ≠ Legal discounts are filed rates
ACV ≠ Replacement Cost
ACV deducts depreciation from value ≠ Replacement cost ignores depreciation
Occurrence ≠ Claims-Made
Occurrence covers date of loss ≠ Claims-made covers date reported
MS Tort ≠ No-Fault
At-fault driver's insurer pays ≠ No mandatory UM UIM in MS
MIGA Cap ≠ Full Payout
Non-WC claims capped $300,000 ≠ Workers comp paid in full
Last Minute
- 1.MS exam: 90 scored, 10 pretest
- 2.150 minutes, 70% passing score
- 3.$50 fee, Pearson VUE administers
- 4.Prelicense: 20 property + 20 casualty
- 5.MS Commissioner is elected statewide
- 6.Auto minimum: 25/50/25
- 7.MS is pure comparative negligence
- 8.MWUA covers six coastal counties
- 9.MIGA caps claims at $300K
- 10.CE: 24 hours, 3 ethics
- 11.Retake wait is one day
- 12.HO-3 is the standard form
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