Licensing
Not publishedof exam
7 scored itemsAppointmentsQualificationsDisciplineLicense maintenance
State Statutes and Rules
Not publishedof exam
16 scored itemsUnfair practicesGuaranty associationSurplus linesPrivacy rules
State Automobile Laws
Not publishedof exam
10 scored items25/50/25 minimumsUM and UIMCancellation rulesAssigned-risk plan
State Workers Compensation
Not publishedof exam
5 scored itemsEmployee statusCoverage dutiesExemptionsState definitions
Personal Policies
Not publishedof exam
8 scored itemsDwelling formsHomeowners formsPersonal floatersFlood and earthquake
Commercial Property Policies
Not publishedof exam
15 scored itemsCommercial propertyBusiness incomeBOP and CPPInland marine
Property Terms and Concepts
Not publishedof exam
20 scored itemsPerils and hazardsLoss valuationCoinsuranceCrime terms
Property Provisions and Contracts
Not publishedof exam
15 scored itemsPolicy partsInsured dutiesMortgagee rightsAppraisal and subrogation
Personal Casualty Policies
Not publishedof exam
Commercial Casualty and Bonds
Not publishedof exam
20 scored itemsCGLBusiness autoWorkers compensationProfessional liability
Casualty Terms and Concepts
Not publishedof exam
15 scored itemsNegligenceLiability typesInsured contractsCertificates
Casualty Provisions and Contracts
Not publishedof exam
9 scored itemsClaims-made formsOther insuranceDuties after lossCancellation and nonrenewal
Quick Facts
- Exact exam
- Combined P&C Producer
- Authority
- Oklahoma Insurance Department
- Vendor
- PSI
- Scored items
- 150
- Unscored items
- 5
- Time
- 150 minutes
- Passing score
- 70%
- Exam fee
- $38
- Book policy
- Closed book
- Delivery
- Test center or remote
Licensing Roles
- Producer
- Sells, solicits, negotiates
- Appointment
- Insurer authorizes producer
- Commissioner
- Enforces insurance law
- Qualification
- Required licensing fitness
- Discipline
- License action for violations
- License maintenance
- Renew and complete CE
- Address change
- Notify department promptly
- Authorized insurer
- Holds state authority
- Surplus lines
- Eligible nonadmitted placement
- Adjuster
- Investigates and settles claims
State Compliance
- Domestic insurer
- Formed in Oklahoma
- Foreign insurer
- Formed in another state
- Alien insurer
- Formed outside United States
- Rebating
- Unlisted inducement
- Twisting
- Misleading policy replacement
- Defamation
- False malicious insurer statement
- Unfair claims
- Prohibited settlement conduct
- FCRA
- Regulates consumer reports
- Privacy protection
- Controls personal information
- Guaranty association
- Covered insolvency protection
- Fraud
- Intentional insurance deception
- Commission payment
- Requires proper licensing
Oklahoma Auto Limits
25-50-25: person, accident, property
25: each injured person50: all injured people25: property damage
Oklahoma Auto and Workers Comp
- First 25
- $25,000 BI each person
- Middle 50
- $50,000 BI each accident
- Last 25
- $25,000 PD each accident
- UM
- Uninsured driver protection
- UIM
- Insufficient driver limits
- Auto plan
- Residual-market access
- Auto cancellation
- State rules control
- Workers compensation
- Job-injury statutory benefits
- Employers liability
- Work-injury liability claims
- Other states
- Extends listed jurisdictions
Personal Property Coverages
- Dwelling policy
- Residence property coverage
- Homeowners policy
- Property-liability package
- Mobile home
- Specialized residence coverage
- Personal floater
- Scheduled movable property
- Personal inland marine
- Portable property coverage
- Flood
- Separate specialized coverage
- Earthquake
- Separate or endorsed coverage
- Watercraft
- Limited or separate coverage
- Contents
- Personal property
- Personal liability
- Third-party liability protection
Commercial Property Coverages
- Building form
- Building and business property
- Causes of loss
- Defines covered perils
- Business income
- Replaces suspended earnings
- Extra expense
- Funds continued operations
- CPP
- Flexible commercial package
- BOP
- Small-business package
- Equipment breakdown
- Mechanical-electrical breakdown
- Commercial crime
- Dishonest-act losses
- Commercial inland marine
- Mobile or transit property
- Motor truck cargo
- Carrier cargo interest
- Commercial flood
- Separate flood protection
- Commercial earthquake
- Separate seismic protection
Peril vs Hazard
Peril
- Causes loss
- Fire or theft
- Coverage trigger
Hazard
- Raises loss chance
- Physical or moral
- Risk characteristic
Cause versus increased chance
Property Settlement Picker
- Replace damaged property new→Replacement cost(No depreciation)
- Settle used property value→Actual cash value(Depreciation applies)
- Insured below required value→Coinsurance calculation(Penalty may apply)
- Two items form set→Pair-and-set clause
- Parties dispute loss amount→Appraisal
- Another party caused loss→Subrogation
- Policies overlap→Other-insurance provision
- Operations stop after damage→Business income
Property Loss Terms
- Risk
- Uncertainty of loss
- Peril
- Cause of loss
- Hazard
- Increases loss chance
- Direct loss
- Immediate physical damage
- Indirect loss
- Consequential financial loss
- Proximate cause
- Dominant unbroken cause
- Indemnity
- Restore, never profit
- Deductible
- Insured retains loss
- Policy limit
- Maximum insurer payment
- Insurable interest
- Financial stake in property
- Vacancy
- People and contents absent
- Unoccupancy
- People temporarily absent
ACV vs Replacement Cost
ACV
- Depreciation deducted
- Lower settlement
- Used-property value
Replacement cost
- No depreciation
- Current replacement expense
- Conditions may apply
Depreciated versus new replacement
Crime and Recovery Terms
- Theft
- Broad unlawful taking
- Burglary
- Taking with forced entry
- Robbery
- Taking by force
- Mysterious disappearance
- Unexplained missing property
- Salvage
- Recovered damaged property
- Abandonment
- Insurer need not accept
- Underwriting
- Selects and prices risk
- Representation
- Applicant statement
Direct vs Indirect Loss
Direct
- Immediate physical damage
- Peril directly acts
- Property loss
Indirect
- Consequential loss
- Follows direct damage
- Income loss example
Damage versus resulting consequence
Property Valuation
- Actual cash value
- Replacement cost minus depreciation
- Replacement cost
- Current replacement expense
- Coinsurance
- Rewards insurance-to-value
- Underinsurance
- May trigger coinsurance penalty
- Insurance-to-value
- Limit versus property value
- Pair and set
- Values partial set loss
- Primary coverage
- Pays before excess
- Excess coverage
- Pays above underlying
- Equal shares
- Insurers contribute equally
- Additional coverage
- Adds specified protection
Policy DICE
Declarations, Insuring, Conditions, Exclusions
D: coverage factsI: coverage promiseC: policy dutiesE: removed coverage
Binder vs Endorsement
Binder
- Temporary coverage
- Precedes issued policy
- Contractual evidence
Endorsement
- Changes policy
- Adds or removes terms
- Becomes contract part
Temporary contract versus policy change
Policy Anatomy
- Declarations
- Who, what, limits
- Insuring agreement
- Insurer coverage promise
- Conditions
- Rules and duties
- Exclusions
- Remove specified coverage
- Definitions
- Control policy meanings
- Endorsement
- Changes policy terms
- Binder
- Temporary coverage contract
- Assignment
- Transfers contractual rights
- Mortgagee
- Protected secured lender
- Proof of loss
- Formal loss statement
- Appraisal
- Resolves amount dispute
- Subrogation
- Insurer pursues responsible party
Collision vs Other-Than-Collision
Collision
- Vehicle impact
- Vehicle overturn
- Deductible applies
Other-than-collision
- Theft or weather
- Animal impact
- Glass loss
Impact versus listed noncollision causes
Personal Auto
- Liability
- Third-party BI and PD
- Medical payments
- Covered occupant medical costs
- UM/UIM
- Uninsured-driver injury protection
- Collision
- Impact or overturn damage
- Other-than-collision
- Specified noncollision damage
- Owned auto
- Listed owned vehicle
- Temporary substitute
- Replaces unavailable covered auto
- Covered person
- Policy-defined insured
- Physical damage
- Collision plus other-than-collision
- Personal umbrella
- Broad excess liability
CGL ABC
A injury; B offenses; C medpay
A: BI and PDB: personal advertising injuryC: medical payments
Fidelity vs Surety
Fidelity
- Protects employer
- Employee dishonesty
- Insurance mechanism
Surety
- Guarantees performance
- Three parties
- Principal repays surety
Dishonesty protection versus performance guarantee
Liability Coverage Picker
- Customer slips onsite→CGL Coverage A(Premises operations)
- Completed work causes injury→CGL Coverage A(Completed operations)
- Advertisement causes covered offense→CGL Coverage B
- Visitor has minor injury→CGL Coverage C
- Employee suffers job injury→Workers compensation
- Customer auto is damaged→Garagekeepers
- Professional advice causes loss→Errors and omissions
- Primary liability limit exhausts→Umbrella or excess
CGL Coverages
- Coverage A
- Bodily injury and PD
- Coverage B
- Personal and advertising injury
- Coverage C
- Medical payments
- Premises operations
- Current location hazards
- Products-completed operations
- Finished product or work
- Contractual liability
- Covered assumed liability
- Occurrence form
- Event during policy period
- Claims-made form
- Claim during coverage window
- OCP
- Owner-contractor protective coverage
- Aggregate limit
- Policy-period payment cap
Commercial Casualty Coverages
- Business auto
- Commercial vehicle coverage
- Hired auto
- Rented or leased auto
- Nonowned auto
- Others' autos used
- Garagekeepers
- Customers' autos in care
- Workers compensation
- Statutory employee benefits
- Employers liability
- Related employer liability
- Surety bond
- Guarantees principal performance
- Fidelity coverage
- Employee dishonesty loss
- Professional liability
- Professional service errors
- Errors and omissions
- Service negligence coverage
- D&O
- Management wrongful acts
- Umbrella
- Broader excess protection
Negligence Elements
Duty, Breach, Cause, Damages
Duty existsDuty breachedBreach causes damages
Liability Concepts
- Duty
- Required standard of care
- Breach
- Duty not met
- Causation
- Breach produces injury
- Damages
- Compensable loss
- Bodily injury
- Physical injury or death
- Property damage
- Physical damage or loss-use
- Personal injury
- Specified nonphysical offenses
- Occurrence
- Accident including continuous exposure
- Insured contract
- Assumes specified tort liability
- Certificate
- Evidence, not coverage grant
- Liability limit
- Maximum covered payment
- Underwriting
- Evaluates liability risk
Occurrence vs Claims-Made
Occurrence
- Event timing controls
- Policy then active
- Later claim possible
Claims-made
- Claim timing controls
- Coverage window matters
- Retroactive date may matter
Event date versus claim date
Casualty Policy Rules
- Occurrence trigger
- Event during policy period
- Claims-made trigger
- Claim during coverage window
- Notice of claim
- Report claim promptly
- Duties after loss
- Protect and cooperate
- Other insurance
- Coordinates overlapping coverage
- Subrogation
- Recovery from responsible party
- Cancellation
- Ends before expiration
- Nonrenewal
- Ends at expiration
- Concealment
- Hides material fact
- Warranty
- Guaranteed policy statement
- Representation
- Statement believed true
- Endorsement
- Modifies contract
Common Traps
Choose the combined producer exam
Property-only is separate ≠ Casualty-only is separate
Producer is not adjuster
Producer sells coverage ≠ Adjuster settles claims
Scored versus unscored
150 items are scored ≠ Five items are unscored
Peril is not hazard
Peril causes loss ≠ Hazard raises likelihood
ACV subtracts depreciation
ACV is depreciated ≠ Replacement cost is not
UM is not liability
Liability protects third parties ≠ UM protects insured persons
Coverage B is not BI
Coverage A handles BI ≠ Coverage B handles offenses
Certificate grants no coverage
Certificate is evidence ≠ Policy controls coverage
Binder is temporary
Binder precedes policy ≠ Endorsement changes policy
Last Minute
- 1.Select combined producer exam
- 2.Memorise twelve item-count domains
- 3.Know Oklahoma 25/50/25 limits
- 4.Separate peril from hazard
- 5.Calculate ACV and coinsurance
- 6.Trace all policy parts
- 7.Compare DP and HO
- 8.Compare BOP and CPP
- 9.Map personal auto coverages
- 10.Map CGL A-B-C
- 11.Recite negligence elements
- 12.Separate occurrence and claims-made
- 13.Review licensing and unfair practices
- 14.Budget 150 minutes
- 15.Answer all 155 items
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