National Property Content
37%of exam
National Casualty Content
37%of exam
Personal AutoGeneral LiabilityWorkers CompensationSpecialty LinesOccurrence vs Claims-MadeSurety Bonds
Tennessee Common Insurance Law
21%of exam
TDCI + Title 56Producer LicensingContinuing EducationUnfair Trade PracticesCancellation + Non-RenewalGuaranty Association
Tennessee Line-Specific Law
6%of exam
Auto Financial Responsibility25/50/25 MinimumsWorkers Comp ThresholdsFAIR PlanSurplus Lines TaxSR-22
Quick Facts
- Exam
- TN P&C Producer
- Structure
- Two line exams
- Questions
- 77 per line
- Scored
- 68 + 9 pretest
- Time
- 105 min per line
- Pass
- Score of 70
- Fee
- $55 line, $80 both
- Pre-license
- None required
- Provider
- Pearson VUE
Homeowners Forms
HO-2 HO-3 HO-4 HO-5 HO-6 HO-8
HO-2: broadHO-3: open dwellingHO-4: rentersHO-5: open contentsHO-6: condoHO-8: older ACV
ACV vs Replacement Cost
ACV
- Minus depreciation
- Pays less
- HO-8, DP-1
Replacement Cost
- No depreciation
- Must rebuild
- Needs coinsurance
Depreciated vs full
Property Form Picker
- Owner-occupies home→HO-3(Open perils)
- Want open-peril contents→HO-5(Broadest)
- Renter, no building→HO-4(Contents only)
- Owns condo unit→HO-6(Unit-owner)
- Older home over-value→HO-8(ACV basis)
- Landlord rents dwelling→DP-3(Non-owner)
- Basic rental dwelling→DP-1(Named perils)
- Small business package→BOP(Property + liability)
Homeowners Forms
- HO-2
- Broad named perils
- HO-3
- Open perils dwelling
- HO-5
- Open perils contents
- HO-4
- Renters contents only
- HO-6
- Condo unit-owner
- HO-8
- Older home ACV
- Coverage A
- Dwelling structure
Hazard Types
Physical, Moral, Morale
Physical: conditionMoral: dishonestyMorale: carelessness
HO-3 vs HO-5
HO-3
- Open dwelling
- Named-peril contents
- Standard
HO-5
- Open dwelling
- Open-peril contents
- Broadest
Contents peril basis
Dwelling + Commercial
- DP-1
- Basic named perils
- DP-2
- Broad, replacement cost
- DP-3
- Open perils dwelling
- BOP
- Small business package
- BPP (CP 00 10)
- Commercial building, contents
- Builders risk
- Under-construction structure
Named vs Open Perils
Named Perils
- Only listed covered
- Insured proves
- Narrower
Open Perils
- All but excluded
- Insurer proves exclusion
- Broader
Burden of proof
Property Provisions
- ACV
- Cost minus depreciation
- Replacement cost
- No depreciation deducted
- Coinsurance
- Insure to value80%
- Deductible
- Insured retains first
- Mortgage clause
- Protects lender interest
- Pro-rata refund
- Insurer cancels midterm
- Short-rate refund
- Insured cancels early
- Coverage C
- Personal property contents
Perils + Coverage Basis
- Peril
- Cause of loss
- Named perils
- Only listed covered
- Open perils
- All but excluded
- Basic form
- Fire, wind, limited
- Broad form
- More named perils
- Special form
- Open perils, shifts burden
CGL Coverages
A bodily, B advertising, C medical
A: BI + PDB: personal, advertisingC: med pay
Occurrence vs Claims-Made
Occurrence
- Injury during period
- Reported anytime
- Standard CGL
Claims-Made
- Reported during period
- Retro date limits
- E&O, D&O
Happens vs reported
Casualty Coverage Picker
- Auto injures third party→Auto liability(BI + PD)
- Customer hurt onsite→CGL Coverage A(Premises)
- Non-fault medical goodwill→CGL Coverage C(Med Pay)
- Employee injured working→Workers comp(Part One)
- Employee sues employer→Employers liability(Part Two)
- Claim-report basis needed→Claims-made policy(Retro date)
- Contractor tools in transit→Inland marine(Floater)
- Guarantee contractor performance→Surety bond(Three-party)
Personal Auto (PAP)
- Liability
- Pays third parties
- Med Pay
- Own injury, no-fault
- UM
- At-fault uninsured driver
- UIM
- At-fault underinsured driver
- Collision
- Own car impact
- Comprehensive
- Theft, fire, glass
- Split limits
- Person, accident, property
Part One vs Part Two
Part One
- Statutory benefits
- No dollar limit
- Workers comp
Part Two
- Employers liability
- Policy limits
- Employee lawsuits
Benefits vs liability
General Liability (CGL)
- Coverage A
- Bodily injury, property damage
- Coverage B
- Personal, advertising injury
- Coverage C
- Medical payments, no-fault
- Occurrence
- Injury during period
- Claims-made
- Claim reported during
- Products-completed ops
- After product leaves
- Premises liability
- Slip-and-fall onsite
- Care custody control
- Excludes others' property
Workers Compensation
- Part One
- Statutory benefits, unlimited
- Part Two
- Employers liability, limits
- Exclusive remedy
- No employer lawsuit
- TTD
- Two-thirds average wage
- PPD
- Scheduled injury award
- Experience mod
- Loss-history rate factor
- NCCI
- Workers comp rater
Specialty + Commercial Lines
- Inland marine
- Mobile, transit property
- Umbrella
- Excess above primary
- DIC
- Adds flood, quake
- Surety bond
- Three-party guarantee
- Business auto
- Commercial vehicle liability
- Garagekeepers
- Customers' autos onsite
Unfair Practices
Rebate, Twist, Churn, Misrepresent, Defame
Rebating: illegal inducementTwisting: different insurerChurning: same insurerMisrepresentation: false statement
Twisting vs Churning
Twisting
- Different insurer
- Misrepresentation replaces
- Unfair practice
Churning
- Same insurer
- Replacement fraud
- Unfair practice
Different vs same insurer
TDCI + Licensing
- TDCI
- Tennessee insurance regulator
- Commissioner
- Heads TDCI
- Title 56
- State insurance code
- No pre-license
- No required course hours
- License term
- Renews every two years
- 48-hour wait
- Before filing application
CE + Producer Conduct
- 24 CE hours
- Every two years
- 3 ethics hours
- Part of CE
- Fiduciary duty
- Premiums held in trust
- Rebating
- Illegal purchase inducement
- Twisting
- Misrepresent to replace
- Churning
- Same-insurer replacement fraud
- Commingling
- Mixing premium funds
Cancellation + Claims Rules
- Non-renewal notice
- 60 days written
- Non-pay cancellation
- 10 days notice
- New-policy window
- First 60 days
- Notice recipients
- Insured and agent
- Unfair claims
- Prohibited settlement conduct
- Unfair trade practices
- Title 56 violations
Auto Minimums
25 person, 50 accident, 25 property
25: per person BI50: per accident BI25: property damage
Admitted vs Surplus Lines
Admitted
- State-licensed
- Guaranty protected
- Rates filed
Surplus Lines
- Non-admitted
- No guaranty
- Hard-to-place
Guaranty protection differs
Tennessee Numbers Picker
- Minimum auto limits→25/50/25(Split limits)
- Self-insure instead→$65,000 bond(Or cash)
- Most employers workers comp→5+ employees(Threshold)
- Construction employer→1+ employee(No exemption)
- Non-renewal notice→60 days(Insured + agent)
- CE each cycle→24 hours(3 ethics)
TN Auto Responsibility
- 25/50/25
- Minimum liability limits
- $65,000 bond
- Self-insure alternative
- At-fault state
- Tort, no PIP
- Comparative fault
- 50% recovery bar
- UM/UIM offer
- Written rejection required
- SR-22
- Proof of responsibility
TN Residual Markets
- FAIR Plan
- Residual property market
- TPCIGA
- Insolvent insurer claims
- Assigned risk
- Residual workers comp
- Surplus lines tax
- 5%, producer remits
- Non-admitted insurer
- No guaranty protection
- 5-employee threshold
- Workers comp required
- Construction WC
- One employee triggers
Common Traps
Peril vs Hazard
Peril is cause ≠ Hazard increases chance
Auto Minimums Updated
Not 25/50/15 ≠ Now 25/50/25
Occurrence vs Claims-Made
Occurrence when happened ≠ Claims-made when reported
Workers Comp Threshold
Most 5+ employees ≠ Construction 1+ employee
Surplus Lines Guaranty
Admitted guaranty covered ≠ Surplus not covered
DP-3 Contents
Dwelling open perils ≠ Contents named perils
Non-Renewal Notice
Not 30 days ≠ Tennessee 60 days
Last Minute
- 1.Two exams: Property and Casualty
- 2.Each line 77 questions, 105 minutes
- 3.Passing score is 70
- 4.Auto minimums are 25/50/25
- 5.Self-insure with $65,000 bond
- 6.Workers comp: 5+ employees generally
- 7.Construction workers comp: 1 employee
- 8.Non-renewal notice is 60 days
- 9.CE: 24 hours, 3 ethics
- 10.Tennessee at-fault, no PIP
- 11.Surplus lines have no guaranty
- 12.HO-5 covers open-peril contents
- 13.No pre-licensing education required
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