Insurance Regulation
15%of exam
SCCLicensingAppointmentsCEUnfair Practices
General Insurance
9%of exam
RiskContractsAgencyInsurersRisk Picker
P&C Basics
13%of exam
Dwelling Policy
5%of exam
DP-1DP-2DP-3Dwelling Forms
Homeowners Policy
13%of exam
HO-3HO-4HO-6Loss Of Use
Auto Insurance
16%of exam
Commercial Package
12%of exam
CPPCGLBOPInland MarineCommercial Picker
Businessowners Policy
5%of exam
BOP PropertyBOP LiabilitySmall BusinessEndorsements
Workers Compensation
7%of exam
Coverage TriggerAssigned RiskExclusive Remedy3A
Other Coverages
5%of exam
UmbrellaSurplus LinesSuretyNFIPVPIA
Quick Facts
- Series
- 11-03
- Provider
- Prometric
- Questions
- 135 scored + 10 pretest
- Time
- 150 min
- Pass
- 70%
- Exam fee
- $35
- Prelicense
- No P&C course
- Fingerprint
- FPVABOIProducer
- Auto limits
- 50/100/25
P&C vs Personal Lines
P&C
- Broader authority
- Includes personal
- Commercial included
Personal
- Narrower authority
- Personal risks
- No commercial P&C
Broad vs narrow
License Path
- Need exam→Prometric
- Need P&C→Series 11-03
- Passed exam→Apply online
- Resident applicant→Fieldprint
- Title only→16-hour course
- Third fail→30-day wait
- One license type→16 CE credits
- Two license types→24 CE credits
Regulation + Licensing
- SCC
- State regulator
- Bureau
- Insurance division
- Commissioner
- Appointed official
- Prometric
- Exam vendor
- Series 11-03
- P&C exam
- Resident
- Exam required
- P&C
- Includes personal lines
- Appointment
- Insurer authorization
Producer Rules
- Fiduciary funds
- Premium handling
- Trust account
- Separate money
- Commissions
- Licensed sharing
- Rebating
- Illegal inducement
- Misrepresentation
- False policy facts
- False advertising
- Misleading promotion
- Records
- Available for exam
- Privacy
- Protect insurance data
General Concepts
- Risk
- Uncertainty of loss
- Peril
- Cause of loss
- Hazard
- Increases loss
- Indemnity
- Restore financially
- Transfer
- Shift risk
- Adverse selection
- Higher-risk buyers
- Reinsurance
- Insurer risk transfer
- Agency
- Authority relationship
Negligence Elements
Duty, breach, cause, damages
Duty owedBreach happenedCause linksDamages proven
ACV vs Replacement
ACV
- Depreciation deducted
- Lower payout
- Older property
Replacement
- No depreciation
- Repair/replace
- Conditions apply
Depreciated vs new
P&C Foundations
- Insurable interest
- Financial stake
- ACV
- Cost minus depreciation
- Replacement cost
- No depreciation
- Named perils
- Listed causes only
- Open perils
- All except excluded
- Direct loss
- Immediate damage
- Indirect loss
- Resulting expense
- Coinsurance
- Minimum insurance share
Policy Parts
Declarations, agreement, exclusions, conditions
Dec: factsAgreement: promiseExclusions: noConditions: duties
Named vs Open
Named
- Listed perils
- Narrower coverage
- Burden insured
Open
- All but excluded
- Broader coverage
- Check exclusions
Listed vs excepted
Policy Structure
- Declarations
- Who/what/limits
- Definitions
- Key terms
- Insuring agreement
- Coverage promise
- Conditions
- Policy duties
- Exclusions
- Not covered
- Endorsement
- Policy change
- Deductible
- Insured pays first
- Subrogation
- Recovery rights
Homeowners ABC
A dwelling, B other, C contents
A: dwellingB: structuresC: propertyD: loss use
Coverage Picker
- Owner residence→HO-3
- Tenant contents→HO-4
- Condo owner→HO-6
- Rental dwelling→DP forms
- Business package→BOP/CPP
- Mobile property→Inland marine
- Extra liability→Umbrella
- Flood risk→NFIP
Dwelling + Homeowners
- DP-1
- Basic form
- DP-2
- Broad form
- DP-3
- Special form
- HO-3
- Owner special
- HO-4
- Tenant contents
- HO-5
- Comprehensive owner
- HO-6
- Condo owner
- Loss of use
- Extra living cost
Auto Limits
50/100/25: person, accident, property
50: one person100: accident25: property
UM vs UIM
UM
- No insurance
- Hit-and-run
- Uninsured driver
UIM
- Limits too low
- Underinsured driver
- Damages exceed limits
None vs not enough
Auto Picker
- Registered vehicle→50/100/25
- No insurance→Penalty risk
- At-fault claim→Liability
- No at-fault insurance→UM
- Low at-fault limits→UIM
- Borrowed business auto→HNOA
- Customer auto custody→Garagekeepers
- Employee injury→Workers comp
Virginia Auto
- Financial responsibility
- Required coverage proof
- 50/100/25
- Current minimums
- Tort state
- Fault matters
- Liability
- Third-party injury
- UM
- No at-fault insurance
- UIM
- Insufficient at-fault limits
- Medical expense
- No-fault medical option
- Assigned risk
- Virginia auto plan
CGL vs BOP
CGL
- Liability form
- No property bundle
- Occurrence/claims-made
BOP
- Package policy
- Property + liability
- Small business
Liability vs package
Commercial Lines
- CPP
- Multiple coverage parts
- CGL
- Business liability
- BOP
- Small-business package
- Business income
- Lost income
- Extra expense
- Reduce shutdown
- Inland marine
- Mobile property
- Garagekeepers
- Customer autos
- HNOA
- Borrowed business autos
Occurrence vs Claims-Made
Occurrence
- Event date matters
- Tail less central
- CGL common
Claims-made
- Claim date matters
- Retro date matters
- Tail may matter
Event vs claim
BOP Basics
- BOP property
- Business property
- BOP liability
- Business liability
- Eligible risk
- Smaller business
- Optional coverages
- Added protections
- Safeguards
- Required controls
- Utility services
- Service interruption
- Hired auto
- Rented autos
- Non-owned auto
- Employee autos
Workers Comp
- Employer trigger
- More than two
- Assigned risk
- Plan market
- Exclusive remedy
- Limits lawsuits
- Statutory benefits
- Work injury benefits
- 3A listing
- Virginia named
- Self-insurance
- Approved alternative
- Group self-insurance
- Shared alternative
- PEO
- Allowed arrangement
Surety Trio
Principal performs, obligee receives, surety backs
Principal: dutyObligee: promiseSurety: guarantee
Admitted vs Nonadmitted
Admitted
- Virginia licensed
- Guaranty access
- Filed forms
Nonadmitted
- Surplus market
- Hard-to-place
- No guaranty
Licensed vs surplus
Other Markets
- Umbrella
- Extra liability
- Excess
- Higher layer
- Surplus lines
- Nonadmitted market
- Surety
- Three-party promise
- Principal
- Performs obligation
- Obligee
- Receives promise
- NFIP
- Federal flood
- Watercraft
- Specialty exposure
VPIA vs VPCIGA
VPIA
- Residual property
- Hard-to-place
- FAIR plan
VPCIGA
- Insolvent insurer
- Admitted policies
- Statutory safety net
Market vs insolvency
Residual + Guaranty
- VPIA
- Property FAIR plan
- VPCIGA
- Insolvency safety net
- Admitted
- Licensed insurer
- Nonadmitted
- Surplus insurer
- Guaranty
- Statutory protection
- Surplus warning
- No guaranty
- VPIA role
- Residual property
- VPCIGA role
- Covered insolvency
Common Traps
Old UMV fee
Fee option eliminated ≠ Insurance now required
30/60/20 minimums
Old limits ≠ Use 50/100/25
Exam pass equals license
Pass exam first ≠ Apply after passing
135 vs 145
135 scored ≠ 145 total
P&C plus personal
P&C includes personal ≠ Do not duplicate
Surplus guaranty
Admitted gets protection ≠ Surplus has warning
Flood in HO
Flood excluded ≠ NFIP separate
UM equals UIM
UM has none ≠ UIM has too little
Last Minute
- 1.Series 11-03
- 2.135 scored, 145 total
- 3.Time is 150 minutes
- 4.Cut score is 70%
- 5.Auto limits: 50/100/25
- 6.UMV fee option eliminated
- 7.P&C includes personal lines
- 8.Resident fingerprints: Fieldprint
- 9.One license type: 16 CE
- 10.Two types: 24 CE
- 11.Ethics: 3 CE credits
- 12.VPIA is residual property
- 13.VPCIGA is insolvency safety
- 14.Surplus lines lack guaranty
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