Personal Lines exam topics

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• Direct Loss vs. Indirect LossA direct loss is physical damage or injury caused by an insured event; an indirect loss is a consequential financial effect that follows from the dire…
• Actual Cash Value in Property InsuranceActual cash value (ACV) is a valuation basis used to determine what an insurer pays for covered damaged property. Texas consumer guidance commonly exp…
• Salvage Value After an Insurance LossSalvage value is the remaining value of damaged property after a loss, often discussed when a vehicle is declared a total loss. In Texas, TDI says an …
• How Insurance Deductibles Affect a ClaimA deductible is the portion of an otherwise covered claim the insured must bear under the policy. The insurer applies it according to the coverage’s t…
• Indemnity in Property and Casualty InsuranceIndemnity is the idea that insurance compensates an insured for a covered loss without creating gain from the loss. Property policies use valuation, l…
• Insurance Occurrence vs. AccidentAn accident is an unintended event; an occurrence is a policy-defined event or repeated exposure that may cause bodily injury or property damage. Texa…
• Absolute, Strict, and Vicarious LiabilityStrict liability can impose responsibility for certain harm without proving ordinary negligence; absolute liability is often taught as a stricter no-f…
• General vs. Special DamagesGeneral damages commonly refer to non-economic harm that is difficult to measure exactly, such as pain or impairment; special damages commonly refer t…
• Blanket vs. Specific Insurance LimitsA specific limit assigns a stated amount to a particular property item, class, or location. A blanket limit provides one shared amount across more tha…
• Burglary vs. Robbery vs. TheftTheft is unlawful appropriation of property with intent to deprive its owner. Texas burglary generally involves entering or remaining in a building or…