Exam topics

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• Proximate cause in property and casualty insuranceProximate cause is the cause that produces a loss through a sufficiently direct and continuous chain of events; it is not automatically the event clos…
• Direct vs. indirect loss in insuranceA direct loss is immediate physical damage to insured property from a covered cause. An indirect loss is a resulting financial loss, such as lost inco…
• Vacancy vs. Unoccupancy in Property InsuranceIn everyday insurance usage, a vacant building is generally one that has been emptied of occupants and much of the property associated with its normal…
• Notice of Claim vs. Proof of LossNotice of a claim or loss is the initial communication that alerts the insurer to an event or demand and allows investigation to begin. A proof of los…
• Indemnity in insuranceIndemnity is the idea that insurance compensates for a covered financial loss rather than creating a gain from it. The policy still controls what is c…
• The coinsurance penalty in property insuranceA property coinsurance clause can reduce payment on a covered loss when the insurance carried is below the policy's required percentage of the propert…
• Blanket vs. specific property coverageBlanket property coverage applies one shared limit to multiple covered properties, locations, or property categories described by the policy. Specific…
• Insuring agreements, conditions, and exclusionsThe insuring agreement states the coverage the insurer promises to provide. Conditions set rules that apply to the policy or a claim, while exclusions…
• Occurrence in liability insuranceAn occurrence-based liability policy generally looks to when covered bodily injury or property damage happens, rather than when the injured person fir…
• CGL Coverages A, B, and CA standard CGL policy separates three kinds of protection: Coverage A addresses an insured’s legal liability for covered bodily injury or property dam…