What is the Property & Casualty Insurance License Exam?
Qualified candidates who are interested in selling Property & Casualty insurance must first obtain their Property & Casualty Insurance License. With this license, insurance agents are able to sell a variety of policies, including condo insurance, renter’s insurance, business property insurance, and landlord insurance. These types of insurances generally offer liability coverage and property protection.
Property & Casualty insurance agents can work as brokers, employees, or independent agents, depending on their state regulations. Applicants are encouraged to find out their state licensing process and qualifications.
What are the requirements for earning the Property & Casualty Insurance License?
The qualifications for taking the Property & Casualty Insurance Exam depend on many factors including the state’s regulations, and whether or not the applicant is applying for a state license outside of their residency. An example is a Maryland resident applying for a non-resident Florida insurance license.
In many states, passing the Property & Casualty Insurance Exam is only one of the requirements for applying for a license. Each state has a different set of qualifications for taking the exam, including the completion of a Pre-Licensing Course, a background check, and training. After passing the exam and completing the other requirements, candidates may apply for the license.
How to apply for the Property & Casualty Insurance License Exam
The application process for the Property & Casualty License Exam is different for each state. Typically, applicants have the option to fill out the application online or mail it in. To find out how to apply for the Property & Casualty Insurance Exam, contact that state’s insurance board. For example, if you are seeking licensure in Texas, you can contact the Texas Department of Insurance. If you do not know the name of the state board, it may be helpful to search the state’s name with titles like “Office of Insurance” or “Department of Insurance.” For example, California’s state insurance board is called California Insurance Code and Department of Insurance. Candidates are also encouraged to stay up-to-date with renewal fees and requirements, if applicable.
How much does it cost to take the Property & Casualty Insurance License Exam?
Property & Casualty Insurance Exam fees depend on the state. For more information on examination fees, please contact the state insurance board.
Property & Casualty Insurance Exam
Property & Casualty Insurance Exam Topics
The topics covered on the Property & Casualty Insurance Exam depend on the state board. Below are some of the possible categories for this exam.
- Types of Policies. Example topics include limited-pay, single-premium life, and ordinary whole life.
- Parts of a Policy. Example topics include declarations, agreements, conditions, and exclusions.
- Policy Riders and Provisions. Example topics include waiver of premium, accidental death dismemberment, insurance clause, owner’s rights, and payor benefits.
- Completing the Application. Example topics include underwriting, warranties, replacement, insurable interest, and the Fair Credit Reporting Act.
- Insurance Concepts. Example topics include life insurance, business insurance, retirement plans, and social security.
- Marketing Practices. Example topics include claims methods, false advertising, rebating, fraud, and misrepresentation.
- Basics of Third Party Coverage. Example topics include liability policies, negligence, and “No Fault” benefits.
- Specialty Policies. Example topics include Fair Plan Coverage, Personal Watercraft, and flood insurance.
- Commercial Crimes. Example topics include extortion, theft, and robbery.
- Licensing Laws. Example topics include limited lines, types of producers, fees, and commissions.
Applicants are encouraged to contact their state insurance board to find out what topics are on the Property & Casualty Insurance License Exam.
What to expect on test day
Applicants across the country can expect different test-taking experiences because each state adopts different protocols. Below are some of the common rules and procedures.
Applicants are required to bring at least one form of identification with a photograph and a signature.
Some of the typical prohibited items include cellular devices, iPads, music players, study materials, and handbags. Some testing locations offer personal lockers for the duration of the exam.
At many testing locations, test-takers receive a printed copy of their results at the end of the test.
What are some study resources for the Property & Casualty Insurance License Exam?
It is normal to experience anxiety when preparing for an exam – especially an exam that can advance your career. Understanding the test topics and structure in advance will not only decrease your anxiety but help you earn a higher score. We understand that this is easier said than done, so our expert test researchers developed the Mometrix Property & Casualty Insurance Study Guide. This comprehensive guide is designed to help you thoroughly understand and review the topics found on the Property & Casualty Insurance Exam. Our experts understand that practice before the examination is only half of the battle, so this in-depth study guide includes well-researched test-taking strategies that will help you effectively answer the test questions. For example, when you are taking a test, have you ever felt like you were answering the questions too slowly or too quickly? This study guide will help with that and so much more!
Research shows that repetition is one of the most effective test-taking strategies, so our test-taking experts also developed the Mometrix Property & Casualty Flash Cards. Designed with professional-quality material, these flash cards feature thorough, yet easy-to-read explanations of all the major topics on the test, like Broad Theft Coverage and Endorsements for BOP. The Mometrix Property & Casualty Flash Cards are ideal for quizzing and studying and on the go!
We look forward to assisting you with passing the Property & Casualty Insurance License Exam. We know you will knock this out of the park!
Property Casualty Study Guide
Mometrix Academy is a completely free resource provided by Mometrix Test Preparation. If you find benefit from our efforts here, check out our premium quality Property Casualty study guide to take your studying to the next level. Just click the Property Casualty study guide link below. Your purchase also helps us make even more great, free content for test-takers.
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Last updated: 05/31/2018
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