Help needed for insurance exam
 

Took the insurance agent exam for Fire and Casualty.. Exam was not easy I hope some of you can assistant me on figuring out the Memorization technique! It covers from CGL to Workers Comp and both Personal Lines as well as Commercial Lines:sad:

What State are you testing? Where did you take your 40hr class? I have both a life&health and my P&C license. both tests were a bitch, but I found using a computer software called compucram was the easiest way to study and memorise. You can take as many practice tests as you wish(which are structured very similar to the actual state exam) at the end of the tests it breaks down each section and shows you where you need the most work. Wherever you are weakest that's what you need to hit the hardest.

Thanks Rahl,
Well I took mine at the Work Comp hq office in SF. I did my 40hrs online required course plus Ethics 12hr course.
I do conquer with you on the content. Tell me more in detail about compucram such as link /website ;cost ;length of time ; material they offer....
Thanks I look forward to hearing from you soon....

Real Estate Exam & Test Preparation for Mortgage, Appraisal, Securities Exams - CompuCram®. I'm not sure on cost, it has been 7 years since I took my tests, I think I paid like 80 bucks or so for the program. As far as time limit, I think it's around 60 days(don't hold me to that though) I'm from ohio and our two states have very different Insurance laws, so I can't say with any certainty if compucram is available in your state(I don't see why it wouldn't be, but like I said CA and NY laws are fucked compared to rest of country) for the exam but check out the website. Any more questions let me know...good luck

here's the CA version $49

California Real Estate License Exam Preparation from CompuCram

Cyn, that's for real estate. He's looking for Insurance.

sorry... I thought I was reading Insurance as I was leafing through their site and other places I googled. Lots of interesting things they offer.

It's a great software. Only downside is it only lasts for x number of days. I wouldn't have passed the test without it. About 90% of whats on the exam you will never use in real life, just gotta suck it up for the exam then you can forget it.

Derph, what are your plans for the future? Are you thinking about starting an agency?

I have a CA P&C license too (and a surplus lines license, although that one was easy). Really, once you understand the basic homeowners forms, you're fine. My exam just touched on CGL, WC, Auto and Property. Probably 90% of the questions were either directly related to Homeowners coverage or a quick logical jump from there.

Personally I think that these cramming software things are crap, but that's my personal opinion. Other people swear by them, but they're definitely not for me.

So Derph, what are you going to be doing? You're not one of the new hires in our San Fran office, are you?

Thanks everyone I'll take all the advice that I can get Jazz, I got recruited as a local agent as I went to a Career Fair. So you think I should concentrate on Homeowner policies as well as CGL,WC, Auto then Property? Well I'm reading up on 62pager of General California Insurance Laws that I downloaded. It's confusing as the wording of each section is so long winded! Wish it was very simple. I use K.I.S.S. system. Keep It Simple System so my head will retain information.

Well, the HO forms will cover most of the likely Property and Liability questions that you'll see. If you're familiar with the differences between the HO forms and the CGL and Property ISO forms, you should be fine. WC and Auto are obviously completely different animals, but both are pretty simple in terms of coverage. WC claims are covered if the state says they're covered. With Auto, you just need to know the differences between the various symbols.

I don't remember any questions about the law, but it's been at least 8 years since I got my license, so that may or may not be a good use of your time.

Keep in mind derph that Jazz's test has nothing to do with your test. Just because his focused on one certain secions doesn't mean yours will. The best way to be prepared is use the software to find out what your weakest sections are, then study those sections until you have them down.

Jazz, yes I am well aware of the different animals but what I am concern with laws and regulations that applies to all of the lines California Department of Insurance (CDI) tends to change them so rapidly I saw that for new agent for P&C the requirement is 25hrs of CEU for first four years. Which means for every year I need 25hrs of CEU.

That's true, but that requirement is due 365 days from when you pass the exam. There are a number of online courses you can take that satisfy that requirement - I usually use one or the other for my IL license, which is the starting point for all my other licenses (I've got various licenses in 12 or 14 states - I don't really keep track). I can't remember if California residents agents (which is what you're applying for; I have a nonresident license) have to have classroom time or not, but I think you're wasting your time reviewing the law since it's not going to help you in an online course, when you retake the exam or with your CEU credits since it's not going to be an approved study.

In my experience CA doesn't change their laws as quickly as you seem to think - with the exception of WC. They've monkeyed with that quite a bit over the last few years, which is why there's a hard market there for that line. Auto and most other lines they've left alone for the most part, with the exception being some changes to laws governing GL for the construction industry (something near and dear to my heart).

But it's your time; you spend it as you see fit.

Jazz,
Whats the difference between Personal Line Agent and Commercial Line Agent. If I get a Fire & Causalty Agent licensce do I get to do CGL?

Sorry for the delay - lot's of stuff going on with the year-end.

If I remember right, there's no difference between Personal and Commercial in terms of licensing. You can do either or both. It depends on the agency and your contract. I can do both on the same license (and occassionally do for very large personal lines accounts where there might be a problem like a DUI or something that makes the usual personal lines carriers reluctant to offer higher limits). It should be an account-by-account basis for you.

And I do CGL all day every day. Unless I'm doing Umbrellas. Or some sort of environmental coverage. Or product recall. Or.... whatever it takes to solve the problem.

Thanks Jazz, Happy New Year !
I got another question.
Just so confused with PL? 1.What are rules on days for cancellation? both Personal and Public Entity like State facilities?
Thank you

derph, I don't understand your question. What do you mean by PL? I can think of 4 things, none of which have to do with cancellations. Can you restate?

In regards to Property and Liability there are several number of days that a insurer has to follow ;1.What are rules on days for cancellation? both Personal and Public Entity or State Agency? It talks about 10 days 30days,45 days and 60 days

Well that's actually pretty easy. Generally speaking companies have to give 10 days notice of cancellation in the event of nonpayment and 30 days for everything else (pretty much - I think that there are some exceptions for things like Material Mispresentation). And it's the same for nonrenewal.

Those can be negotiated longer, but those are the minimums in every state, I think. There might be an exception out there, but none spring to mind.

Just curious can any person purchase endorsement w/o a policy. I read that if a single person that does not own or lease auto. The person occasionally uses the housemate's vehicle. To obtain a coverage for usage can the driver get endorsements or do owner get an endorsement?

Derph, a few things:

1) You can not endorse a policy that doesn't exist. To even have an endorsement, you have to have a policy first. There are no exceptions since, by definition, the endorsement changes the policy. You have to have that insuring agreement first.

2) Auto coverage always follows the vehicle (let's pretend that scheduled drivers policies don't exists since they're so rare). If the housemate has coverage, so does the single person (using your terms to define the individuals. Now, if the single person does not get permission to use the vehicle, there is no coverage (generally speaking), but the housemate does not have any liability if there's an accident. The driver can add the housemate to his policy if they own the vehicle together or they are somehow related.

3) The housemate can also buy hired/nonowned auto coverage that is basically auto insurance with no scheduled vehicle (Symbols 8 and 9 on a Commercial Auto policy). The same concept exists for a personal policy, but I'm not sure if it's called the same thing or not.

Thank you so much Jazz, you make my life lot easier as I rely on knowledge that is not from the book but from real experiences. I read the policy but the wording is so convoluted that I for one misinterpret and need to re-read all over. Having said all that, I have another question.
1. Regarding Homeowner Policy, HO-6 Condominium unit-Owner form. Does HO-6 have same Dwelling coverage as HO-2 Basic:Home-owner broad form? Acronym of coverage W.H.A.R.V.E.S. -Windstrom, Hail, Aircraft, Riot,Volcano,Explosion,Smoke?

HO-2,HO-3,and HO-5 homeowners forms provide building coverage on a replacement cost basis if the building is insured 80% or more of its replacement cost.
2. Here is a Question What if they homeowner insures 70% of its replacement cost what happens then?

3. As the House values are not appreciating as it should then even if the insure has placed 80%, but the replacement cost is less then what the homeowner acquired then what happens?
Thanks for everything!

---------- Post added at 10:22 PM ---------- Previous post was at 09:55 PM ----------

I hope everything will be clear by 12th. Since I will be taking test very next day!

derph - I don't know much about the Homeowners forms anymore. Like I said at the beginning, I took the exam years ago, and this isn't something that I need to know for my job. My gut tells me that the answers are 1) yes 2) then it's covered at ACV 3) I don't know.

Sorry, but this stuff really isn't my thing. I don't know much about it. If you've got questions about commercial coverage, I'm much more likely to be helpful.

Jazz, Thanks for everything that you enlighten me on how the insurance works....I will see if anyone else can advise me on this.