Property & Casualty Exam Prep 14, Negligence and Liability Basics

Property & Casualty Exam Prep 14, Negligence and Liability Basics

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The four essential elements of negligence: duty, breach, causation, and damages. - How causation is a two-part test of both actual cause and proximate (foreseeable) cause. - The difference between contributory negligence, an all-or-nothing rule, and comparative negligence, which reduces recovery based on fault. - How to calculate liability payments in a comparative negligence scenario. - The definition of the assumption of risk defense and when it applies to a liability claim.

Property & Casualty Exam Prep 13, Appraisal, Arbitration, and Assignment

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The precise difference between appraisal (for disputes over loss amount) and arbitration (for disputes over coverage). - Why the appraisal process involves two appraisers and an umpire to reach a binding decision on value. - The critical rule of assignment: a policy cannot be transferred to another person without the insurer's written consent. - How a mortgagee or loss payee's right to a claim payment is fundamentally different from a full policy assignment. - Common exam traps, such as confusing loss payee rights with assignment or using appraisal for coverage disputes. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Property & Casualty Exam Prep 12, Other Insurance and Subrogation

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The 'Other Insurance' clause prevents an insured from profiting from a loss by ensuring multiple policies share the cost proportionally. - Primary coverage pays first up to its limit, while excess coverage only pays after the primary policy's limits are completely exhausted. - Subrogation is the insurer's right to sue the at-fault party to recover the amount it paid for a claim, which prevents the insured from collecting twice for the same loss. - An insured has a duty to protect the insurer's subrogation rights and cannot waive them or otherwise impair recovery after a loss has occurred. - A 'Waiver of Subrogation' is a contractual agreement made before a loss that prevents the insurer from seeking recovery from a specific third party, commonly used in leases. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Property & Casualty Exam Prep 11, Exclusions and Endorsements

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Exclusions are provisions that narrow coverage by removing specific perils or property from the base policy. - Endorsements are written modifications used to add, remove, or change the terms of a standard insurance contract. - When there is a conflict between the main policy and an endorsement, the endorsement's language always takes precedence. - Exam questions often test how an endorsement can add coverage for a peril that is specifically excluded in the base policy, such as sewer backup. - Scheduled Personal Property Endorsements are used to insure high-value items for their full appraised value, overriding standard sub-limits found in the policy. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

Property & Casualty Exam Prep 10, Conditions, Duties, and Proof of Loss

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The critical difference between giving a prompt Notice of Claim and submitting a formal Proof of Loss. - Why the insured's duty to protect property from further damage is a heavily tested concept. - How the timeline for submitting a Proof of Loss is triggered by the insurer's request, not the date of loss. - That cooperation with the insurer is a mandatory policy condition which can determine if a claim is paid. - A simple mnemonic to remember the five key duties of an insured after a loss: Prompt Notice, Protect Property, Cooperate, Inventory, and Proof of Loss. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep