This Study Guide has been prepared to enhance your learning experience. It contains all of the Check-In questions, Knowledge Checks, and Self-Quizzes contained within the course, along with an Answer Key and Glossary. Use it as a tool to help practice and assess your knowledge of the course material, but do not mistake it for a comprehensive “short-cut” to preparing for the final exam.
Be sure to take a look at the section, “Appendix,” that follows the Answer Key in this Study Guide. It contains valuable suggestions for test preparation and study techniques, as well as some sample exam questions and a glossary of terms.
Your path to success in passing the final exam will come from your attentiveness during the course and the effort you put into preparation.
Study Set
Use this study set to review digital flashcards and play interactive vocabulary games for the insurance & risk management terms found in the glossary of this course!
Review Game
Use this trivia-style review game to test your knowledge prior to taking the final exam for this course!
Section 1 – Personal Residential Coverages
Personal Residential Loss Settlement
This video covers the impact of replacement cost values on Coverage A – Dwelling Limit, identifies endorsements for better coverage, and explains methods for determining Actual Cash Value (ACV) including replacement cost less depreciation, current market value, and the Broad Evidence Rule.
Resources:
Section 2 – Personal Automobile Coverages
The Trouble with Automobile Loss Valuations
Personal Residential Loss Settlement
This video covers the impact of replacement cost values on Coverage A – Dwelling Limit, identifies endorsements for better coverage, and explains methods for determining Actual Cash Value (ACV) including replacement cost less depreciation, current market value, and the Broad Evidence Rule.
Compulsory Coverage
This video simplifies the complexities of compulsory coverage of Personal Auto Policies. Nikki Sherill Wyatt defines compulsory coverage, outlines its presentation in policies, and stresses the state-specific variations in regulations. The discussion then zooms in on two crucial compulsory coverages: Personal Injury Protection (PIP) and Uninsured/Underinsured Motorists Coverage, shedding light on their importance.
Resources:
Section 3 – Personal Umbrella/Excess Liability
Understand Underlying Insurance and Retained Limits
for the Personal Umbrella Liability Policy
This video provides an understanding of the roles that “underlying insurance” and a “retained limit” play within a Personal Umbrella Liability Policy. In addition Earl Aycock provides a practical yet simple explanation of how and when the self-insured rention (or deductible) applies to a Personal Umbrella claim.
