This course provides an overview of insurance laws relating to the property and casualty (P&C) insurance industry. Legal issues affect nearly every aspect of the insurance transaction and a solid grounding in these concepts assists the insurance professional in numerous ways, whether that person is an agent, broker, adjuster, or underwriter. The target audience of this course is insurance professionals with a variety of experience who want to learn more about the legal aspects of property and casualty insurance.
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The course begins with an explanation of how insurance policies conform to property law, initially focusing on the different types of property. The rights and titles to property, bailments, security interests in property, and valuation of damaged property are also discussed. The following chapter discusses legal liability—a concept that is crucial to a proper understanding of liability insurance. A large part of this section concentrates on the complex issue of negligence, including the four elements of negligence and defenses in a negligence suit.
Agency law is a key area when it comes to legal principles for P&C insurance professionals. The insurance transaction begins with the agent or broker and defining what these terms mean is the logical first step in reviewing the concept of agency. Types of agency authority, categories of insurance agents, and differentiating agents from brokers are all reviewed. A discussion of the legal environment of underwriting follows, with an emphasis on the steps of the underwriting process and the legal restrictions that underwriters face.
Following the underwriting discussion is a review of the legal environment of the claims adjusting process. This chapter covers the types of adjusters, the insured’s duties after a loss, the insurer’s duties after a loss, the insurer’s options in responding to the claim, the process of resolving the claim, and related legal issues. The course concludes with a review of key consumer laws, such as the Fair Credit Reporting Act, insurance consumer bill of rights laws that many jurisdictions have adopted, and fair claims settlement laws in general.
Insurance CE Training
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In most cases, series license holders will need to take an insurance licensure exam if they are also selling insurance products. Securities and insurance are almost the same since they are both related to mutual funds, variable annuities and other insurance products. After getting licensed, you are now required to take a renewal course every year or biannual depending on the state requirements. For example, an insurance agent who sells insurance products in Texas must take a Texas insurance continuing education to maintain his/her license and be updated with the current trends and developments in insurance industry.
Decreasing term life insurance is a type of life insurance where the policy amount to be paid in case of your death would generally decrease as time went on. Hypothetically, with a 20-year decreasing term life insurance policy, you might get paid a certain amount early into the policy, and less later into the policy.
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