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Vermont Producer's Examination for Personal Lines Insurance — Information & Free Practice

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Vermont Producer's Examination for Personal Lines Insurance

Provider
Prometric
Format
Computer-administered four-option multiple-choice examination
Exam questions
100 scored questions plus 5 unscored items
Time limit
2 hours
Examination outline
  • Insurance Regulation (8%)
    • Licensing
    • Licensing / Process (4800; 4813f)
    • Licensing / Types of licensees (4791)
    • Licensing / Types of licensees (4791) / Resident (4800(3)(A))
    • Licensing / Types of licensees (4791) / Nonresident (4800(3)(B); 4813h)
    • Licensing / Maintenance and duration
    • Licensing / Maintenance and duration / Renewal and expiration (4798)
    • Licensing / Maintenance and duration / Address change (4800(3)(F))
    • Licensing / Maintenance and duration / Assumed business name (4813j)
    • Licensing / Maintenance and duration / Reporting of actions (4813o)
    • Licensing / Maintenance and duration / Continuing education requirements (4800a; Reg 2000-2 Sec 4)
    • Licensing / Disciplinary actions
    • Licensing / Disciplinary actions / Denial of license (4800(3)(E))
    • Licensing / Disciplinary actions / Cease and desist order (3661)
    • Licensing / Disciplinary actions / Suspension, revocation or nonrenewal (4804; 4806)
    • Licensing / Disciplinary actions / Penalties (3661(a)(2); 4804(d))
    • State regulation
    • State regulation / Commissioner's general duties and powers (4726; 4804)
    • State regulation / Company regulation
    • State regulation / Company regulation / Certificate of authority (3368)
    • State regulation / Company regulation / Unfair claim settlement practices (4724(9); Reg 79-2 Sec 1–7)
    • State regulation / Company regulation / Policy forms (3541)
    • State regulation / Company regulation / Examination of records (3565)
    • State regulation / Company regulation / Producer appointment (4798(d); 4813l)
    • State regulation / Company regulation / Termination of appointment (4798(d); 4813m)
    • State regulation / Producer regulation
    • State regulation / Producer regulation / Acting without a license (4793; 4813c)
    • State regulation / Producer regulation / Shared commissions (4796)
    • State regulation / Producer regulation / Trust accounts — anti-commingling (Reg 95-1; 4724(12))
    • State regulation / Producer regulation / Controlled business (4795)
    • State regulation / Producer regulation / Duties (4813c)
    • State regulation / Unfair trade practices (4724)
    • State regulation / Unfair trade practices (4724) / Misrepresentation (4724(1, 11, 13))
    • State regulation / Unfair trade practices (4724) / False advertising (4724(2))
    • State regulation / Unfair trade practices (4724) / Defamation (4724(3))
    • State regulation / Unfair trade practices (4724) / Boycott, coercion and intimidation (4724(4))
    • State regulation / Unfair trade practices (4724) / False financial statements and entries (4724(5))
    • State regulation / Unfair trade practices (4724) / Illegal inducement (4724(6))
    • State regulation / Unfair trade practices (4724) / Unfair discrimination (4724(7))
    • State regulation / Unfair trade practices (4724) / Rebating (4724(8))
    • State regulation / Unfair trade practices (4724) / Failure to maintain complaint record (4724(10))
    • State regulation / Unfair trade practices (4724) / Failure to act as fiduciary (4724(12); Reg 95-1)
    • State regulation / Unfair trade practices (4724) / Unsuitability (4724(16))
    • State regulation / Unfair trade practices (4724) / Nondisclosure of fees or charges (4724(14))
    • State regulation / Consumer privacy regulation (IH-2001-01)
    • Federal regulation
    • Federal regulation / Fair Credit Reporting Act (15 USC 1681–1681d)
    • Federal regulation / Fraud and false statements (18 USC 1033, 1034)
  • General Insurance (7%)
    • Concepts
    • Concepts / Risk management key terms
    • Concepts / Risk management key terms / Risk
    • Concepts / Risk management key terms / Exposure
    • Concepts / Risk management key terms / Hazard
    • Concepts / Risk management key terms / Peril
    • Concepts / Risk management key terms / Loss
    • Concepts / Methods of handling risk
    • Concepts / Methods of handling risk / Avoidance
    • Concepts / Methods of handling risk / Retention
    • Concepts / Methods of handling risk / Sharing
    • Concepts / Methods of handling risk / Reduction
    • Concepts / Methods of handling risk / Transfer
    • Concepts / Elements of insurable risks
    • Concepts / Adverse selection
    • Concepts / Law of large numbers
    • Concepts / Reinsurance
    • Insurers
    • Insurers / Types of insurers
    • Insurers / Types of insurers / Captive insurers
    • Insurers / Types of insurers / Stock companies
    • Insurers / Types of insurers / Mutual companies
    • Insurers / Types of insurers / Fraternal benefit societies
    • Insurers / Types of insurers / Lloyd's associations
    • Insurers / Types of insurers / Risk retention groups
    • Insurers / Private versus government insurers
    • Insurers / Admitted versus nonadmitted insurers
    • Insurers / Domestic, foreign and alien insurers
    • Insurers / Financial status (independent rating services)
    • Insurers / Marketing (distribution) systems
    • Producers and general rules of agency
    • Producers and general rules of agency / Insurer as principal
    • Producers and general rules of agency / Producer/insurer relationship
    • Producers and general rules of agency / Authority and powers of producers
    • Producers and general rules of agency / Authority and powers of producers / Express
    • Producers and general rules of agency / Authority and powers of producers / Implied
    • Producers and general rules of agency / Authority and powers of producers / Apparent
    • Contracts
    • Contracts / Elements of a legal contract
    • Contracts / Elements of a legal contract / Offer and acceptance
    • Contracts / Elements of a legal contract / Consideration
    • Contracts / Elements of a legal contract / Competent parties
    • Contracts / Elements of a legal contract / Legal purpose
    • Contracts / Distinct characteristics of an insurance contract
    • Contracts / Distinct characteristics of an insurance contract / Contract of adhesion
    • Contracts / Distinct characteristics of an insurance contract / Aleatory contract
    • Contracts / Distinct characteristics of an insurance contract / Personal contract
    • Contracts / Distinct characteristics of an insurance contract / Unilateral contract
    • Contracts / Legal interpretations affecting contracts
    • Contracts / Legal interpretations affecting contracts / Ambiguities in a contract of adhesion
    • Contracts / Legal interpretations affecting contracts / Reasonable expectations
    • Contracts / Legal interpretations affecting contracts / Indemnity
    • Contracts / Legal interpretations affecting contracts / Utmost good faith
    • Contracts / Legal interpretations affecting contracts / Representations/misrepresentations
    • Contracts / Legal interpretations affecting contracts / Warranties
    • Contracts / Legal interpretations affecting contracts / Concealment
    • Contracts / Legal interpretations affecting contracts / Fraud
    • Contracts / Legal interpretations affecting contracts / Waiver and estoppel
  • Property and Casualty Insurance Basics (15%)
    • Principles and concepts
    • Principles and concepts / Insurable interest
    • Principles and concepts / Underwriting
    • Principles and concepts / Underwriting / Function
    • Principles and concepts / Underwriting / Loss ratio
    • Principles and concepts / Rates
    • Principles and concepts / Rates / Types
    • Principles and concepts / Rates / Loss costs
    • Principles and concepts / Rates / Components
    • Principles and concepts / Hazards
    • Principles and concepts / Hazards / Physical
    • Principles and concepts / Hazards / Moral
    • Principles and concepts / Hazards / Morale
    • Principles and concepts / Negligence
    • Principles and concepts / Negligence / Elements of a negligent act
    • Principles and concepts / Negligence / Defenses against negligence
    • Principles and concepts / Damages
    • Principles and concepts / Damages / Compensatory — special versus general
    • Principles and concepts / Damages / Punitive
    • Principles and concepts / Absolute liability
    • Principles and concepts / Strict liability
    • Principles and concepts / Vicarious liability
    • Principles and concepts / Causes of loss (perils)
    • Principles and concepts / Named perils versus special (open) perils
    • Principles and concepts / Direct loss
    • Principles and concepts / Consequential or indirect loss
    • Principles and concepts / Blanket versus specific insurance
    • Principles and concepts / Basic types of construction
    • Principles and concepts / Loss valuation
    • Principles and concepts / Loss valuation / Actual cash value
    • Principles and concepts / Loss valuation / Replacement cost
    • Principles and concepts / Loss valuation / Functional replacement cost
    • Principles and concepts / Loss valuation / Market value
    • Principles and concepts / Loss valuation / Agreed value
    • Principles and concepts / Loss valuation / Stated amount
    • Principles and concepts / Loss valuation / Valued policy
    • Policy structure
    • Policy structure / Declarations
    • Policy structure / Definitions
    • Policy structure / Insuring agreement or clause
    • Policy structure / Additional/supplementary coverage
    • Policy structure / Conditions
    • Policy structure / Exclusions
    • Policy structure / Endorsements
    • Common policy provisions
    • Common policy provisions / Insureds — named, first named, additional
    • Common policy provisions / Policy period
    • Common policy provisions / Policy territory
    • Common policy provisions / Cancellation and nonrenewal
    • Common policy provisions / Deductibles
    • Common policy provisions / Other insurance
    • Common policy provisions / Other insurance / Nonconcurrency
    • Common policy provisions / Other insurance / Primary and excess
    • Common policy provisions / Other insurance / Pro rata
    • Common policy provisions / Limits of liability
    • Common policy provisions / Limits of liability / Per occurrence (accident)
    • Common policy provisions / Limits of liability / Per person
    • Common policy provisions / Limits of liability / Split
    • Common policy provisions / Limits of liability / Combined single
    • Common policy provisions / Restoration/nonreduction of limits
    • Common policy provisions / Coinsurance
    • Common policy provisions / Vacancy or unoccupancy
    • Common policy provisions / Named insured provisions
    • Common policy provisions / Named insured provisions / Duties after loss
    • Common policy provisions / Named insured provisions / Assignment
    • Common policy provisions / Named insured provisions / Abandonment
    • Common policy provisions / Insurer provisions
    • Common policy provisions / Insurer provisions / Liberalization
    • Common policy provisions / Insurer provisions / Subrogation
    • Common policy provisions / Insurer provisions / Salvage
    • Common policy provisions / Insurer provisions / Claim settlement options
    • Common policy provisions / Insurer provisions / Duty to defend
    • Common policy provisions / Third-party provisions
    • Common policy provisions / Third-party provisions / Standard mortgage clause
    • Common policy provisions / Third-party provisions / Loss payable clause
    • Common policy provisions / Third-party provisions / No benefit to Bailee
    • Vermont laws, regulations and required provisions
    • Vermont laws, regulations and required provisions / Vermont Property and Casualty Insurance Guaranty Association (3611–3626)
    • Vermont laws, regulations and required provisions / Renewal notice (3882)
    • Vermont laws, regulations and required provisions / Cancellation and nonrenewal (3879–3881; 3883)
    • Vermont laws, regulations and required provisions / Consent to rate (4688(f); Reg I-2010-03))
    • Vermont laws, regulations and required provisions / Loss payment (3868; Reg 79-2 Sec 6, 8)
    • Vermont laws, regulations and required provisions / Discrimination (3861)
    • Vermont laws, regulations and required provisions / Coinsurance (3961–3968)
    • Vermont laws, regulations and required provisions / Required provisions (4203)
  • Dwelling Policy (5%)
    • Characteristics and purpose
    • Coverage forms — Perils insured against
    • Coverage forms — Perils insured against / Basic
    • Coverage forms — Perils insured against / Broad
    • Coverage forms — Perils insured against / Special
    • Property coverages
    • Property coverages / Coverage A — Dwelling
    • Property coverages / Coverage B — Other structures
    • Property coverages / Coverage C — Personal property
    • Property coverages / Coverage D — Fair rental value
    • Property coverages / Coverage E — Additional living expense
    • Property coverages / Other coverages
    • General exclusions
    • Conditions
    • Selected endorsements
    • Selected endorsements / Special provisions — Vermont (DP 01 44)
    • Selected endorsements / Automatic increase in insurance (DP 04 11)
    • Selected endorsements / Broad theft coverage (DP 04 72)
    • Selected endorsements / Dwelling under construction (DP 11 43)
    • Personal liability supplement
  • Homeowners Policy (25%)
    • Coverage forms
    • Coverage forms / HO-2 through HO-6
    • Definitions
    • Section I — Property coverages
    • Section I — Property coverages / Coverage A — Dwelling
    • Section I — Property coverages / Coverage B — Other structures
    • Section I — Property coverages / Coverage C — Personal property
    • Section I — Property coverages / Coverage D — Loss of use
    • Section I — Property coverages / Additional coverages
    • Section II — Liability coverages
    • Section II — Liability coverages / Coverage E — Personal liability
    • Section II — Liability coverages / Coverage F — Medical payments to others
    • Section II — Liability coverages / Additional coverages
    • Perils insured against
    • Exclusions
    • Conditions
    • Selected endorsements
    • Selected endorsements / Special provisions — Vermont (HO 01 44)
    • Selected endorsements / Limited fungi, wet or dry rot, or bacteria coverage — Vermont (HO 04 02)
    • Selected endorsements / Permitted incidental occupancies (HO 04 42)
    • Selected endorsements / Earthquake (HO 04 54)
    • Selected endorsements / Scheduled personal property (HO 04 61)
    • Selected endorsements / Personal property replacement cost (HO 04 90)
    • Selected endorsements / Home day care — Vermont (HO 23 45)
    • Selected endorsements / Business pursuits (HO 24 71)
    • Selected endorsements / Watercraft (HO 24 75)
    • Selected endorsements / Personal injury (HO 24 82)
  • Auto Insurance (28%)
    • Laws
    • Laws / Vermont Motor Vehicle Financial Responsibility and Insurance Laws (Title 23 Sec 800–943)
    • Laws / Vermont Motor Vehicle Financial Responsibility and Insurance Laws (Title 23 Sec 800–943) / Required limits of liability (Title 23 Sec 801)
    • Laws / Vermont Motor Vehicle Financial Responsibility and Insurance Laws (Title 23 Sec 800–943) / Required proof of insurance (Bul 77)
    • Laws / Vermont Automobile Insurance Plan (4241–4246)
    • Laws / Vermont Automobile Insurance Plan (4241–4246) / Eligibility
    • Laws / Vermont Automobile Insurance Plan (4241–4246) / Liability limitations
    • Laws / Vermont Automobile Insurance Plan (4241–4246) / Physical damage coverage limitations
    • Laws / Uninsured/underinsured motorist (Title 23 Sec 941)
    • Laws / Uninsured/underinsured motorist (Title 23 Sec 941) / Definitions
    • Laws / Uninsured/underinsured motorist (Title 23 Sec 941) / Required limits of liability
    • Laws / Uninsured/underinsured motorist (Title 23 Sec 941) / Bodily injury
    • Laws / Uninsured/underinsured motorist (Title 23 Sec 941) / Property damage
    • Laws / Cancellation/nonrenewal
    • Laws / Cancellation/nonrenewal / Grounds (4223)
    • Laws / Cancellation/nonrenewal / Notice (4224–4226)
    • Laws / Cancellation/nonrenewal / Notice of eligibility in assigned risk plan (4227)
    • Laws / Binders (Title 23 Sec 942)
    • Laws / Surcharges (4671–4675)
    • Personal auto policy
    • Personal auto policy / Definitions
    • Personal auto policy / Liability coverage
    • Personal auto policy / Liability coverage / Bodily injury and property damage
    • Personal auto policy / Liability coverage / Supplementary payments
    • Personal auto policy / Liability coverage / Exclusions
    • Personal auto policy / Medical payments
    • Personal auto policy / Uninsured motorist/underinsured motorist coverage
    • Personal auto policy / Coverage for damage to your auto
    • Personal auto policy / Coverage for damage to your auto / Collision
    • Personal auto policy / Coverage for damage to your auto / Other than collision
    • Personal auto policy / Coverage for damage to your auto / Deductibles
    • Personal auto policy / Coverage for damage to your auto / Transportation expense
    • Personal auto policy / Coverage for damage to your auto / Exclusions
    • Personal auto policy / Duties after an accident or loss
    • Personal auto policy / General provisions
    • Personal auto policy / Selected endorsements
    • Personal auto policy / Selected endorsements / Amendment of policy provisions — Vermont (PP 01 72)
    • Personal auto policy / Selected endorsements / Towing and labor costs (PP 03 03)
    • Personal auto policy / Selected endorsements / Extended non-owned coverage (PP 03 06)
    • Personal auto policy / Selected endorsements / Miscellaneous type vehicle (PP 03 23)
    • Personal auto policy / Selected endorsements / Joint ownership coverage — Vermont (PP 03 80)
  • Farm Coverage (2%)
    • Farm property coverage forms
    • Farm property coverage forms / Coverage A — Dwellings
    • Farm property coverage forms / Coverage B — Other private structures
    • Farm property coverage forms / Coverage C — Household personal property
    • Farm property coverage forms / Coverage D — Loss of use
    • Farm property coverage forms / Coverage E — Scheduled farm personal property
    • Farm property coverage forms / Coverage F — Unscheduled farm personal property
    • Farm property coverage forms / Coverage G — Other farm structures
    • Farm property coverage forms / Mobile agricultural machinery and equipment coverage form
    • Farm property coverage forms / Livestock coverage form
    • Farm liability coverage forms
    • Farm liability coverage forms / Coverage H — Bodily injury and property damage liability
    • Farm liability coverage forms / Coverage I — Personal and advertising injury liability
    • Farm liability coverage forms / Coverage J — Medical payments
    • Cause of loss (basic, broad and special)
    • Exclusions
    • Other provisions
    • Other provisions / Additional coverages
    • Other provisions / Conditions
    • Other provisions / Definitions
    • Other provisions / Limits
  • Other Coverages and Options (10%)
    • Personal umbrella policy (DL 98 01)
    • National Flood Insurance Program
    • National Flood Insurance Program / "Write your own" versus government
    • National Flood Insurance Program / Eligibility
    • National Flood Insurance Program / Coverage
    • National Flood Insurance Program / Limits
    • National Flood Insurance Program / Deductibles
    • Other policies
    • Other policies / Boatowners
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