Wisconsin Administrative Code › Office of the Commissioner of Insurance › Chapter Ins 26 - Prelicensing Education › Appendix 1 - Casualty insurance course requirements

Current through June 24, 2024
SECTION A
I. Principles of Insurance - 1 Hour
A. Definition of risk
B. Risk management
C. Insurable and noninsurable risk
D. Pooling concept-law of large numbers
E. Types of insurance companies
F. Reinsurance
II. General Wisconsin Insurance Laws - 4 Hours
A. Duties and powers of Insurance Commissioner-statutory and
				rule-making
B. Knowledge of administrative action process, including
				hearings and penalties
C. Purpose of licensing, including procedures and who must be
				licensed
D. Record keeping and changes in agent status, including change
				of name or address
E. Agent license expiration, revocation, suspension, and
				limitation
F. General regulations regarding misrepresentation, knowledge
				of acts of agent, rebating
G. Regulation of specific insurance contract changes regarding
				cancellation, nonrenewal, notice of proof of loss, and payment of claims
H. Unfair claims methods and practices-timely payment of claims
I. Fair rating practices
J. Home and telephone solicitation requirements
K. Section
				628.32, Wis.
				Stat., written disclosure of fees other than commissions
L. Controlled business
M. Proper exchange of business
N. Unfair marketing practices
1. Misrepresentation
2. Unfair inducement
3. Unfair discrimination
4. Extra charges
5. Influencing employers
6. Unfair use of official position
7. Returning indicia of agency
8. Churning
9. Twisting
10. Restraint of competition
11. Unfair restriction of contracting parties choice of insurer
O. Insurance contracts in Wisconsin
III. Ethics - 3 Hours
A. Fiduciary duties, and responsibilities
B. Conflict of interest
C. Ethical marketing practices, including fair and ethical
				treatment of policyholders
D. Appropriate claims practices
E. Suitability of product to client
F. Social responsibility of insurance agent
G. Agent/company relationships
H. Maintaining appropriate insurance expertise
SECTION B
IV. Terms, Concepts and Policies - 10 Hours
A. Insurance terms and related concepts
1. Risks
2. Hazards
3. Indemnity
4. Insurable interest
5. Actual cash value
6. Negligence
a. Contributory
b. Comparative
7. Liability
8. Accident
9. Occurrence
10. Burglary
11. Robbery
12. Theft
13. Mysterious disappearance
14. Fidelity (employe dishonesty)
15. Warranties
16. Representations
17. Concealment
18. Bodily injury liability
19. Property damage liability
20. Personal injury liability
21. Limits of liability
22. Deductibles
23. Incidental contracts
24. Binders
25. Custodian
26. Messenger
27. Guard or watchperson
B. Policy provisions
1. Declarations
2. Insuring agreement
3. Conditions
4. Exclusions
5. Definition of the insured
6. Duties of the insured
7. Cancellation and nonrenewal provisions
8. Supplementary payment (additional coverages)
9. Proof of loss
10. Notice of claim
11. Arbitration
12. Pro rata liability (other insurance)
13. Subrogation
14. Compliance with provisions of Fair Credit Reporting Act
15. Claims made policy form
16. Salvage
17. Consent to settle a loss
18. Limitations
C. Types of policies, bonds, and related terms
1. Automobile Insurance - personal & family auto and
				business & commercial auto
a. Bodily injury
b. Property damage
c. Limits
(1) Split
(2) Single
d. Medical payments
e. Supplementary payments
f. Physical damage
1. Collision
2. Comprehensive
g. Uninsured motorist
h. Underinsured motorist
i. Named insureds
j. Insureds
k. Owned automobile
l. Nonowned automobile
m. Temporary substitute auto
n. Hired auto
o. Cancellation and nonrenewal
p. Towing and labor
q. Personal auto policy
r. Family auto policy
s. Business auto policy
t. Garage liability policy
2. General liability
a. Exposures (hazards)
(1) Premises and operations
(2) Products and completed operations
(3) Contractual liability
(4) Vicarious liability/independent contractors
b. Coverage forms
(1) Commercial General Liability (CGL)
(a) Occurrence form
(b) Claims made form
(2) Owners and contractors protective liability
3. Commercial general liability
4. Bonding and commercial crime insurance
a. Theft, disappearance and destruction form
b. Robbery and safe burglary form
c. Premises burglary coverage form
d. Fidelity bonds
e. Surety bonds
f. Other miscellaneous bonds
5. Worker's compensation
6. Professional liability
a. Errors and omissions
b. Directors and officers
7. Umbrella/excess liability
V. Wisconsin Casualty Insurance Law - 2 Hours
A. General rate standards
B. Prohibited classification of risks
C. Surplus lines
1. Definition
2. Prohibitions and restrictions
3. Responsibilities of agents and brokers
D. Oral contracts
E. Automobile liability
1. Financial responsibility
a. Definition
b. Persons required to show proof
2. Required coverages and prohibited exclusions
a. Uninsured motorist
3. Cancellation or nonrenewal
4. Responsibility for minors operating motor vehicles
5. Wisconsin Automobile Insurance Plan
F. Worker's compensation
1. Purpose
2. Definitions
3. Wisconsin worker's compensation insurance pool