Virginia Personal Lines Agent Licensi
m/ m/ m/ m/
ng Course
m/
Whatm/ism/insurance?m/-
m/ correctm/answer✔ ✔ Insurancem/ism/am/socialm/devicem/form/spreadingm/them/chancem/o
fm/financialm/lossm/amongm/am/largem/numberm/ofm/people.m/Bym/purchasingm/insurance,m/am/
"person"m/sharesm/riskm/withm/am/groupm/ofm/others,m/therebym/reducingm/them/individualm/po
tentialm/form/disastrousm/financialm/consequences.
Whatm/ism/insurancem/basedm/on?m/-m/correctm/answer✔ ✔
them/lawm/ofm/largem/numbers;m/bym/combiningm/am/largem/numberm/ofm/homogeneousm/uni
ts,m/them/insurerm/ism/ablem/tom/makem/predictionsm/ofm/possiblem/loss.m/Usingm/them/lawm/ofm/
largem/numbers,m/insurersm/arem/ablem/tom/calculatem/probablem/lossesm/andm/tom/establishm
them/ratesm/form/premiumsm/thatm/willm/coverm/theirm/lossesm/andm/theirm/operatingm/expense
/
s.
Whatm/ism/underwriting?m/-m/correctm/answer✔ ✔
them/processm/ofm/selectingm/certainm/typesm/ofm/risksm/thatm/havem/historicallym/produced
a profitm/andm/rejectingm/thosem/risksm/thatm/dom/notm/fitm/them/underwritingm/criteriam/ofm/th
m/ m/
em/insurer;m/normallym/producesm/am/favorablem/lossm/ratio
Adversem/selectionm/-m/correctm/answer✔ ✔
assessm/riskm/andm/chargem/toom/little;m/them/tendencym/ofm/insuredsm/withm/am/greater-
than-averagem/chancem/ofm/lossm/tom/purchasem/insurance
Reinsuracem/-m/correctm/answer✔ ✔
am/contractm/ofm/indemnitym/againstm/liabilitym/bym/whichm/anm/insurancem/companym/procu
resm/anotherm/insurancem/companym/tom/insurem/itm/againstm/lossm/orm/liabilitym/bym/reasonm/
,ofm/them/originalm/insurance;m/insurancem/companiesm/havem/am/companym/thatm/insuresm/th
em
Whatm/arem/them/6m/partsm/ofm/anm/insurancem/contract?m/-m/correctm/answer✔ ✔
Declarations,m/Insuringm/Agreement,m/Conditions,m/Exclusionsm/andm/Limitations,m/Defini
tions,m/Endorsements
Declarationsm/-m/correctm/answer✔ ✔
includesm/them/identitym/andm/addressm/ofm/them/namedm/insured,m/them/policym/termm/orm/p
eriod,m/them/amountm/ofm/insurancem/orm/limitsm/ofm/liability,m/them/policym/premium,m/andm/an
ym/applicablem/deductibles;m/includem/propertym/descriptionm/andm/anym/applicablem/deducti
blesm/asm/wellm/asm/listm/anym/endorsements;m/whom/ism/insured,m/whatm/ism/insured,m/deduc
tibles...m/etc.
Insuringm/Agreementm/-m/correctm/answer✔ ✔
describesm/them/coveredm/perils,m/orm/risksm/assumed,m/orm/naturem/ofm/coverage,m/orm/ma
kesm/somem/referencem/tom/them/contractualm/agreementm/betweenm/insurerm/andm/insured;
m/ whatm/insurerm/willm/coverm/form/you.
Conditionsm/-m/correctm/answer✔ ✔
setm/provisions,m/rulesm/ofm/conduct,m/duties,m/andm/obligationsm/form/them/parties;m/descri
besm/thingsm/suchm/asm/them/policym/periodm/andm/territory,m/them/insured'sm/obligationm/tom/p
rovidem/proofm/ofm/loss,m/howm/settlementsm/arem/handledm/whenm/otherm/insurancem/ism/inv
olved,m/andm/them/rightm/ofm/eachm/partym/tom/cancelm/them/policy
Exclusionsm/andm/Limitationsm/-m/correctm/answer✔ ✔
Exclusions:m/maym/describem/propertym/,m/perils,m/hazards,m/orm/lossesm/arisingm/fromm/sp
ecificm/causesm/thatm/arem/notm/coveredm/bym/them/policy;m/Limitations;m/maym/eliminatem/orm
reducem/coverage,m/butm/onlym/underm/certainm/circumstancesm/orm/whenm/specifiedm/condi
/
,tionsm/apply;m/Exclusionsm/andm/Limitations:m/whenm/them/insurancem/companym/wontm/cov
erm/you.
Definitionsm/-m/correctm/answer✔ ✔
Definem/importantm/termsm/usedm/inm/them/policym/language;m/explanation
Endorsementsm/-m/correctm/answer✔ ✔
usedm/tom/add,m/delete,m/orm/changem/anym/ofm/them/policym/parts;m/writtenm/modificationm/
ofm/them/policy;m/additionalm/coveragesm/tom/contractm/-->m/extram/moneym/premium.
Perilm/-m/correctm/answer✔ ✔ potentialm/causem/ofm/loss
Hazardm/-m/correctm/answer✔ ✔
increasesm/them/seriousnessm/ofm/am/lossm/orm/increasesm/them/likelihoodm/thatm/am/lossm/w
illm/occur;m/increasedm/potentialm/ofm/peril
Directm/Lossm/-m/correctm/answer✔ ✔
directm/consequencem/ofm/am/particularm/perilm/(example:m/firem/damagem/tom/anm/apartme
ntm/building
Indirectm/Lossm/-m/correctm/answer✔ ✔
lossm/thatm/ism/am/resultm/ofm/am/coveredm/perilm/butm/ism/notm/causedm/directlym/andm/imme
diatelym/bym/thatm/perilm/(example:m/lossm/ofm/rentalm/income)
Salvagem/-m/correctm/answer✔ ✔
Ifm/them/insurerm/paysm/am/lossm/onm/behalfm/ofm/them/insured,m/them/insurerm/ism/entitledm/to
them/salvagem/tom/reducem/them/claimm/(example:m/totaledm/carem/--
m/
>m/belongsm/tom/insurancem/company)
, Abandonmentm/-m/correctm/answer✔ ✔
insuredm/cannotm/simplym/abandonm/them/propertym/tom/them/insurancem/companym/inm/exc
hangem/form/them/full-insuredm/value.
Pairm/orm/Setm/Clausem/-m/correctm/answer✔ ✔
ifm/partm/ofm/am/pairm/orm/setm/ism/lostm/orm/damaged,m/them/lossm/willm/bem/valuedm/asm/am/fai
rm/proportionm/ofm/them/totalm/valuem/ofm/them/set,m/givingm/considerationm/tom/them/importanc
em/ofm/them/damagedm/articlem/tom/them/set;m/initialm/-m/appraisedm/=m/payout
Deductiblem/-m/correctm/answer✔ ✔ Self-
insuredm/partm/ofm/anm/insuredm/loss,m/them/insuredm/mustm/bearm/thism/loss;m/amountm/youm/
paym/beforem/insurancem/comesm/inm/-->m/youm/arem/responsible.
Vacancym/andm/Unoccupancym/-m/correctm/answer✔ ✔
Vacancy:m/buildingm/ism/voidm/ofm/contentsm/andm/people;m/60m/orm/morem/days;m/Unoccup
ancy:m/premisesm/arem/voidm/ofm/people,m/willm/notm/affectm/them/coveragem/providedm/bym/th
em/policy.
Assignmentm/-m/correctm/answer✔ ✔
Insurancem/policym/cannotm/bem/assignedm/tom/anotherm/partym/withoutm/consentm/ofm/them/
insurancem/company
Liberalizationm/-m/correctm/answer✔ ✔
ifm/them/policym/orm/endorsementm/formsm/arem/broadenedm/andm/nom/additionalm/premium
ism/required,m/thenm/allm/existingm/similarm/policiesm/orm/endorsementsm/willm/bem/construe
m/
dm/tom/includem/them/broadenedm/coverage
Binderm/-m/correctm/answer✔ ✔
temporarym/evidencem/thatm/coveragem/ism/inm/effectm/untilm/them/policym/ism/issuedm/--
>m/oralm/orm/written
m/ m/ m/ m/
ng Course
m/
Whatm/ism/insurance?m/-
m/ correctm/answer✔ ✔ Insurancem/ism/am/socialm/devicem/form/spreadingm/them/chancem/o
fm/financialm/lossm/amongm/am/largem/numberm/ofm/people.m/Bym/purchasingm/insurance,m/am/
"person"m/sharesm/riskm/withm/am/groupm/ofm/others,m/therebym/reducingm/them/individualm/po
tentialm/form/disastrousm/financialm/consequences.
Whatm/ism/insurancem/basedm/on?m/-m/correctm/answer✔ ✔
them/lawm/ofm/largem/numbers;m/bym/combiningm/am/largem/numberm/ofm/homogeneousm/uni
ts,m/them/insurerm/ism/ablem/tom/makem/predictionsm/ofm/possiblem/loss.m/Usingm/them/lawm/ofm/
largem/numbers,m/insurersm/arem/ablem/tom/calculatem/probablem/lossesm/andm/tom/establishm
them/ratesm/form/premiumsm/thatm/willm/coverm/theirm/lossesm/andm/theirm/operatingm/expense
/
s.
Whatm/ism/underwriting?m/-m/correctm/answer✔ ✔
them/processm/ofm/selectingm/certainm/typesm/ofm/risksm/thatm/havem/historicallym/produced
a profitm/andm/rejectingm/thosem/risksm/thatm/dom/notm/fitm/them/underwritingm/criteriam/ofm/th
m/ m/
em/insurer;m/normallym/producesm/am/favorablem/lossm/ratio
Adversem/selectionm/-m/correctm/answer✔ ✔
assessm/riskm/andm/chargem/toom/little;m/them/tendencym/ofm/insuredsm/withm/am/greater-
than-averagem/chancem/ofm/lossm/tom/purchasem/insurance
Reinsuracem/-m/correctm/answer✔ ✔
am/contractm/ofm/indemnitym/againstm/liabilitym/bym/whichm/anm/insurancem/companym/procu
resm/anotherm/insurancem/companym/tom/insurem/itm/againstm/lossm/orm/liabilitym/bym/reasonm/
,ofm/them/originalm/insurance;m/insurancem/companiesm/havem/am/companym/thatm/insuresm/th
em
Whatm/arem/them/6m/partsm/ofm/anm/insurancem/contract?m/-m/correctm/answer✔ ✔
Declarations,m/Insuringm/Agreement,m/Conditions,m/Exclusionsm/andm/Limitations,m/Defini
tions,m/Endorsements
Declarationsm/-m/correctm/answer✔ ✔
includesm/them/identitym/andm/addressm/ofm/them/namedm/insured,m/them/policym/termm/orm/p
eriod,m/them/amountm/ofm/insurancem/orm/limitsm/ofm/liability,m/them/policym/premium,m/andm/an
ym/applicablem/deductibles;m/includem/propertym/descriptionm/andm/anym/applicablem/deducti
blesm/asm/wellm/asm/listm/anym/endorsements;m/whom/ism/insured,m/whatm/ism/insured,m/deduc
tibles...m/etc.
Insuringm/Agreementm/-m/correctm/answer✔ ✔
describesm/them/coveredm/perils,m/orm/risksm/assumed,m/orm/naturem/ofm/coverage,m/orm/ma
kesm/somem/referencem/tom/them/contractualm/agreementm/betweenm/insurerm/andm/insured;
m/ whatm/insurerm/willm/coverm/form/you.
Conditionsm/-m/correctm/answer✔ ✔
setm/provisions,m/rulesm/ofm/conduct,m/duties,m/andm/obligationsm/form/them/parties;m/descri
besm/thingsm/suchm/asm/them/policym/periodm/andm/territory,m/them/insured'sm/obligationm/tom/p
rovidem/proofm/ofm/loss,m/howm/settlementsm/arem/handledm/whenm/otherm/insurancem/ism/inv
olved,m/andm/them/rightm/ofm/eachm/partym/tom/cancelm/them/policy
Exclusionsm/andm/Limitationsm/-m/correctm/answer✔ ✔
Exclusions:m/maym/describem/propertym/,m/perils,m/hazards,m/orm/lossesm/arisingm/fromm/sp
ecificm/causesm/thatm/arem/notm/coveredm/bym/them/policy;m/Limitations;m/maym/eliminatem/orm
reducem/coverage,m/butm/onlym/underm/certainm/circumstancesm/orm/whenm/specifiedm/condi
/
,tionsm/apply;m/Exclusionsm/andm/Limitations:m/whenm/them/insurancem/companym/wontm/cov
erm/you.
Definitionsm/-m/correctm/answer✔ ✔
Definem/importantm/termsm/usedm/inm/them/policym/language;m/explanation
Endorsementsm/-m/correctm/answer✔ ✔
usedm/tom/add,m/delete,m/orm/changem/anym/ofm/them/policym/parts;m/writtenm/modificationm/
ofm/them/policy;m/additionalm/coveragesm/tom/contractm/-->m/extram/moneym/premium.
Perilm/-m/correctm/answer✔ ✔ potentialm/causem/ofm/loss
Hazardm/-m/correctm/answer✔ ✔
increasesm/them/seriousnessm/ofm/am/lossm/orm/increasesm/them/likelihoodm/thatm/am/lossm/w
illm/occur;m/increasedm/potentialm/ofm/peril
Directm/Lossm/-m/correctm/answer✔ ✔
directm/consequencem/ofm/am/particularm/perilm/(example:m/firem/damagem/tom/anm/apartme
ntm/building
Indirectm/Lossm/-m/correctm/answer✔ ✔
lossm/thatm/ism/am/resultm/ofm/am/coveredm/perilm/butm/ism/notm/causedm/directlym/andm/imme
diatelym/bym/thatm/perilm/(example:m/lossm/ofm/rentalm/income)
Salvagem/-m/correctm/answer✔ ✔
Ifm/them/insurerm/paysm/am/lossm/onm/behalfm/ofm/them/insured,m/them/insurerm/ism/entitledm/to
them/salvagem/tom/reducem/them/claimm/(example:m/totaledm/carem/--
m/
>m/belongsm/tom/insurancem/company)
, Abandonmentm/-m/correctm/answer✔ ✔
insuredm/cannotm/simplym/abandonm/them/propertym/tom/them/insurancem/companym/inm/exc
hangem/form/them/full-insuredm/value.
Pairm/orm/Setm/Clausem/-m/correctm/answer✔ ✔
ifm/partm/ofm/am/pairm/orm/setm/ism/lostm/orm/damaged,m/them/lossm/willm/bem/valuedm/asm/am/fai
rm/proportionm/ofm/them/totalm/valuem/ofm/them/set,m/givingm/considerationm/tom/them/importanc
em/ofm/them/damagedm/articlem/tom/them/set;m/initialm/-m/appraisedm/=m/payout
Deductiblem/-m/correctm/answer✔ ✔ Self-
insuredm/partm/ofm/anm/insuredm/loss,m/them/insuredm/mustm/bearm/thism/loss;m/amountm/youm/
paym/beforem/insurancem/comesm/inm/-->m/youm/arem/responsible.
Vacancym/andm/Unoccupancym/-m/correctm/answer✔ ✔
Vacancy:m/buildingm/ism/voidm/ofm/contentsm/andm/people;m/60m/orm/morem/days;m/Unoccup
ancy:m/premisesm/arem/voidm/ofm/people,m/willm/notm/affectm/them/coveragem/providedm/bym/th
em/policy.
Assignmentm/-m/correctm/answer✔ ✔
Insurancem/policym/cannotm/bem/assignedm/tom/anotherm/partym/withoutm/consentm/ofm/them/
insurancem/company
Liberalizationm/-m/correctm/answer✔ ✔
ifm/them/policym/orm/endorsementm/formsm/arem/broadenedm/andm/nom/additionalm/premium
ism/required,m/thenm/allm/existingm/similarm/policiesm/orm/endorsementsm/willm/bem/construe
m/
dm/tom/includem/them/broadenedm/coverage
Binderm/-m/correctm/answer✔ ✔
temporarym/evidencem/thatm/coveragem/ism/inm/effectm/untilm/them/policym/ism/issuedm/--
>m/oralm/orm/written
