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
1. 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. Insurance
2. Insurable interest
3. Hazard
a. Physical
b. Moral
c. Morale
4. Peril (causes of loss)
a. Specified (named) perils
(1) Standard fire
(2) Extended coverage
(3) Broad form
b. Open perils (all physical loss)
5. Loss
a. Direct
b. Indirect
6. Proximate cause
7. Deductible
8. Principle of Indemnity
9. Actual cash value
10. Replacement cost
11. Limits of liability
12. Coinsurance
13. Pair and set clause
14. Extensions of coverage
15. Additional coverages
16. Accident
17. Occurrence
18. Cancellation
19. Nonrenewal
20. Vacancy and unoccupancy
21. Right of salvage
22. Abandonment
23. Liability
24. Negligence
B. Policy provisions and contract law
1. Parts of a policy
a. Declarations
b. Insuring agreement
c. Conditions
d. Exclusions
2. Definition of the insured
3. Duties of the insured
4. Obligations of the insurance company
