property and casualty insurance license NY

How Do I Study for the Property and Casualty Insurance Exam?

Congratulations! You are taking your first step in a potential career in real estate as a property and casualty agent in New York. 

However, much like all journeys, you will encounter several hurdles, the most important of which is passing the exam to secure a property and casualty insurance license in New York.

Property insurance ensures that the owner will not suffer financial losses if there is damage to their property, whether it be man-made or natural disasters. 

Casualty insurance, on the other hand, is a bit complicated since other insurance types are related to it. It means that the owner is not required to pay for damages to other people’s property or if they cause injury to others. 

You may be asking what passing this exam has to do with real estate and why being a P & C producer is important.    

For instance, say a client wants to avail of a homeowner’s insurance since they want to apply for a mortgage or other types of loans. 

Let’s say another client wants to set up a safety plan for themselves or their workers. They want to take measures to safeguard their property, or they want to secure investments from any untoward incidents. 

That is where the property and casualty real estate agent comes in: to provide them with insurance policies most suited to their needs. 

A property and casualty agent usually works in tandem with real estate agents. Conversely, if real estate agents want to expand their portfolio, they will apply for a license as well. 

Now before you go out there and offer policies to potential clients, you must be licensed to sell them. One of the requirements to get a property and casualty license in New York is to take and pass the exam.

It may be daunting at first but if you follow this guide, we will help you study for and hopefully pass the property and casualty insurance exam.

Enroll in a Pre-Licensing Course

Since you are trying to apply for a license in New York, you are required to complete a pre-licensing course. With that said, there are still some benefits to taking one.

A pre-licensing course is probably one of the best ways to help you study for the property and casualty insurance exam. Taking the course helps you better understand the material and keeps you on track with your study plan.

If you are looking for property and insurance courses in NYC, consider Summit Real Estate Training.

Make Preparations

Before you start hitting the books, you should make the necessary preparations first. The best way to start your preparations is to grab the most recent copy of the New York Candidate Information Bulletin.

The Candidate Information Bulletin contains all the necessary information you need when taking the exam such as license requirements, scheduling procedures, exam fees, etc.

It is also important that you check out the examination content outlines since the categories provided make up the content of the exam. Do keep in mind, however, that each part of the examination has a specific weight to it.

For instance, a section with a 10% rating will have 15 questions drawn from it for a 150-question exam. 

Take note of the categories found on the outlines as the test sections will be the basis of your study calendar. 

For the property and casualty insurance exam, you should focus on categories such as the homeowner’s policy, auto insurance, and commercial package policies.      

Study Early, Study Smart

The best and most obvious method to pass the exam is, as you might have guessed, to study. However, don’t try to tackle everything in one go. 

Passing the state exam might take you around 35-40 hours of studying on average, so it’s best not to rush it. Instead, try to spread out those hours into several days or even weeks, so you don’t get too overwhelmed.

You could also try and plan out what you need to study. Setting a date for studying a topic can help you absorb information better.

For instance, you could start studying general insurance knowledge licensing terms, or NY state casualty and property insurance basics during the first week. 

This way, you will have a basic understanding of commonly used terms found throughout your studies and the exam. Also, you don’t have to refer to your notes as often when studying. 

Once you’ve set up your study calendar, you must commit to it. Otherwise, you will have to cram a few days before the exam.  

Prevent Multitasking

Since we are on the subject of studying, we should address the issue of multitasking.

During long study sessions, there is a chance for your mind to wander. You will then start to multitask, causing you to lose focus. Doing so will then take your attention away from gaining crucial information.

Take time out of your day to commit to your study calendar and make sure you focus on it.

If you get distracted, the next thing you know, you will be browsing the internet on your phone or checking out the latest viral video.

There are many distractions in your life, and that’s unavoidable, so try to leave your worries behind for an hour or so and use studying as a means of escape. 

Take Practice Tests

One way to measure your progress and to review what you’ve learned is to take practice tests. Taking them gives you an idea of how well you’ve retained information as well as helps you determine areas where you need to put more focus on. 

Taking practice exams can also be used as a learning tool by some who prefer a more practical approach rather than studying.

You can also try to take a practice exam under actual testing conditions. Putting a time limit on your attempts can help you determine if you can get through the exam at a manageable pace. 

Sign-up and purchase a course from Summit Real Estate Training to get the required 90-hour insurance course, textbooks and materials, practice exams, a state exam prep class, and training sessions with industry professionals.