IRMI on Legal Principles Affecting the P and C Insurance Contract

Course Description
This course provides an overview of legal principles of the property and casualty (P&C) insurance contract. The course provides an explanation of basic insurance concepts and then examines sources of law governing the property and casualty insurance business, including statutory law, case law, and administrative law. An overview of insurance regulation follows, dealing with seminal court cases and legislative action affecting the P&C industry. The anatomy of an insurance policy is also addressed, including a discussion of the declarations page, insuring agreement, exclusions, definitions, conditions, and endorsements. The course concludes with a discussion about important rules of policy construction, such as the “plain meaning” rule and the challenges of construing words in a series.

The course includes the following chapters:

  • Basic Insurance Concepts
  • Sources of Law Governing the P&C Insurance Industry
  • Insurance Regulation
  • Characteristics of Contracts in General
  • Distinctive Characteristics of Insurance Contracts
  • Anatomy of an Insurance Policy
  • Rules of Policy Construction


International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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