BOP Eligibility - Is Kaplan wrong?

Tcollins

Expert
30
Vermont
I'm working with a group of individuals who are studying for their Producer's Property & Casualty Licenses.

We've found some discrepancies between different study resources (Kaplan Financial, versus Insurance Schools Inc.).

Kaplan (Property & Casualty License Exam Manual, 1st Edition - updated in March 2017) states that eligibility requirements for a businessowners policy (BOP) include:

  • Less than 100 employees
  • Revenues of $3,000,000 or less
  • Businesses occupying up to 25,000 square feet
  • Owned buildings up to 100,000 square feet and less than 6 stories
  • A majority of the operation is located on-premises
There are other more specific requirements for businesses that sell gas or alcohol, but for now I'm focused on these specific requirements.

We've found that Insurance Schools Inc. book (updated in June 2017) has some different requirements, such as:

  • Annual gross sales of $6,000,000 or less
  • Businesses occupying up to 35,000 square feet
Based on what I can tell from researching the BOP requirements online, I am leaning toward Insurance Schools Inc. as being "more correct".

Can someone please shed some light on this for me? I am surprised Kaplan Financial would have this so wrong. Any help would be greatly appreciated. Thank you folks!
 
Every company will have their own requirements. Im sure states differ also.

I understand that in practice, a BOP will differ from one company to the other, however us "producers in training" are only concerned with which requirements will be tested on in the licensing exam. What does ISO say about eligibility requirements for a BOP? That's what they test on for the licensing exam. I was unable to find it on the ISO website..
 
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