Which section of the exam focuses on legal concepts related to insurance?

The Legal and Regulatory section is specifically designed to address the legal concepts that underpin the insurance industry. This includes understanding laws that govern insurance practices, regulatory requirements that must be followed, and the implications of various legal principles on insurance operations and contracts. Knowledge of these legal concepts is crucial for brokers, as they must ensure compliance and navigate the complexities of insurance regulations.

In contrast, the Underwriting Principles section focuses on the processes and practices of assessing risk and determining appropriate coverage and pricing. The Risk Management section centers on identifying, evaluating, and mitigating risks, while the Claims and Adjustments section deals with the processes involved in managing and resolving insurance claims. Each of these areas is important, but none specifically targets the legal framework and regulatory environment that are critical for acting as a broker in the insurance field.