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Melissa, the Insurance Exam Queen, explains the importance of understanding parts of an insurance policy, which is a key focus in insurance exams. For ProMetric exams, this falls under "P&C Basics," while for Pearson exams, it relates to "Policy Provisions and Contract Law." She advises exam takers to check who administers their test - either Pearson, ProMetric, or PSI. For instance, a search for the New York insurance exam will lead to either a Pearson or ProMetric website, guiding candidates on what to study. Understanding these elements is crucial for success in passing the property and casualty exam, as it’s a significant portion of the content assessed.