I am having a little trouble passing my "Property & Casualty"
insurance exam in California.  I have failed it 2 times and the
penalty is that I have to wait 30 days before I can take it again. 
Are there any other penalties for failing it further times? (i.e. -
another 30 days? Worse?)  Or do they just cut you off at a certain
point and write you off as a lost cause? (Think positive, I know I
know) Thank you!

Hello.

Basically, after your 30 days are up, you can take it two more times. 
If you fail your third and fourth attempts, then you have to wait 60
days from the fourth attempt before you can try for a fifth time.
After the 60 days pass, you can take it two more times. If you fail
your fifth and sixth attempts, then you have to wait another 60 days
from the sixth attempt before you can try for a seventh time.  There
doesn't seem to be any limit on the number of times you can take the
exam.

source:
"Pursuant to Section 2182 of the California Code of Regulations, an
applicant who has twice failed a license qualification examination 
must wait 30 days from the date of the second failure.  Similarly, if
an applicant takes the examination after the 30-day waiting period
and, again, twice fails the license qualification examination, the
applicant must wait 60 days from the date of the fourth failure.
 Additionally, if an applicant takes the examination after the 60-day
waiting period and, once again, twice fails the license qualification
examination, the applicant must wait an additional 60 days from the
date of the sixth failure."
source: 
California Department of Insurance: Rescheduling and Examination
(footnote about 2/3rds of the way down the page)
http://www.insurance.ca.gov/LIC/Computer_Examination/examination_sites/examination_information-rescheduling.ht

--------

Here's the actual text from the California Code of Regulations:
 Chapter 5. Insurance Commissioner
        Subchapter 1. Production of Insurance
            Article 5.5. License Qualification Examinations
 §2182. Limitation on Taking Further Examinations.  
(a) No person who has twice failed a license qualification examination
shall be permitted to take further examinations for a period of thirty
(30) days from receipt of notice of said failure.
(b) No person who, after having been prohibited from taking further
examinations pursuant to subsection (a) above, twice fails a license
qualification examination shall be permitted to take further
examinations for a period of sixty (60) days from receipt of notice of
said failure.
(c) No person, who after having been prohibited from taking further
examinations pursuant to subsection (b) above or pursuant to this
subsection, twice fails a license qualification examination shall be
permitted to take further examinations for a period of sixty (60) days
from receipt of notice of said failure.
Source: California Code of Regulations:
http://ccr.oal.ca.gov/cgi-bin/om_isapi.dll?clientID=113597&E22=&E23=2182&E24=&infobase=ccr&querytemplate=%261.%20Go%20to%20a%20Specific%20Section&record={296C0}&softpage=Document42
I don't know if this link will expire, but if it does, you can find
the regulations by entering section 2182 on this search page:
http://ccr.oal.ca.gov/Templates/CCR/Sectem.htm

-------------

search stratergy:
site:ca.gov, insurance examination, "30 days"

I hope this helps. Good luck on the exam! As the saying goes, the
third time is the charm!

Thank you very much for your prompt response.  This is all good to
know.  (Also thanks for including your search strategy). Hopefully all
of this info will be useless after the 30th when I pass the thing.  =]