USAA AUTO INSURANCE EXAM 2025 WITH 100% CORRECT ANSWERS
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Module
USAA AUTO INSURANCE
Institution
USAA AUTO INSURANCE
USAA AUTO INSURANCE EXAM 2025 WITH 100%
CORRECT ANSWERS
Gram Leach Billey Act (GLB) of 1999 - ANSWER -This act eliminates many restrictions
on banks, insurance companies and other financial institutions. In particular the
combination of insurance and bank products doing business together.
G...
USAA AUTO INSURANCE EXAM 2025 WITH 100%
CORRECT ANSWERS
Gram Leach Billey Act (GLB) of 1999 - ANSWER -This act eliminates many restrictions
on banks, insurance companies and other financial institutions. In particular the
combination of insurance and bank products doing business together.
GLB also addresses information privacy by - ANSWER -barring financial institutions
from sharing consumers info to 3rd parties, requires them to provide customers privacy
notice before and after relationship, and requires each federal regulatory agency to
establish standards by which the financial institutions under its jurisdiction implement
administrative, technical and physical safeguards
cars damaged must rent a car- rental fees could be indetified as what insurance term? -
ANSWER -direct loss
arbitration - ANSWER -procedure in which an insurance company and the insured or a
vendor agree to settle a claim dispute by accepting a decision made by a third party
Theft - ANSWER -any unlawful taking of property
burglary - ANSWER -taking of property by breaking and entering, leaving visible signs
of forcible entry and/or exit
robbery - ANSWER -taking property by causing threat or bodily harm
proximate clause doctrine - ANSWER -unbroken connection between a covered
occurrence and the damage from the occurrence. An insurance policy only covers fire
damage but the fire caused other types of damage to occur like water damage from fire
sprinklers or smoke damage. If fire was the initial or proximate cause.
subrogation - ANSWER -when the insurer pays the the insured for the covered loss.
any rights of recovery from an at fault party are transferred to the insurer. waiver of
subrogation may be allowed in specific circumstances
concealment - ANSWER -Failure to disclose known facts when filling out an insurance
application
vicarious liability - ANSWER -When you are found to be responsible for the negligent
acts of others
when can misrepresentation void a contract - ANSWER -when the misrepresentation
was material to accepting the risk- definition: an untrue statement on an application that
does not become part of the policy ( have you had any auto accidents in the past 5
years- ANSWERs no when it was yes)
, what are departures of the principle indemnity - ANSWER -replacement cost, florida
value policy law, agreed valued policy, salvage value, and market value
indemnity - ANSWER -In property and casualty and in medical-expense insurance, the
principle of making someone "whole" again after a loss by paying only for actual losses-
One should be put back into the same financial position as they were before the loss
An auto is financed- how is the bank stated on the insurance policy? - ANSWER -loss
payee
what is included in lenders interest clause? - ANSWER -insurance assures lenders that
collateral property is covered. The four parts of this are: 1. make lender a payee in any
covered loss 2. gives mortgagee advance notice of cancellation /nonrenewal/reduction
of coverage 3. mortgagee is covered even if insured engages in act or omission
preventing payment 4. mortgagee can continue policy if premium is not paid.
appraisal - ANSWER -a survey that determines value not coverage of property without
legal action: insured hires an independent appraiser and company hires independent
appraiser , if they cannot agree
principal of indemnity - ANSWER -One should not profit. actual cash value
(acv)=replacement cost (r/c) less depreciation
compensatory damages - ANSWER -the monetary amount needed to replace what
was lost. money is the only remedy
describe a proof of loss document - ANSWER -evidence is offered by insured to prove
entitlement to collect the amount claimed and statement, signed, and sworn by insured
setting forth the claim information required by the policy
sever ability - ANSWER -insurance applies separate/equally to each insured as if other
insureds did not exist
comparative negligence - ANSWER -defendant asserts that in someway plaintiff
contributed to the cause of the defendants injuries. currently used in Florida.
what are your duties in the event of a loss - ANSWER -give prompt notice, cooperate,
insured must preserve insurers rights
what is a contract of adhesion - ANSWER -contract created by insurance company
insured cannot negotiate terms-by rule of law any ambiguities are ruled in favored of the
insured.
what info is on a declaration page - ANSWER -personal information of the insured
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