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USAA P&C INSURANCE ADJUSTER EXAM WITH COMPLETE ANSWERS {GUARANTEED A+} $11.49   Add to cart

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USAA P&C INSURANCE ADJUSTER EXAM WITH COMPLETE ANSWERS {GUARANTEED A+}

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USAA P&C INSURANCE ADJUSTER EXAM WITH COMPLETE ANSWERS {GUARANTEED A+} Perils - Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - Condition that create or increases the chance or loss or contributes to the loss Physical Haza...

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  • May 9, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
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USAA P&C INSURANCE ADJUSTER

EXAM WITH COMPLETE ANSWERS

{GUARANTEED A+}



Perils - ✔✔Causes of loss identified in the policy (Fire, lightening, internal

explosion ,Wind, Hail, Collision)

Hazard - ✔✔Condition that create or increases the chance or loss or

contributes to the loss

Physical Hazard - ✔✔Visible ( operational features of a risk)

Moral Hazard - ✔✔Intentional dishonesty or illegal actions of a person

(arson)

Morale Hazard - ✔✔Carelessness or indifference ( attitude). Takes

additional risks (negligence)

Pure Risk - ✔✔Chance of loss. Insurable

Law of Large Numbers - ✔✔Law of average. Helps predict future losses

accurately (sets pricing for insurance)

, Speculative Risk - ✔✔Chance of gain/loss. NOT Insurable (gambling)

The 4 Parts of an Insurance Contract - ✔✔D.I.C.E

Declarations,

Insuring Agreement,

Conditions,

Exclusions

Declarations - ✔✔Who is insured (dec sheet) Contains:

Policy Number, Premium, Term (Period of Coverage), Policy Limits,

Person/Property

Risk - ✔✔The chance of loss or uncertainty of loss

Direct Loss - ✔✔Immediate actual physical damage to tangible property

Indirect Loss - ✔✔Inability to use property as a result of direct Loss ( loss

of use)

Conditions - ✔✔Duties or responsibility of both the insured & insurer

Primary Policy - ✔✔This policy pays FIRST.

Excess Policy - ✔✔This policy pays AFTER primary has been exhausted

Pro Rata - ✔✔Applies when both polices are primary, they will pay on a

proportional basis (bigger policy pays more) Equal limits 50/50

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