USAA P&C Insurance Test Questions With Verified Answers Graded A+
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USAA P&C Insurance
Institution
USAA P&C Insurance
USAA P&C Insurance Test Questions With Verified
Answers Graded A+
Law of Large Numbers☑️Correct Ans-Law of average. Helps predict future losses accurately
(sets pricing for insurance)
USAA P&C Insurance Test Questions With Verified
Answers Graded A+
Law of Large Numbers☑️Correct Ans-Law of average. Helps predict future losses accurately
(sets pricing for insurance)
Speculative Risk☑️Correct Ans-Chance of gain/loss. NOT Insurable (gambling)
The 4 Parts of an Insurance Contract☑️Correct Ans-D.I.C.E
Declarations,
Insuring Agreement,
Conditions,
Exclusions
Declarations☑️Correct Ans-Who is insured (dec sheet) Contains:
Policy Number, Premium, Term (Period of Coverage), Policy Limits, Person/Property
Risk☑️Correct Ans-The chance of loss or uncertainty of loss
Direct Loss☑️Correct Ans-Immediate actual physical damage to tangible property
Indirect Loss☑️Correct Ans-Inability to use property as a result of direct Loss ( loss of use)
,Conditions☑️Correct Ans-Duties or responsibility of both the insured & insurer
Perils☑️Correct Ans-Causes of loss identified in the policy (Fire, lightening, internal explosion
,Wind, Hail, Collision)
Hazard☑️Correct Ans-Condition that create or increases the chance or loss or contributes to the
loss
Physical Hazard☑️Correct Ans-Visible ( operational features of a risk)
Moral Hazard☑️Correct Ans-Intentional dishonesty or illegal actions of a person (arson)
Pure Risk☑️Correct Ans-Chance of loss. InsurablePrimary Policy☑️Correct Ans-This policy
pays FIRST.
Excess Policy☑️Correct Ans-This policy pays AFTER primary has been exhausted
Pro Rata☑️Correct Ans-Applies when both polices are primary, they will pay on a proportional
basis (bigger policy pays more) Equal limits 50/50
, Insuring Agreement☑️Correct Ans-Insurance Company's promise to pay. Tells us what peril/s
the policy covers
Supplementary Payments☑️Correct Ans-B.A.I.L.E.D
Bonds- (Max $250)
Aid- First aid expenses
Internet- Judgements in appeal
Loss of Earnings- Up to $250 per day in defending investigation claim
Expenses- Incurred by the insured to assist in defense of a claim
Defense Costs- Paid with no limit
Insurable Interest☑️Correct Ans-The loss would cause you financial hardship
ISO☑️Correct Ans-Insurance Services Office
Policy Territory☑️Correct Ans-Where coverage applies. US, Canada, Puerto Rico
ACV☑️Correct Ans-Replacement cost value - depreciation= Actual cash value
Replacement Cost Value☑️Correct Ans-To insure for atleast 80% of the value of the property
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