USAA P&C Insurance Adjuster EXAM QUESTIONS CORRECTLY ANSWERED

USAA P&C Insurance Adjuster EXAM QUESTIONS CORRECTLY ANSWERED Perils - ANSWER Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - ANSWER Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ANSWER Visible ( operational features of a risk) Moral Hazard - ANSWER Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ANSWER Carelessness or indifference ( attitude). Takes additional risks (negligence) Pure Risk - ANSWER Chance of loss. Insurable Law of Large Numbers - ANSWER Law of average. Helps predict future losses accurately (sets pricing for insurance) Speculative Risk - ANSWER Chance of gain/loss. NOT Insurable (gambling) The 4 Parts of an Insurance Contract - ANSWER D.I.C.E Declarations, Insuring Agreement, Conditions, Exclusions Declarations - ANSWER Who is insured (dec sheet) Contains: Policy Number, Premium, Term (Period of Coverage), Policy Limits, Person/Property Risk - ANSWER The chance of loss or uncertainty of loss Direct Loss - ANSWER Immediate actual physical damage to tangible property Indirect Loss - ANSWER Inability to use property as a result of direct Loss ( loss of use) Conditions - ANSWER Duties or responsibility of both the insured & insurer Primary Policy - ANSWER This policy pays FIRST.