USAA Test Review with Complete Questions and Answers 100% Correct

USAA Test Review with Complete Questions and Answers 100% Correct 3 basic steps of claims investigation -ANS- verifying insurance coverage obtain additional information about the claim verify and compare this information what are the 3 types of claim reports -ANS- initial for first field -( 24hrs to 7 days( interim or status report - (15-30 days informed) full formal report what are the 2 methods to making estimates for claims -ANS- Time and Material method Unit cost method In Texas, the signed and sworn proof of loss statement must be sent to the insured claimant within how many days of their insured's claim notification to the insurance carrier? -ANS- 15 days In Texas, the signed and sworn proof of loss statement must be returned to the insurance company by the insured within how many days? -ANS- 91 Days Texas regulations required the insurer to notify the named insured in writing within how many days after the date of the initial settlement offer -ANS- 10 days The insurer must notify the named insured within how many days after the claim is settled -ANS- 30 days what is a declaratory judgment action -ANS- when the insurer presents the coverage question to the court for a decision on coverage Subrogation -ANS- is the transfer by the insured to the insurance company of the insured's right of recovery against others What is the most common way for an insurance company to pursue subrogation? -ANS- File a claim with the responsible party's insurance company Supplementary payments -ANS- pay for cost of a bond, first aid, interest on a judgment, defense and investigation of claim what are the liability steps in proper sequence -ANS- analyze reports gather evidence verify and compare evidence observe the accident site take photographs gather medical reports consult experts identify conflicting information 5 coverage's that may be selected for an auto policy -ANS- A - Iiablity B - medical payments B - personal injury protection C - under/un insured motorists D - physical damage personal injury protection -ANS- medical, funeral, AND LOSS OF INCOME 80% what is the minimum medical coverage -ANS- 500$ Texas minimum for UM/UIM coverage are -ANS- 30/60/25 per person, per occurrence for BI, property damage CSL - 85,000 what is the standard deductible for property damage under the UI motorist coverage in the personal auto policy -ANS- 250$ what is the purpose of an amendatory endorsement -ANS- purpose of this endorsement is to bring the personal auto policy, which is used in almost all states, into compliance with Texas regulations when it is purchased by a Texas insured. Primary purpose of the Texas Auto Insurance Plan Association -ANS- provides a means for obtaining auto insurance for persons who could not get it in the open market Secondary purpose of the Texas Auto Insurance Plan Association -ANS- provides a means for the equitable distribution of insured's to insurance companies for this type of business. Eligibility for a dwelling policy -ANS- -used for residential purposes -could consist of 1-4 family units -dwelling could be owner occupied -mobile homes need to be tied down and on foundation 5 Dwelling policies -ANS- A - Dwelling B - Other Structures C - Personal Property D - Fair Rental Value E - Additional Living Expenses Coverage A - Dwelling -ANS- includes the residential structure and anything that is attached to the dwelling Coverage B - Other Structures -ANS- any structure that are separate by clear space and used in connection with the dwelling 10% Coverage C - Personal Property -ANS- Household personal property of the insured 50% of the coverage A limit of liability Coverage D - Fair Rental Value -ANS- covers the loss or rents an owner of a rental property would incur in the event the dwelling had a covered direct loss that caused home to be vacant 10% Coverage E - Additional Living Expenses -ANS- includes the additional living expenses required to allow the household to maintain its normal standard of living after a loss 20% What are the 3 dwelling policy (DP) forms -ANS- DP-1 basic DP-2 Broad DP-3 Special DP-1 Basic -ANS- is a named perils coverage form. must be listed to be covered fire lightning internal explosion Basic Form - extended coverage -ANS- has to be purchased as a package: windstorm, riot, smoke, hail, aircraft, vehicles, explosion, civil commotion, volcanic eruption DP-2 Broad -ANS- has all the coverage as basic plus: damage of burglars, weight of snow and ice, falling objects, freezing of plumbing, electric current DP-3 Special -ANS- most coverage's are open perils, cover all risks. except those specifically excluded liability supplement -ANS- an endorsement that can only be added to the dwelling policy if the insured owns AND occupies the dwelling Liability Supplement coverage's -ANS- L - Personal Liability ( Pit bull, child drowns, slips) M - Medical Payments (w/I 3 yrs, not need fault) Difference between Homeowners & Dwelling -ANS- H/O always have theft and liability on policy Dwelling must be added to policy what is the standard deductible on a H/O policy -ANS- 250 per policy applies to coverage's A,B,C what is the standard deductible on H/O policy -ANS- 250$ the Coinsurance requirement for the builders risk policy is -ANS- 100% What are the two types of coverage's for Business interruption insurance -ANS- Business income coverage extra expense coverage