USAA EXAM QUESTIONS CORRECTLY ANSWERED

USAA EXAM QUESTIONS CORRECTLY ANSWERED 3 basic steps of claims investigation - ANSWER verifying insurance coverage obtain additional information about the claim verify and compare this information what are the 3 types of claim reports - ANSWER 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 - ANSWER 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? - ANSWER 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? - ANSWER 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 - ANSWER 10 days The insurer must notify the named insured within how many days after the claim is settled - ANSWER 30 days what is a declaratory judgment action - ANSWER when the insurer presents the coverage question to the court for a decision on coverage Subrogation - ANSWER 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? - ANSWER File a claim with the responsible party's insurance company Supplementary payments - ANSWER 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 - ANSWER analyze reports gather evidence