USAA P&C Insurance Adjuster Exam With 100% Correct Answers

USAA P&C Insurance Adjuster Exam With 100% Correct Answers Perils - answerCauses of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - answerCondition that create or increases the chance or loss or contributes to the loss Physical Hazard - answerVisible ( operational features of a risk) Moral Hazard - answerIntentional dishonesty or illegal actions of a person (arson) Morale Hazard - answerCarelessness or indifference ( attitude). Takes additional risks (negligence) Pure Risk - answerChance of loss. Insurable Law of Large Numbers - answerLaw of average. Helps predict future losses accurately (sets pricing for insurance) Speculative Risk - answerChance of gain/loss. NOT Insurable (gambling) The 4 Parts of an Insurance Contract - answerD.I.C.E Declarations, Insuring Agreement, Conditions, Exclusions Declarations - answerWho is insured (dec sheet) Contains: Policy Number, Premium, Term (Period of Coverage), Policy Limits, Person/Property Risk - answerThe chance of loss or uncertainty of loss Direct Loss - answerImmediate actual physical damage to tangible property Indirect Loss - answerInability to use property as a result of direct Loss ( loss of use) Conditions - answerDuties or responsibility of both the insured & insurer Primary Policy - answerThis policy pays FIRST. Excess Policy - answerThis policy pays AFTER primary has been exhausted Pro Rata - answerApplies when both polices are primary, they will pay on a proportional basis (bigger policy pays more) Equal limits