USAA P&C Insurance Adjuster Exam
Questions With Correct Answers
Perils |- |CORRECT |ANSWER✔✔-Causes |of |loss |identified |in |the |policy |(Fire, |lightening, |internal |
explosion |,Wind, |Hail, |Collision)
Hazard |- |CORRECT |ANSWER✔✔-Condition |that |create |or |increases |the |chance |or |loss |or |
contributes |to |the |loss
Physical |Hazard |- |CORRECT |ANSWER✔✔-Visible |( |operational |features |of |a |risk)
Moral |Hazard |- |CORRECT |ANSWER✔✔-Intentional |dishonesty |or |illegal |actions |of |a |person |
(arson)
Morale |Hazard |- |CORRECT |ANSWER✔✔-Carelessness |or |indifference |( |attitude). |Takes |
additional |risks |(negligence)
Pure |Risk |- |CORRECT |ANSWER✔✔-Chance |of |loss. |Insurable
Law |of |Large |Numbers |- |CORRECT |ANSWER✔✔-Law |of |average. |Helps |predict |future |losses |
accurately |(sets |pricing |for |insurance)
Speculative |Risk |- |CORRECT |ANSWER✔✔-Chance |of |gain/loss. |NOT |Insurable |(gambling)
The |4 |Parts |of |an |Insurance |Contract |- |CORRECT |ANSWER✔✔-D.I.C.E
Declarations,
, Insuring |Agreement,
Conditions,
Exclusions
Declarations |- |CORRECT |ANSWER✔✔-Who |is |insured |(dec |sheet) |Contains: |
Policy |Number, |Premium, |Term |(Period |of |Coverage), |Policy |Limits, |Person/Property
Risk |- |CORRECT |ANSWER✔✔-The |chance |of |loss |or |uncertainty |of |loss
Direct |Loss |- |CORRECT |ANSWER✔✔-Immediate |actual |physical |damage |to |tangible |property
Indirect |Loss |- |CORRECT |ANSWER✔✔-Inability |to |use |property |as |a |result |of |direct |Loss |( |loss |
of |use)
Conditions |- |CORRECT |ANSWER✔✔-Duties |or |responsibility |of |both |the |insured |& |insurer
Primary |Policy |- |CORRECT |ANSWER✔✔-This |policy |pays |FIRST.
Excess |Policy |- |CORRECT |ANSWER✔✔-This |policy |pays |AFTER |primary |has |been |exhausted
Pro |Rata |- |CORRECT |ANSWER✔✔-Applies |when |both |polices |are |primary, |they |will |pay |on |a |
proportional |basis |(bigger |policy |pays |more) |Equal |limits |50/50
Insuring |Agreement |- |CORRECT |ANSWER✔✔-Insurance |Company's |promise |to |pay. |Tells |us |
what |peril/s |the |policy |covers
Supplementary |Payments |- |CORRECT |ANSWER✔✔-B.A.I.L.E.D
Questions With Correct Answers
Perils |- |CORRECT |ANSWER✔✔-Causes |of |loss |identified |in |the |policy |(Fire, |lightening, |internal |
explosion |,Wind, |Hail, |Collision)
Hazard |- |CORRECT |ANSWER✔✔-Condition |that |create |or |increases |the |chance |or |loss |or |
contributes |to |the |loss
Physical |Hazard |- |CORRECT |ANSWER✔✔-Visible |( |operational |features |of |a |risk)
Moral |Hazard |- |CORRECT |ANSWER✔✔-Intentional |dishonesty |or |illegal |actions |of |a |person |
(arson)
Morale |Hazard |- |CORRECT |ANSWER✔✔-Carelessness |or |indifference |( |attitude). |Takes |
additional |risks |(negligence)
Pure |Risk |- |CORRECT |ANSWER✔✔-Chance |of |loss. |Insurable
Law |of |Large |Numbers |- |CORRECT |ANSWER✔✔-Law |of |average. |Helps |predict |future |losses |
accurately |(sets |pricing |for |insurance)
Speculative |Risk |- |CORRECT |ANSWER✔✔-Chance |of |gain/loss. |NOT |Insurable |(gambling)
The |4 |Parts |of |an |Insurance |Contract |- |CORRECT |ANSWER✔✔-D.I.C.E
Declarations,
, Insuring |Agreement,
Conditions,
Exclusions
Declarations |- |CORRECT |ANSWER✔✔-Who |is |insured |(dec |sheet) |Contains: |
Policy |Number, |Premium, |Term |(Period |of |Coverage), |Policy |Limits, |Person/Property
Risk |- |CORRECT |ANSWER✔✔-The |chance |of |loss |or |uncertainty |of |loss
Direct |Loss |- |CORRECT |ANSWER✔✔-Immediate |actual |physical |damage |to |tangible |property
Indirect |Loss |- |CORRECT |ANSWER✔✔-Inability |to |use |property |as |a |result |of |direct |Loss |( |loss |
of |use)
Conditions |- |CORRECT |ANSWER✔✔-Duties |or |responsibility |of |both |the |insured |& |insurer
Primary |Policy |- |CORRECT |ANSWER✔✔-This |policy |pays |FIRST.
Excess |Policy |- |CORRECT |ANSWER✔✔-This |policy |pays |AFTER |primary |has |been |exhausted
Pro |Rata |- |CORRECT |ANSWER✔✔-Applies |when |both |polices |are |primary, |they |will |pay |on |a |
proportional |basis |(bigger |policy |pays |more) |Equal |limits |50/50
Insuring |Agreement |- |CORRECT |ANSWER✔✔-Insurance |Company's |promise |to |pay. |Tells |us |
what |peril/s |the |policy |covers
Supplementary |Payments |- |CORRECT |ANSWER✔✔-B.A.I.L.E.D
