- Study guides, Class notes & Summaries

USAA Auto Insurance Terms with Complete Solutions Terrorism Risk Insurance Act (TRIA) - Answer-In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen - Answer-In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for - Answer-In 1970 the Fair ...

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15 pages

Written in 2023/2024

Grade A+

shiifridoc

USAA Questions & 100% Correct Answers Package | Latest Update | Graded A

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7 items

Axpert

3 basic steps of claims investigation : verifying insurance coverage obtain additional information about the claim verify and compare this information what are the 3 types of claim reports : 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 : Time and Material method Unit cost method In Texas, the signed and sworn proof of loss statement must be sent to the insured cla...

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8 pages

Written in 2023/2024

Grade A+

Axpert

Law of Large numbers : Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest : Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Risk : Chance of loss; uncertainty of loss Speculative Risk : Involves the simultaneous chance of gain or loss: is not insurable Pure Risk : a risk that presents the chance of loss but no opportunity for gain (insura...

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36 pages

Written in 2023/2024

Grade A+

Axpert

What type of reinsurance contract involves two companies automatically sharing their risk exposure? : treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a : risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? : Fair Credit Reporting Act The stated amount or percent of liquid assets that an insurer must have on h...

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45 pages

Written in 2023/2024

Grade A+

Axpert

Insurance : Transfer of risk from one person or organization to an insurance company Indemnity : The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers : Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest : Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Binder 2 | P a g e : Temporary...

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48 pages

Written in 2023/2024

Grade A+

Axpert

Describe what happened in the case of Paul vs. Virginia. Include proximate dates and court decisions. : This was the first case to regulate insurance. Paul challenged the right of the state to regulate insurance by refusing to obtain a license from the state. When he continued to sell insurance w/o a license, he was arrested and fined $50. The case went all the way to Supreme Court and was finally decided in 1869, that insurance wasn't interstate commerce. Describe the importance of...

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27 pages

Written in 2023/2024

Grade A+

Axpert

Perils : Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard : Condition that create or increases the chance or loss or contributes to the loss Physical Hazard : Visible ( operational features of a risk) Moral Hazard : Intentional dishonesty or illegal actions of a person (arson) Morale Hazard : Carelessness or indifference ( attitude). Takes additional risks (negligence) Pure Risk 2 | P a g e : Chance of loss. Insurable Law...

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21 pages

Written in 2023/2024

Grade A+

Axpert

Qualify Customers Travel Plans "Thank you Mr/Mrs _______ (Member), I see you have ___ USAA Reward points available to use today. "" "Where will you be traveling to and from?" "What dates did you have in mind?" "How many passengers will be traveling?" Form of Payment The following verbiage should be used when payment is due on a reservation "Mr/Mrs. Customer, your out of pocket expense is $XX.XX. Would you like to put the this amount on your USAA Rewards card today?" Dec...

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11 pages

Written in 2023/2024

Grade A+

Axpert

USAA unit 3 Exam Questions with Correct Answers Property Insurance - Answer-Covers damage to property, such as a home. Casualty Insurance - Answer-Casualty= liability Always pay the other guy, never me Third party Policy Sections (DICEE) - Answer-Declarations Insuring Conditions Endorsement Exclusions Additional/Supplementary Coverage - Answer--Payment for additional expenses not normally covered -May have separate limit of insurance Insureds - Answer-Named insured- in the decl...

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3 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Practice Test Questions with Correct Answers What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer-treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Answer-risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - Answer-Fair Credit Reporting Act The s...

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20 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA P&C Insurance Adjuster Exam Questions and Answers 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). ...

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8 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Licensing Exam Questions and Correct Answers Law of Large numbers - Answer-Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Answer-Proof that someone stands to lose financially if a loss occurs; must exist at the time of the loss in property and casualty insurance Risk - Answer-Chance of loss; uncertainty of loss Speculative Risk - Answer-Involves the simultaneous chance of gain or loss: is not insurable Pure Ri...

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15 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Licensing Exam Questions and Answers All Correct Insurance - Answer-Transfer of risk from one person or organization to an insurance company Indemnity - Answer-The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Answer-Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Answer-Proof that someone stands to lose financially if a loss occurs; must exist at the time...

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20 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Exam Questions with Correct Answers (1) 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...

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4 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Chapter 2 Test Questions with Complete Solutions (2) Agent - Answer-One who recieves the authority to act on behalf of someone else. What does it mean that the agent has authrotity to bind? - Answer-The agent should take the utmost care with his words and actions because the insurer may have to live with the agents decisions and mistakes. What are the three major responsibilities of contracted agents? - Answer-Adhree to or follow the contract, use resonable judgement and care at ...

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10 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA Auto Insurance Terms with Complete Solutions (1) Terrorism Risk Insurance Act (TRIA) - Answer-In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen - Answer-In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for - Answer-In 1970 the Fai...

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15 pages

Written in 2023/2024

Grade A+

wisdompoint

USAA API STUDY GUIDE QUESTIONS AND CORRECT ANSWERS (1) Describe what happened in the case of Paul vs. Virginia. Include proximate dates and court decisions. - Answer-This was the first case to regulate insurance. Paul challenged the right of the state to regulate insurance by refusing to obtain a license from the state. When he continued to sell insurance w/o a license, he was arrested and fined $50. The case went all the way to Supreme Court and was finally decided in 1869, that insurance wa...

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11 pages

Written in 2023/2024

Grade A+

wisdompoint

Usaa Api Exam Study Questions With Correct Detailed Answers| Latest Update 2024

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21 pages

Written in 2023/2024

Grade A+

TopNursingTestBanks

USAA Licensing Exam Questions and answers latest update

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27 pages

Written in 2023/2024

Grade A+

Schoolflix