USAA P&C Insurance Adjuster Exam Already Passed

USAA P&C Insurance Adjuster Exam Already Passed 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 Chance of loss. Insurable Law of Large Numbers Law of average. Helps predict future losses accurately (sets pricing for insurance) Speculative Risk Chance of gain/loss. NOT Insurable (gambling) The 4 Parts of an Insurance Contract D.I.C.E Declarations, Insuring Agreement, Conditions, Exclusions Declarations Who is insured (dec sheet) Contains: Policy Number, Premium, Term (Period of Coverage), Policy Limits, Person/Property Risk The chance of loss or uncertainty of loss Direct Loss Immediate actual physical damage to tangible property Indirect Loss Inability to use property as a result of direct Loss ( loss of use) Conditions Duties or responsibility of both the insured & insurer Primary Policy This policy pays FIRST. Excess Policy This policy pays AFTER primary has been exhausted Pro Rata Applies when both polices are primary, they will pay on a proportional basis (bigger policy pays more) Equal limits 50/50 Insuring Agreement Insurance Company's promise to pay. Tells us what peril/s the policy covers Supplementary Payments B.A.I.L.E.D Bonds- (Max $250) Aid- First aid expenses Internet- Judgements in appeal Loss of Earnings- Up to $250 per day in defending investigation claim Expenses- Incurred by the insured to assist in defense of a claim Defense Costs- Paid with no limit Insurable Interest The loss would cause you financial hardship ISO Insurance Services Office Policy Territory Where coverage applies. US, Canada, Puerto Rico ACV Replacement cost value - depreciation= Actual cash value Replacement Cost Value To insure for atleast 80% of the value of the property Subrogation The insured gives the insurer legal right to go after the party who was responsible for the insured's loss Cancelation Clause Cancelled midterm by insured-Short rate refund Cancelled midterm by Insurer- Pro Rata refund Assignment Insured requests payment of the