USAA P&C Insurance Adjuster Exam

Perils - ans-Causes of loss identified in the policy (Fire, lightening, internal explosion ,Wind, Hail, Collision) Hazard - ans-Condition that create or increases the chance or loss or contributes to the loss Physical Hazard - ans-Visible ( operational features of a risk) Moral Hazard - ans-Intentional dishonesty or illegal actions of a person (arson) Morale Hazard - ans-Carelessness or indifference ( attitude). Takes additional risks (negligence) Pure Risk - ans-Chance of loss. Insurable Law of Large Numbers - ans-Law of average. Helps predict future losses accurately (sets pricing for insurance) Speculative Risk - ans-Chance of gain/loss. NOT Insurable (gambling) The 4 Parts of an Insurance Contract - ans-D.I.C.E Declarations, Insuring Agreement, Conditions,