USAA Licensing Exam Latest Update -

USAA Licensing Exam Latest Update - 200 Questions and 100% Verified Detailed Correct Answers Guaranteed A+ Approved by Professor

##/##/## - CORRECT ANSWER: BI-any one person/BI-for the whole accident/Property

Damage for any one accident

• Coverage is not listed for the peril/hazard

2. The insured is not liable for the damage - CORRECT ANSWER: What are the two

reasons a claim would be denied?

A Property and Casualty Adjuster licenses allows? - CORRECT ANSWER: This license allows a person to adjust or supervise claims in all areas of property and casualty insurance EXECPT workers' compensation.

A surety bond protects the? - CORRECT ANSWER: The obligee

Absolute Liability - CORRECT ANSWER: Liability without fault; duty owed and duty breached; established by society (Personal Exposure) Pools, pets, firearms

Accident is? - CORRECT ANSWER: A sudden and unforeseen event at a fixed time and place that causes BI or PD loss

Aggregate limit is? - CORRECT ANSWER: Business or commercial limit. Maximum

coverage during the entire policy period.

An insurance policy is prepared by the insurance company, with little or no input from the insured. This means that an insurance police is - CORRECT ANSWER: An adhesion contract

• / 3

An occurrence form involves the what coverage company? - CORRECT ANSWER: The

company providing the insurance at the time of the occurrence.

An unfair claims settlement practice - CORRECT ANSWER: If the adjuster tells the insured that he has no coverage under a policy when the coverage really exists, this would be an example of what type of claims settlement practice?

An unfair claims settlement practice. - CORRECT ANSWER: If an adjuster were to deny a claim without providing the policyholder with a reasonable explanation for the denial, this would be an example of what type of claims settlement practice?

Arbitration in NOT? - CORRECT ANSWER: Required in Texas!

Arbitration involves what type of issue? - CORRECT ANSWER: Coverage Issues

B.O.P is restricted to what type of business? - CORRECT ANSWER: Small businesses policy, think mom and pop with tight supervision and low claims, low risk.

BAILEY is excluded from what commercial coverage? - CORRECT ANSWER:

Commercial General Liability

BOP provides what type of coverage? - CORRECT ANSWER: Both liability and property line coverage.

CGL has two claim form versions, what are they? - CORRECT ANSWER: Occurrence

and claims-made forms.

Commercial Package Policy can insure what type of business? - CORRECT ANSWER:

Totally flexible....small to HUGE corporations.

Consideration - CORRECT ANSWER: An exchange of value between parties to a

contract 2 / 3

Coverage A - CORRECT ANSWER: The dwelling/the abode = Primary (all the other

coverages are a % of A)

Coverage B - CORRECT ANSWER: Building detached from the Abode (10% of

coverage A)

Coverage C - CORRECT ANSWER: Contents-personal property contents (50% of

coverage A)

Coverage D - CORRECT ANSWER: Indirect loss of use/fair rental value (only paid if the direct loss is covered, flood is not a covered peril)

Coverage E - CORRECT ANSWER: Indirect loss of use to cover additional living

expenses required to allow the household to maintain its normal standard of living; coverage is limited to 20% of Coverage A.

Coverage L - CORRECT ANSWER: May be added by endorsement if the owner does

reside within the dwelling. L for Liability

Coverage M - CORRECT ANSWER: Medical Payments to the other person, not the first party. This is an act of "good-will".

D.I.C.E.E - CORRECT ANSWER: D- Declaration Page= 5 P's

I- Insurance Agreement/Promise to pay C- Conditions= Rules/Requirements- Both insured and insurer E- Exclusions=(Perils, not covered) or (Property not covered) E- Endorsements= Only way to modify a policy, completed by underwriter and costs an additional premium.

Declarations - CORRECT ANSWER: Who, What, Where, and How

• / 3