USAA Licensing Exam QUESTIONS AND ANSWERS VERIFIED 100% CORRECT

USAA Licensing Exam QUESTIONS AND ANSWERS VERIFIED 100% CORRECT Unfair Claim Settlement Practices Act - ANSWER An Agent collects a premium for a policy, but does not send it to the company and allows a policy to be canceled Unfair Claims Settlement Practices Act - ANSWER The insurance company fails to adopt reasonable standards for processing claims Unfair Claim Settlement - ANSWER If an adjuster were to deny a claim without conducting a reasonable investigation. This would be an example of what type of claim settlement violation? Supplemental Coverages - ANSWER The insurance company defends the insured for a suit arising out of a covered claim An unfair claims settlement practice. - 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? An unfair claims settlement practice - 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? 15 days - ANSWER How many days does an adjust have to acknowledge the claim 15 Business days - ANSWER How many days does an adjust have to accept or reject the claim after he receives complete information? 5 calendar days - ANSWER How many days does an adjuster have to send the check after he agrees to pay the claim? What hazards does Standard Fire Protection cover? - ANSWER (FLI)Fire, Lightning, Internal Explosions What hazards does Name Peril "Basic" Cover? - ANSWER (FLI)+ W-Wind C- Civil Commotion S- Smoke H- Hail A- Aircraft V- Vehicle not owned by the insured V- Volcano activity E- Explosion R- Riot M- Malicious Mischief What hazards are covered under "Named Peril Broad" coverage? - ANSWER (FLI+WCSHAVVERM) & B- Burglary Damage I- Ice/Sleet/Snow G- Glass Coverage A- Accidental Discharge/Overflow F- Falling Objects F- Freezing Pluming E- Electric Current C- Collapse Coverage T- Tearing Appart What hazards or perils are listed in the "Special Exclusions" policy? - ANSWER Building Ordinances Mechanical Breakdown War & Nuclear Power Surge - Offcite International Acts Earthquake Flood Temporary/ Emergency License - ANSWER A special allowance that can be made by the Texas Insurance Commissioner for an insurance company employee during an emergency for the purposes of training? Five day's notice - ANSWER How many days notice must a company give the Commissioner to issue a temporary license or emergency license to an individual for the pruposes of training? Who is responsible for the actions of the licensee once an emergency or temporary license has been issued? - ANSWER The firm requesting the license is responsible.. A Property and Casualty Adjuster licenses allows? - ANSWER This license allows a person to adjust or supervise claims in all areas of property and casualty insurance EXECPT workers' compensation. Domestic Insurer - ANSWER An insurance company that is incorporated in the state. Foreign Insurance Company - ANSWER An insurance company that is incorporated outside the state where it is conducting business Who is the Chief Executive Officer of the Texas Department of Insurance? - ANSWER The Commissioner How long does the Commissioner serve? - ANSWER A term of two years What are the basic qualifications for adjusters in Texas? - ANSWER a. 18 years of age b. Citizen of Texas or approved by a nonresidents home state c. If a nonresident of the U.S., he must comply with all federal laws pertaining to employment in the U.S. d. Trustworthy e. Sufficient training or experience to be a competent adjuster f. Must pass an examination to qualify for adjusters licensing.