Usaa Licensing Exam Verified Questions And Answers 2024

Dwelling Insurance Policy form {Ans: Mainly used for residential rental property, not usually for owner-occupied homeowners property.}Which surety bond guarantees that bills for labor and materials will be paid by the contractor as they are due? {Ans: Payment bond}What is Subrogation? {Ans: Is the transfer by the insured by to the insurance company of the legal right of the insureds' right of recovery against the party that caused the harm. *Only after insurer has paid first party*}What is abandonment? {Ans: This action by the insured which is never, ever...ever allowed.}Farms, Businesses, Ranches are not eligible for what policy form? {Ans: Not eligible for home owners policy coverage}Domestic Insurer {Ans: An insurer organized, admitted, and writing insurance in Texas is called a (______)}What are the five elements of an endorsement? {Ans: 1. Add, delete, or modify coverage 2. Must be in writing 3. Added to the back of a policy 4. Not used to cancel a policy 5. Only the underwriter has authority to issue endorsement. * Requires an additional premium for expanded coverage}Commercial Package Policy can insure what type of business? {Ans: Totally flexible....small to HUGE corporations.}What is Hull coverage in Ocean