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USAA Test Q&A 100% VERIFIED What type of reinsurance contract involves two companies automatically sharing their risk exposure? - ANSWER treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - ANSWER risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - ANSWER Fair Credit Reporting Act The stated amount or perc...

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USAA Test Questions and Answers 100% Correct What type of reinsurance contract involves two companies automatically sharing their risk exposure? -️️ treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a -️️ risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? -️️ Fair Credit Reporting Act The stated amount ...

USAA Licensing Exam Questions and Answers All Correct Insurance - Answer-Transfer of risk from one person or organization to an insurance company Indemnity - Answer-The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - Answer-Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - Answer-Proof that someone stands to lose financially if a loss occurs; must exist at the time ...

USAA Practice Test Questions with Correct Answers What type of reinsurance contract involves two companies automatically sharing their risk exposure? - Answer-treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a - Answer-risk retention group What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? - Answer-Fair Credit Reporting Act The st...

Terrorism Risk Insurance Act (TRIA) Answer - In 2002- the availability of reinsurance coverage against terrorism. If there is a terrorist act then the federal government is responsible in paying the insurer for any damage. What is TRIEA and when did it happen Answer - In 2005 legislation was modified and coverage was extended by the Terrorism Risk Insurance Extension Act FCRA- when, what, and what it stands for Answer - In 1970 the Fair Credit Reporting Act was establish by the federal gov...

New York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% CorrectNew York USAA Exam Review Questions and Answers 100% Correct Watercraft liability, medical expenses and uninsured boaters are coverages provided under which of the following policies? I. Watercraft. II. Homeowners. III. Mariners. - ANSWER-I only is correct. Explanation: Watercraft policies are designed to...

What type of reinsurance contract involves two companies automatically sharing their risk exposure? treaty A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a risk retention group Brainpower Read More What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? Fair Credit Reporting Act The stated amount or percent of liquid assets that ...

USAA Auto Insurance Exam With 100% Correct Answers 2024