AINS 103 Exam Review (2024) (100% correct and graded A+)
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Course
AINS 103
Institution
AINS 103
In property insurance, the term "property in transit" refers to which one of the following? - AnswerC. Property while being transported by trucks, cars, buses, trains, airplanes, and ships
Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate
the e...
AINS 103 Exam Review (2024) In property insurance, the term "property in transit" refers to which one of the following? - Answer -
C. Property while being transported by trucks, cars, buses, trains, airplanes, and ships Extra expenses are expenses, in addition to ordinary expenses, that an organization incurs to mitigate the effects of a business interruption. Which one of the following is an example of an extra expense? - Answer -B. Cost to rent temporary office space Radley Contracting Company is installing new signage on the front of a building. George, a passerby walking near the building is injured when a Radley employee accidentally drops a tool from a crane. George likely has the ability to assert which one the fo llowing types of claim? - Answer -B. Premises and operations liability Which one of the following entities would likely have the greatest completed operations loss exposure? - Answer -A. Paul the plumber A carrier that is prevented by an accident from delivering the cargo aboard its ship may face an exposure called loss of freight, which is - Answer -B. The compensation the carrier receives for transporting cargo. To be covered under a workers compensation statute, an injury or disease (in most states) must meet which one of the following requirements? - Answer -A. Arise out of employees' job -related injuries and diseases The unauthorized intrusion into a company's computer network resulting in damage to intellectual property is best classified as which one of the following types of cyber liability exposures? - Answer -
D. Intangible property An email was sent to a company's employees containing a harmful attachment. Several employees opened the attachment which allowed hackers to obtain customer contact information. This cyber risk loss is - Answer -D. Damage to intangible property. NH Manufacturing insures its building and personal property under the commercial property coverage part of a commercial package policy (CPP). During a blizzard, a portion of the building's roof collapsed from the weight of snow. The risk manager pulled out the CPP to make sure that the building was covered for this type of loss. Which one of the following components of the commercial property coverage part would provide the risk manager with information on the covered perils? - Answer -A. Causes of loss form Which one of the following is one of the covered causes of loss in the commercial property policy Causes of Loss —Basic form? - Answer -Vandalism Billy owns a baseball souvenir store in Cooperstown, NY . He insured his store under a Building and Personal Property Coverage Form (BPP) with a $275,000 limit and a $1,500 deductible. A large fire in the store caused significant damage amounting to $310,00 0 in covered damages. How much would Billy's insurer pay under his BPP? - Answer -$275K Which one of the following statements about Inflation Guard optional coverage of the Building and Personal Property Coverage Form (BPP) is true? - Answer -C. It is automatically increases the limit of insurance by the percentage of annual increase shown in the declarations. Which one of the following would be covered under the Extra Expense insuring agreement of the Business Income (and Extra Expense) Coverage Form? - Answer -D. Costs to move to a temporary location Which one of the following would be considered an extra expense under the Business Income (and Extra Expense) Coverage Form of the commercial package policy? - Answer -C. The increased cost of rent at a temporary location When Sylvester Properties suffered a $500,000 loss of business income, it filed a claim under the Business Income (and Extra Expense) Coverage Form (BIC) of its commercial package policy. In order for the loss to be covered, the loss of business income mus t be due to a necessary suspension in operations caused by a direct physical loss or damage to property at the premises for which BIC is shown in the policy declarations. Which one of the following is also part of the criteria for the loss to be covered? - Answer -C. The loss or damage must be caused by a covered cause of loss. Karma Tea Shop (KTS) has three locations in Boston. The business is insured by a commercial package policy with the Business Income (and Extra Expense) Coverage Form (BIC). The BIC has a $300,000 limit of insurance which applies to all three locations and a 70 percent coinsurance provision. The business income insurance for KTS is written on a - Answer -B. Blanket basis. Michael is a general liability claims adjuster for Goshen Mutual. He wants to see if an insured has any endorsements that apply to its general liability policy. Which one of the following sections of the coverage form would provide this information for Mic hael? - Answer -D. Declarations
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