AINS 101 Exam Prep with complete Solutions | Latest 2024/2025

Loss exposure ️ any condition or situation that presents a possibility of loss, whether or not an actual loss occurs Premium ️ the price of the insurance coverage provided for a specified period Indemnify ️ to restore a party who has sustained a loss to the same financial position that party held before the loss occurred Insured ️ any person or organization who is insured under an insurance policy Property-casualty insurance ️ one of the two main sectors of the insurance industry encompassing numerous types of insurance, most of which cover the financial consequences of damage to one's own property or legal liability to others Life-health insurance ️ one of the two main sectors of the insurance industry encompassing numerous types of insurance that cover the financial Stock insurer ️ an insurer that is owned by its stockholders and formed as a corporation for the purpose of earning a profit for the stockholders Mutual insurer ️ an insurer that is owned by its policyholders and formed as a corporation for the purpose of providing insurance to them Surplus-lines insurer ️ a non-admitted insurer that is eligible to insure risks that have been exported by a surplus lines licensee in accordance with a surplus lines law Reinsurance ️ the transfer of insurance risk from one insurer to another through a contractual agreement under which one insurer (the reinsurer) AINS 101 Exam Prep with complete Solutions | Latest 2024/2025