AINS 101 Exam Knowledge Check with Complete Solutions |Latest 2024/2025
15 views 0 purchase
Course
AINS 101
Institution
AINS 101
Actual cash value (ACV) ️ The cost to replace property with new
property of like kind and quality less depreciation.
Adverse selection ️ Insuring individuals with a high probability of loss at
a cost lower than the insurer would normally charge for that risk because it
wasn't aware of the a...
AINS 101 Exam Knowledge Check with Complete Solutions. Actual cash value (ACV) ✔️ The cost to replace property with new property of like kind and quality less depreciation. Adverse selection ✔️ Insuring individuals with a high probability of loss at a cost lower than the insurer would normally charge for that risk because it wasn't aware of the actual risk involved. Binder ✔️ A temporary written or oral agreement to provide insurance coverage until a formal written policy is issued. Book of business ✔️ A group of policies with a common characteristic, such as territory or type of coverage, or all policies written by a particular insurer or agency. Broker ✔️ An independent producer who represents insurance customers. Brokerage ✔️ Compensation in the form of a flat fee or a commission that is paid by the reinsurer to the reinsurance intermediary for services provided. Capacity ✔️ The amount of business an insurer is able to write, usually based on a comparison of the insurer's written premiums to its policyholders' surplus Catastrophe model ✔️ A type of computer program that estimates losses from future potential catastrophic events. Certificate of insurance ✔️ A brief description of insurance coverage prepared by an insurer or its agent and commonly used by policyholders to provide evidence of insurance. Claim ✔️ A demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy. Claimant ✔️ A party that makes a claim and that can be either a first -party claimant or a third -party claimant. Claims representative ✔️ A person responsible for investigating, evaluating, and settling claims. Compensatory damages ✔️ A payment awarded by a court to reimburse a victim for actual harm. Condition ✔️ Any provision in an insurance policy that qualifies an otherwise enforceable promise of the insurer. Conditional contract ✔️ A contract that one or more parties must perform only under certain conditions. Contract of adhesion ✔️ Any contract in which one party must either accept the agreement as written by the other party or reject it. Contract of indemnity ✔️ A contract in which the insurer agrees, in the event of a covered loss, to pay an amount directly related to the amount of the loss. Damages ✔️ Money claimed by, or a monetary award to, a party who has suffered loss or injury for which another party is legally responsible Declarations page ✔️ An insurance policy information page or pages providing specific details about the insured and the subject of the insurance Deductible ✔️ A portion of a covered loss that is not paid by an insurer. Depreciation ✔️ The reduction in value caused by the physical wear and tear or technological or economic obsolescence of property. Exclusion ✔️ A policy provision that eliminates coverage for specified exposures.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AcademiaExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
