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AINS 21 Segment A (ch 1-3) Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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AINS 21 Segment A (ch 1-3) Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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AINS 21 Segment A (ch 1-3).pdf file:///C:/Users/HP/Desktop/eewwww/AINS%2021%20Segment%2AINS 21 Segment A (ch 1-3)
1. Loss exposure
ANS Any condition or situation that presents a possibility of loss,whether or not an actual
loss occurs
2. Risk management
ANS The process of making and implementing decisions that willminimize the adverse effects of
accidental losses on an organization
3. Loss prevention
ANS A risk control technique that reduces the frequency of a par-ticular loss
4. Loss reduction
ANS A risk control technique that reduces the severity of a particularloss
5. Exposure unit
ANS A fundamental measure of the loss exposure assumed by aninsurer
6. Property-casualty insurance
ANS 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
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legal liability to others.
7. Life-health insurance
ANS One of the two main sectors of the insurance industry, encompassing numerous types of
insurance that cover the financial consequencesof death, injury, or sickness
8. Utmost good faith
ANS An obligation to act in complete honesty and to disclose allrelevant facts
9. Contract of adhesion
ANS Any contract in which one party must either accept theagreement as written by the
other party or reject it
10. Contract of indemnity
ANS A contract in which the insurer agrees, in the event ofa covered loss, to pay an amount
directly related to the amount of the loss
11. Self-contained policy
ANS A single document that contains all the agreementsbetween the insured and the insurer
and that forms a complete insurance policy
12. Modular policy
ANS An insurance policy that consists of several different docu-ments, none of which by
itself forms a complete policy
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13. Property insurance
ANS Any type of insurance that indemnifies an insured who suf-fers a financial loss because
property has been lost, stolen, damaged, or destroyed
14. Liability insurance
ANS Insurance that covers losses resulting from the insured'sliability to others
15. Homeowners policy
ANS Policy that covers most of the property and liability loss exposures that arise out of
residential property ownership and occupancy, as well as property and liability loss exposures
that individuals and families may have whilethey are away from their residences.
16. Personal liability coverage
ANS Coverage for damages, plus costs of any defense,related to a claim or suit brought against
the insured that resulted from bodily injuryor property damage caused by an occurrence
covered under the policy
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