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AINS103 Practice Questions, AINS 103 With Questions And 100% ALL CORRECT ANSWERS
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JACKLINEAINS103 Practice Questions, AINS 103 With Questions And 100% ALL CORRECT
ANSWERS
Terms in this set (513)
In property insurance, the term "Property in Transit" Property while being transported by trucks, cars, buses, trains, airplanes, and ships.
refers to which one of the following?
Extra expenses are expenses, in addition to ordinary Cost to rent temporary office space.
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?
Upon entering a restaurant, a customer grasped a Premises and operations liability.
handrail the broke off, causing the customer to fall
and break his wrist. This is an example of which one
of the following types of commercial general
AINS103 Practice Questions, AINS 103
liability loss?
,8/9/24, 8:04 AM
A contractor is hired to install a new concrete Completed operations liability.
sidewalk in front of a store. Several weeks after the
sidewalk was installed, the concrete buckles and a
passerby trips and falls on the buckled sidewalk.
The passerby sues the contractor to recover
medical expenses incurred due to the fall. This
commercial liability is categorized as
A carrier that is prevented by an accident from The compensation the carrier receives for transporting cargo.
delivering the cargo aboard its ship may face an
exposure called loss of freight, which is
The management of Maryland Marine Co. (MMC) Many states workers compensation statutes exclude casual labor (temporary employees).
must ensure that proper coverage is obtained for
work- related injuries. The employee population of
MMC is a mixture of full-time and part-time
employees as well as some casual employees for
one-time tasks. Much of MMC's work is done by
independent contractors and temporary employees
during peak seasons. Which one of the following
statements about these persons is true?
When a clothing manufacturer decides to expand Loss or damage caused by computer virsuses.
the sale of its clothing line by offering internet
purchases, it creates new exposures not otherwise
covered, or not fully covered, by a traditional policy.
These include
Meat Products Company (MPC) runs packing plants Regulatory and legal compliance.
in three Midwest states. The company was in the
news recently because of its labor practices. The
Department of Labor (DOL) investigated complaints
from five female employees that MPC discriminated
against them. The DOL found the claim was true. The
Immigration and Naturalization Service (INS) found
that the company employed illegal immigrants and
paid them less than the minimum wage. When this
news became public, MPC's reputation was severely
harmed. This scenario illustrates which source of
reputation risk
Perils are an important aspect of property A peril is the actual means by which property is damaged or destroyed such as fire, lightning,
insurance. Which one of the following statements is windstorm, hail or theft.
correct with respect to perils?
AINS103 Practice Questions, AINS 103
, 8/9/24, 8:04 AM
During a business interruption, some of the Payroll of key employees.
organizations expenses, called continuing
expenses, will continue, and other expenses, called
non-continuing expenses, will not continue. Which
one of the following is an example of a continuing
expense?
Which one of the following loss exposure exist Completed operations liability.
when a business can be held legally liable for
bodily injury or property damaged caused by their
repair or contracting work?
Which one of the following entities would likely Paul the plumber.
have the greatest completed operations loss
exposure?
Inland marine insurance is insurance that covers Many different classes of property that typically involve an element of transportation on land.
Joe signs a contract with Home Builders to install No, because Joe is not an employee of Home Builders.
the electrical wiring for a new home. He uses his
own tools and follows the specifications in the
contract. Joe is burned while installing the wiring.
Does Home Builders' workers compensation policy
cover Joe's injury?
Cyber risk intellectual property loss exposures Cyber extortion of trade secrets.
include
As part of its assessment of its cyber risk, an The computer system is hacked and data including credit card numbers are stolen.
organization should consider whether there are any
intangible property exposures. Which one of the
following would best be classified as an intangible
property loss?
Property insurance policies use the term "personal Contents in and around a building.
property" to refer to the
In business income insurance, the expenses that an Extra expenses.
organization would not have incurred if the business
interruption have not occurred are called
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