Exam (elaborations)
AINS 101 - COURSE QUIZ QUESTIONS & ANSWERS
- Course
- Institution
AINS 101 - COURSE QUIZ QUESTIONS & ANSWERS
[Show more]
Content preview
AINS 101 - COURSE QUIZ QUESTIONS & ANSWERSThe primary role of insurance is to - Answers -Indemnify individuals and organizations
for covered losses.
As a single mother on a very tight budget, Ciara is tempted to skimp on her insurance.
However, her friend Mehmet tells her not to skimp on insurance, because it will help
manage her cash flows. Which one of the following examples best illustrates Mehmet's
point? - Answers -When her car's windshield breaks, Ciara has to pay only $100 of the
$600 cost of replacing it.
A homeowners policy is a type of - Answers -Personal property-casualty insurance
policy.
Coverage for money and other business property from various causes of loss such as
burglary, robbery, theft, and employee dishonesty typically is provided by - Answers -
Commercial crime insurance.
Which one of the following describes the characteristics of a mutual insurance
company? - Answers -A corporation owned by policyholders that provides insurance to
its policyholders.
An insurer that was formed for the purpose of earning a profit for its stockholders is a -
Answers -Stock insurer
Autonomous Vehicle Applications (AVA) is a start-up company that develops safety
technologies that can be sold to companies that are producing autonomous vehicles.
One technology AVA is developing allows an autonomous vehicle to detect, extract, and
analyze images; and then to respond to the images. For example, the technology would
detect a presence in a crosswalk, extract the image, and a computer would analyze the
image. When the image was determined to be a human being, the vehicle would slow
down or stop until the crosswalk was clear. This technology, which is designed to
capture and analyze images, and to act on the recognition of the image; is called -
Answers -Computer vision
In an effort to reduce expenses, increase profitability, and reduce human errors; ABC
Insurance Company decided to automate most of its personal lines underwriting
function. The company now uses standardized application forms that are submitted
electronically to one of the company's regional offices. At each regional office, a
computer with a scanner reads the applications. The computer has been programmed
with acceptable answers to the questions. If the answers on the application are all
acceptable, the policy is automatically issued. Rejected applications are automatically
forwarded to a human underwriter who reviews them. The use of this technology has
reduced the company's expense ratio by two and a half percent, and reduced the time it
, takes to issue a policy. ABC Insurance Company's use of computers to evaluate
applications electronically is an application of - Answers -Artificial intelligence
Carlos is new to the insurance business and is learning about insurance regulation and
what he, now working with Grady Insurance, will need to be aware of regarding the
subject of compliance. Which one of the following will Carlos find is accurate as he
better understands why insurance is regulated? - Answers -Insurance regulation
protects customers by guaranteeing insurance is available and accessible to everyone
who needs it
Which one of the following is the fundamental measure of loss exposure used in
insurance rating? - Answers -Exposure unit
Bob is shopping for auto insurance. Insurance Company A's rating system determines
that Bob should be charged $800 per auto. If Bob is looking to insure four autos, what
premium will he be charged by Insurance Company A? - Answers -$3,200
Johann is an insurance company employee who investigates the scene of a loss and
meets with insureds, claimants, lawyers, Johann is most accurately called - Answers -A
field claims representative
Stephanie works for Waynesgood Insurance. She appreciates the help she receives
from Clem in the company's claims department who provides her with recent statistics
and comments on Waynesgood's customer satisfaction levels. Stephanie works in
which one of the following departments? - Answers -Marketing
Understanding the steps in the claims handling process is important to new claims reps.
Which one of the following steps generally comes after investigating and documenting
the claim and before concluding the claim? - Answers -Determining cause of loss and
loss amount
Work on a new claim begins for claim representative Anita upon receipt of a claim
notice. Anita gathers initial information and verifies coverage. From the list of activities
below, the next step Anita would take in the process is - Answers -Set a loss reserve
After Marvin's car was stolen, and he was reimbursed for the loss by Greatson
Insurance, the police found and returned the vehicle, which was dented and spray-
painted, but still had parts that could be usable. Greatson's rights to recover and sell or
otherwise dispose of insured property on which it has paid a total loss are called -
Answers -Salvage rights
Wayne, an insured, submits a claim for a seven-year-old refrigerator that was damaged
due to lightning. Claims representative Guillaume will probably factor in an allowance for
wear and tear. This is called - Answers -Depreciation
Compensatory damages represent - Answers -Actual harm suffered
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 GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81033 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now