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AINS 103 Simulated Exam with correct answers.
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AINS 103 Simulated Exam with correctanswers
While performing duties for the business, all of the following would be an insured under Business
Liability Coverage of a partnership's businessowners policy (BOP), EXCEPT:
- .......🔷ANSWERS🔶......✔✔ All executive officers of an LLC.
Which one of the following would be covered under the Extra Expense insuring agreement of the
Business Income (and Extra Expense) Coverage Form? - .......🔷ANSWERS🔶......✔✔ Costs to move
office equipment to a substitute location.
An intangible asset resulting from a collection of perceptions and opinions, past and present, about
an organization that resides in the consciousness of its stakeholders is known as an organization's:
- .......🔷ANSWERS🔶......✔✔ Reputation.
Ivan is a commercial insurance producer looking to expand his book of business. He is researching
local businesses trying to determine which businesses might be eligible for the businessowners
policy (BOP) and which would not be eligible. Which one of the following businesses would be
ineligible for BOP coverage? - .......🔷ANSWERS🔶......✔✔ Amusement parks are generally not
eligible for BOP coverage. Retail stores, small restaurants with limited cooking, and trade contractors
are generally eligible for BOP coverage.
Marlene is a producer for East Goshen Mutual. She recently met with the owners of Sugartown
Farms to try and determine if they are eligible for the ISO businessowners policy (BOP). Which one
of the following facts about Sugartown Farms would prevent it from being eligible for the BOP?
- .......🔷ANSWERS🔶......✔✔ Sugartown Farms has a restaurant with a bar for local patrons.
Sugartown Industries insures its building and personal property under the commercial property
coverage part of a commercial package policy (CPP). Following a lightning storm, a portion of the
building was damaged from a small fire. The operations manager pulled out the CPP to make sure
that the building was covered for this type of loss. Which one of the following components of the
commercial property coverage part would provide the operations manager with information on the
covered perils? - .......🔷ANSWERS🔶......✔✔ The causes of loss form. The three types of cause of
, loss forms - Basic, Broad, and Special - allow the insured to select, or the underwriter to offer, a range
of covered perils.
Under the Commercial General Liability (CGL) Coverage Form, medical payments coverage applies
to which one of the following situations? - .......🔷ANSWERS🔶......✔✔ Sara is a volunteer helping
the named insured clean up their grounds.
Which one of the following causes of loss is covered by the commercial property policy Causes of
Loss—Broad Form but not the Basic Form? - .......🔷ANSWERS🔶......✔✔ Falling objects.
The Property Custody Company (PCC) stores customer property for a fee. PCC is insured under a
bailees' customers policy. One day, due to the negligence of an unrelated party and not due to any
negligence of PCC, property owned by one of PCC's customers is destroyed while in PCC's custody.
Which one of the following describes how PCC's insurer will handle the claim for the damage to
PCC's customer's property under PCC's bailees' customers policy? - .......🔷ANSWERS🔶......✔✔ It
will pay the claim because PCC's policy covers damage to customers' goods in its possession
regardless of negligence.
A private company posted a video on the internet introducing a new product. The music used in the
video was from a copyrighted song. When the company sought coverage under Part B of their
Commercial General Liability (CGL) Coverage Form after a claim was filed against them for
damages, coverage will most likely be excluded based on which one of the following exclusions?
- .......🔷ANSWERS🔶......✔✔ Coverage for infringement of copyright, patent, trademarks, or trade
secret are excluded unless it occurs in an advertisement exclusion.
Devon Distributing purchased smart watches for all their long haul drivers. The devices were
monitored from the headquarters so the location of the driver was always known to Devon
management. The watches could also send text messages and accept phone calls, so there was
constant communication. This allowed Devon management to respond immediately in the event of
an emergency or failure of a vehicle. This network is an example of: - .......🔷ANSWERS🔶......✔✔
The Internet of Things.
Business income insurance covers which one of the following types of losses that could result from a
fire? - .......🔷ANSWERS🔶......✔✔ The extra expenses for renting a temporary office.
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