Exam (elaborations)
AINS 103 Q&A
- Course
- Institution
Exam of 7 pages for the course AINS 103 at AINS 103 (AINS 103 Q&A)
[Show more]
Content preview
AINS 103 Q&ALoss exposure - Answer-Any condition or situation that presents a possibility of loss,
whether or not an actual loss occurs.
Property loss exposure - Answer-A condition that presents the possibility that a person
or an organization will sustain a loss resulting from damage (including destruction,
taking, or loss of use) to property in which that person or organization has a financial
interest.
Real property (realty) - Answer-Tangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land.
Personal property - Answer-All tangible or intangible property that is not real property
Business personal property - Answer-Stock, furniture, fixtures, equipment and
machinery, tenant's improvements and betterments, and other personal property owned
by the insured
Fixture - Answer-Any personal property affixed to real property in such a way as to
become part of the real property
Money - Answer-Currency, coins, bank notes, and sometimes traveler's checks, credit
card slips, and money orders held for sale to the public
Securities - Answer-Written instruments representing either money or other property,
such as stocks and bonds
Peril - Answer-The cause of a loss
Business income insurance - Answer-Insurance that covers the reduction in an
organization's income when operations are interrupted by damage to property caused
by a covered peril
Business interruption - Answer-Loss of revenue that a business or another organization
sustains because its operations are suspended as a result of physical injury to its
property
Profit - Answer-Net income that results when revenues exceed expenses
Continuing expenses - Answer-Expenses that continue to be incurred during a business
interruption
Extra expenses - Answer-Expenses, in addition to ordinary expenses, that an
organization incurs to mitigate the effects of a business interruption
, Liability - Answer-A legal responsibility for the consequences of an act or omission
Liability loss exposure - Answer-Any condition or situation that presents the possibility of
a claim alleging legal responsibility of a person or business for injury or damage
suffered by another party
Personal loss exposure - Answer-Any condition or situation that presents the possibility
of a financial loss to an individual or a family by such causes as death, sickness, injury,
or unemployment
Bailee - Answer-The party temporarily possessing the personal property in a bailment
Marine insurance - Answer-Insurance that, in the U.S., includes both ocean and inland
marine coverage and, in the rest of the world, is limited to insurance for vessels and
cargo
Inland marine insurance - Answer-Insurance that covers many different classes of
property that typically involve an element of transportation on land
Ocean marine insurance - Answer-Insurance that covers vessels and their cargoes,
including various vessel-related liability exposures
Workers compensation - Answer-A system that pays lost wages, medical and vocational
rehabilitation expenses, and death benefits to injured workers or their dependents for
employment-related injuries and diseases
Workers compensation statute - Answer-A statute that obligates employers, regardless
of fault, to pay specified medical, disability, rehabilitation, and death benefits for their
employees' job-related injuries and diseases
Occupational disease - Answer-Disease thought to be caused by work or the work
environment
Employee - Answer-A person who is (1) currently employed by the insured or an ex-
employee terminated within the past 30 days; (2) compensated by the insured by salary,
wages, or commissions; and (3) subject to the control and direction of the insured.
Independent contractor - Answer-A person (or organization) hired to perform services
without being subject to the hirer's direction and control regarding work details
Employee leasing - Answer-An arrangement in which a third party provides a firm with
employees for a fee
Cyber risk - Answer-The possibility that data will end up in the possession of a party
who is not authorized to have that data and who can use it in a manner that is harmful
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 biggdreamer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now