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AINS 103 Simulated Exam Questions AND Answers latest update.
AINS 103 Simulated Exam Questions AND Answers latest update.
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AINS T103: TSimulated TExam TQuestions TAND TAnswers Tlatest
Tupdate
While T.performing T.duties T.for T.the T.business, T.all T.of T.the T.following T.would T.be T.an T.insured T.under
T.Business T.Liability T.Coverage T.of T.a T.partnership's T.businessowners T.policy T.(BOP), T.EXCEPT: T.-
T.Correct T.Answer T.- T.All T.executive T.officers T.of T.an T.LLC.
Which T.one T.of T.the T.following T.would T.be T.covered T.under T.the T.Extra T.Expense T.insuring
T.agreement T.of T.the T.Business T.Income T.(and T.Extra T.Expense) T.Coverage T.Form? T.- T.Correct T.Answer
T.- T.Costs T.to T.move T.office T.equipment T.to T.a T.substitute T.location.
An T.intangible T.asset T.resulting T.from T.a T.collection T.of T.perceptions T.and T.opinions, T.past T.and
T.present, T.about T.an T.organization T.that T.resides T.in T.the T.consciousness T.of T.its T.stakeholders T.is
T.known T.as T.an T.organization's: T.- T.Correct T.Answer T.- T.Reputation.
Ivan T.is T.a T.commercial T.insurance T.producer T.looking T.to T.expand T.his T.book T.of T.business. T.He T.is
T.researching T.local T.businesses T.trying T.to T.determine T.which T.businesses T.might T.be T.eligible T.for
T.the T.businessowners T.policy T.(BOP) T.and T.which T.would T.not T.be T.eligible. T.Which T.one T.of T.the
T.following T.businesses T.would T.be T.ineligible T.for T.BOP T.coverage? T.- T.Correct T.Answer T.-
T.Amusement T.parks T.are T.generally T.not T.eligible T.for T.BOP T.coverage. T.Retail T.stores, T.small
T.restaurants T.with T.limited T.cooking, T.and T.trade T.contractors T.are T.generally T.eligible T.for T.BOP
T.coverage.
Marlene T.is T.a T.producer T.for T.East T.Goshen T.Mutual. T.She T.recently T.met T.with T.the T.owners T.of
T.Sugartown T.Farms T.to T.try T.and T.determine T.if T.they T.are T.eligible T.for T.the T.ISO T.businessowners
T.policy T.(BOP). T.Which T.one T.of T.the T.following T.facts T.about T.Sugartown T.Farms T.would T.prevent T.it
T.from T.being T.eligible T.for T.the T.BOP? T.- T.Correct T.Answer T.- T.Sugartown T.Farms T.has T.a T.restaurant
T.with T.a T.bar T.for T.local T.patrons.
Sugartown T.Industries T.insures T.its T.building T.and T.personal T.property T.under T.the T.commercial
T.property T.coverage T.part T.of T.a T.commercial T.package T.policy T.(CPP). T.Following T.a T.lightning
T.storm, T.a T.portion T.of T.the T.building T.was T.damaged T.from T.a T.small T.fire. T.The T.operations
T.manager T.pulled T.out T.the T.CPP T.to T.make T.sure T.that T.the T.building T.was T.covered T.for T.this T.type
T.of T.loss. T.Which T.one T.of T.the T.following T.components T.of T.the T.commercial T.property T.coverage
T.part T.would T.provide T.the T.operations T.manager T.with T.information T.on T.the T.covered T.perils? T.-
, T.Correct T.Answer T.- T.The T.causes T.of T.loss T.form. T.The T.three T.types T.of T.cause T.of T.loss T.forms T.-
T.Basic, T.Broad, T.and T.Special T.- T.allow T.the T.insured T.to T.select, T.or T.the T.underwriter T.to T.offer, T.a
T.range T.of T.covered T.perils.
Under T.the T.Commercial T.General T.Liability T.(CGL) T.Coverage T.Form, T.medical T.payments T.coverage
T.applies T.to T.which T.one T.of T.the T.following T.situations? T.- T.Correct T.Answer T.- T.Sara T.is T.a
T.volunteer T.helping T.the T.named T.insured T.clean T.up T.their T.grounds.
Which T.one T.of T.the T.following T.causes T.of T.loss T.is T.covered T.by T.the T.commercial T.property T.policy
T.Causes T.of T.Loss—Broad T.Form T.but T.not T.the T.Basic T.Form? T.- T.Correct T.Answer T.- T.Falling T.objects.
The T.Property T.Custody T.Company T.(PCC) T.stores T.customer T.property T.for T.a T.fee. T.PCC T.is T.insured
T.under T.a T.bailees' T.customers T.policy. T.One T.day, T.due T.to T.the T.negligence T.of T.an T.unrelated
T.party T.and T.not T.due T.to T.any T.negligence T.of T.PCC, T.property T.owned T.by T.one T.of T.PCC's
T.customers T.is T.destroyed T.while T.in T.PCC's T.custody. T.Which T.one T.of T.the T.following T.describes
T.how T.PCC's T.insurer T.will T.handle T.the T.claim T.for T.the T.damage T.to T.PCC's T.customer's T.property
T.under T.PCC's T.bailees' T.customers T.policy? T.- T.Correct T.Answer T.- T.It T.will T.pay T.the T.claim T.because
T.PCC's T.policy T.covers T.damage T.to T.customers' T.goods T.in T.its T.possession T.regardless T.of
T.negligence.
A T.private T.company T.posted T.a T.video T.on T.the T.internet T.introducing T.a T.new T.product. T.The T.music
T.used T.in T.the T.video T.was T.from T.a T.copyrighted T.song. T.When T.the T.company T.sought T.coverage
T.under T.Part T.B T.of T.their T.Commercial T.General T.Liability T.(CGL) T.Coverage T.Form T.after T.a T.claim
T.was T.filed T.against T.them T.for T.damages, T.coverage T.will T.most T.likely T.be T.excluded T.based T.on
T.which T.one T.of T.the T.following T.exclusions? T.- T.Correct T.Answer T.- T.Coverage T.for T.infringement T.of
T.copyright, T.patent, T.trademarks, T.or T.trade T.secret T.are T.excluded T.unless T.it T.occurs T.in T.an
T.advertisement T.exclusion.
Devon T.Distributing T.purchased T.smart T.watches T.for T.all T.their T.long T.haul T.drivers. T.The T.devices
T.were T.monitored T.from T.the T.headquarters T.so T.the T.location T.of T.the T.driver T.was T.always T.known
T.to T.Devon T.management. T.The T.watches T.could T.also T.send T.text T.messages T.and T.accept T.phone
T.calls, T.so T.there T.was T.constant T.communication. T.This T.allowed T.Devon T.management T.to T.respond
T.immediately T.in T.the T.event T.of T.an T.emergency T.or T.failure T.of T.a T.vehicle. T.This T.network T.is T.an
T.example T.of: T.- T.Correct T.Answer T.- T.The T.Internet T.of T.Things.
Business T.income T.insurance T.covers T.which T.one T.of T.the T.following T.types T.of T.losses T.that T.could
T.result T.from T.a T.fire? T.- T.Correct T.Answer T.- T.The T.extra T.expenses T.for T.renting T.a T.temporary
T.office.
Smith T.Stores T.had T.net T.income T.of T.$5,000 T.per T.month T.in T.the T.12 T.months T.before T.a T.covered
T.business T.income T.loss. T.The T.store T.is T.unable T.to T.reopen T.for T.three T.months. T.During T.that
T.time, T.continuing T.expenses T.totaled T.$6,000. T.What T.is T.the T.amount T.of T.Smith T.Stores' T.business
T.income T.loss? T.- T.Correct T.Answer T.- T.$21,000. T.The T.business T.was T.interrupted T.for T.three