AINS 101 Exam Prep Questions and Answers
1: What does AINS stand for in the context of insurance? - correct answer - AINS stands for Associate in General Insurance.
2: What is the primary focus of the AINS 101 exam? - correct answer -
The primary focus of the AINS 101 exam is to test knowl...
1: What does AINS stand for in the context of insurance? - correct answer -
AINS stands for Associate in General Insurance.
2: What is the primary focus of the AINS 101 exam? - correct answer -
The primary focus of the AINS 101 exam is to test knowledge on insurance
principles, practices, and policies.
3: What is risk management in insurance? - correct answer -
Risk management is the process of identifying, assessing, and controlling
threats to an organizations capital and earnings.
4: What is the definition of insurance? - correct answer -
Insurance is a contract in which an individual or entity receives financial
protection or reimbursement against losses from an insurance company.
,5: What is a premium in insurance terms? - correct answer -
A premium is the amount of money an individual or business must pay for
an insurance policy.
6: What is an insurance policy? - correct answer -
An insurance policy is a contract between the insurer and the insured,
outlining the terms and conditions of the insurance coverage.
7: What is underwriting in insurance? - correct answer -
Underwriting is the process by which insurers evaluate the risk of insuring
a particular individual or asset and decide the terms and cost of the
insurance policy.
8: What is a claim in insurance? - correct answer -
A claim is a formal request by the insured to the insurance company for
payment or compensation for a covered loss or policy event.
, 9: What is the principle of indemnity? - correct answer -
The principle of indemnity states that insurance policies should provide a
benefit no greater than the loss suffered by the insured.
10: What is a deductible? - correct answer -
A deductible is the amount that the insured must pay out-of-pocket before
the insurance company pays a claim.
11: What is the difference between a peril and a hazard? - correct answer -
A peril is a specific risk or cause of loss covered by an insurance policy,
while a hazard is a condition that increases the likelihood or severity of a
loss.
12: What is reinsurance? - correct answer -
Reinsurance is insurance that an insurance company purchases from
another insurance company to mitigate risk.
13: What is the law of large numbers in insurance? - correct answer -
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