Exam (elaborations)
AINS 102 EXAM/142 QUESTIONS WITH ANSWERS
- Course
- Institution
AINS 102 EXAM/142 QUESTIONS WITH ANSWERS
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
AINS 102 EXAM/142 QUESTIONSWITH ANSWERS
Property loss exposure - -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) - -Tangible property consisting of land, all structures
permanently attached to the land, and whatever is growing on the land.
-Personal property - -All tangible or intangible property that is not real
property.
-Deductible - -A portion of a covered loss that is not paid by the insurer.
-Liability loss exposure - -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.
-Damages - -Money claimed by, or a monetary award to, a party who has
suffered loss or injury for which another party is legally responsible.
-Special damages - -A form of compensatory damages that awards a sum of
money for specific, identifiable expenses associated with the injured person's
loss, such as medical expenses or lost wages.
-General damages - -A monetary award to compensate a victim for losses,
such as pain and suffering, that do not involve specific, measurable
expenses.
-Punitive damages - -A payment awarded by a court to punish a defendant
for a reckless, malicious, or deceitful act to deter similar conduct; the award
need not bear any relation to a party's actual damages.
-Civil law - -A classification of law that applies to legal matters not governed
by criminal law and that protects rights and provides remedies for breaches
of duties owed to others.
-Criminal law - -The branch of the law that imposes penalties for wrongs
against society.
-Tort - -A wrongful act or an omission, other than a crime or a breach of
contract, that invades a legally protected right.
, -Negligence - -The failure to exercise the degree of care that a reasonable
person in a similar situation would exercise to avoid harming others.
-Intentional tort - -A tort committed by a person who foresees (or should be
able to foresee) that his or her act will harm another person.
-Strict liability - -Liability imposed by a court or by a statute in the absence
of fault when harm results from activities or conditions that are extremely
dangerous, unnatural, ultrahazardous, extraordinary, abnormal, or
inappropriate.
-Compulsory auto insurance law - -Law that requires the owners or
operators of automobiles to carry automobile liability insurance at least
equal to certain minimum limits before the vehicle can be licensed or
registered.
-Financial responsibility laws - -Law enacted to ensure that motorists have
the financial ability to pay for any property damage or bodily injury they
might cause as a result of driving or owning an auto.
-Personal injury protection (PIP) coverage - -Coverage that pays benefits,
regardless of fault, for medical expense, income loss, and other benefits,
resulting from bodily injury to occupants of a covered auto.
-Residual market - -The term referring collectively to insurers and other
organizations that make insurance available through a shared risk
mechanism to those who cannot obtain coverage in the admitted market.
-Internet of Things (IoT) - -A network of objects that transmit data to each
other and to central hubs through the internet.
-First party - -The insured in an insurance contract.
-Open perils coverage - -A type of policy or coverage that insures against
risks of direct physical loss except for those specifically excluded or limited
by the policy.
-Named perils coverage - -An insurance policy in which the covered causes
of loss are listed or "named" in the policy.
-D. Underground pipes - -All of the following items are examples of personal
property, EXCEPT:
A. Sports equipment
B. Silverware
C. A fishing boat
, D. Underground pipes
-C. The detached garage - -John is a recent homeowner and is considering
the insurance coverages he needs for his home and contents. If damaged by
a peril covered by a homeowners policy, which one of the following would be
considered part of John's real property?
A. The desk top computer
B. The boat in the driveway
C. The detached garage
D. The hockey net and equipment
-C. Intentional tort - -Paul was charged with assault and battery after he
punched and injured his neighbor Tom, who repeatedly walked his dog on
Paul's property. Which one of the following types of tort does this represent?
A. Strict liability
B. Negligence
C. Intentional tort
D. Exemplary tort
-D. Mental distress compensation - -Sophie was involved in an auto accident
with another vehicle. The driver of the other vehicle was seriously injured.
The individual spent 10 days in the hospital, missed 2 months of work, and
continues to experience mental distress. The other vehicle was also
damaged, with repair costs of $5,000. It was determined that Sophie was
liable for the damages because she ran a red light and caused the accident.
Which one of the following damages would be considered general damages?
A. Damages to the vehicle
B. Hospital and medical bills
C. Two months of lost wages
D. Mental distress compensation
-B. The residual market. - -Insurers and other organizations that make
insurance available to those who are unable to obtain coverage from the
standard market are collectively called
A. A reinsurance facility.
B. The residual market.
C. The secondary market.
D. An automobile insurance plan.
-C. State regulators require that rates be adequate, reasonable, and not
unfairly discriminatory. - -Which one of the following statements is true
regarding automobile insurance rating?
A. State regulators require that all insurers offer discounts on auto rates for
passive restraints.
B. Most insurers base automobile rates on primary rating factors and do not
consider any other factors in establishing rates.
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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76462 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now