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AINS 102 Practice Exam/50 Q’S WITH A’S
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AINS 102 Practice Exam/50 Q’S WITH A’S
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AINS 102 Practice Exam/50 Q’S WITH A’SInland marine floaters are flexible and can be used to cover both common
and unusual exposures. Inland marine floaters provide the producer with the
opportunity to address and sell coverage for: - -B. Property not adequately
covered by the homeowners policy.
-Jack and Linda are meeting with their insurance agent to review their
homeowners and auto policies. The agent has suggested that they add an
umbrella policy. Which one of the following is the best reason the agent will
likely provide for purchasing this coverage? - -A. To provide increased limits
for large jury awards
-The HO-5 policy is designed to meet the risk management needs of - -A.
Owner-occupants of dwellings who would like the broadest coverage
available among ISO's forms for their property.
-Coverage A—Dwelling of an HO-3 policy applies to which one of the
following? - -A. Deck attached to the insured dwelling
-Which one of the following is considered real property? - -B. A brick storage
shed
-Joe keeps a tiger cub as a pet in his fenced-in backyard. The tiger escapes
and bites a neighbor's child who requires stitches. Joe argues that keeping
the tiger violated no law and that he took every precaution to restrain the
tiger. Even if Joe is correct, he might face a claim for damages based upon
which one of the following? - -A. Absolute liability
-A claim for money damages because of injury to another party or damage
to another party's property best describes - -C. A liability loss.
-Which one of the following statements is true regarding no-fault automobile
insurance? - -B. Most no-fault laws apply only to bodily injury and not to
property damage.
-Sally has an unendorsed HO-3 policy. Sally's swimming pool was drained by
vandals who opened a drain valve. The water was replaced at a cost of
$2,500 to Sally, including labor to deliver and pump the water. The HO-3
policy - -A. Does not cover the cost of the replaced water.
-If a claim is paid under Coverage F—Medical Payments to Others of a
homeowners policy, a policy condition makes it clear that - -C. The payment
is not an admission of liability by the insured or the insurer.
, -Collision coverage under the Personal Auto Policy (PAP) - -A. Applies to
damage to a parked insured vehicle resulting from a passenger in another
parked vehicle opening its door.
-A retail chain sometimes requires its clerks to use their own cars to transfer
special order merchandise from one store to another. Tamika, one of its
employees, was moving items from one location to another in her station
wagon which is insured with a Personal Auto Policy (PAP). Tamika was injured
in an auto accident along the way, and her medical bills can be paid by her
employer's workers compensation insurance. Her medical payments
coverage under her PAP - -C. Will pay nothing.
-Defense costs coverage is included under Section II—Liability Coverages in
the HO-3 policy. This coverage - -B. Is supplemental to the liability limit.
-In which one of the following ways do Fair Access to Insurance
Requirements (FAIR) plans provide needed support for credit? - -A. Provide
adequate property insurance coverage.
-Small boat policies are designed to cover boats up to a certain size. Most of
these policies - -B. Are written on an actual cash value basis.
-A customer service representative (CSR) receives a visit from an 18-year-
old who is a new car owner. The customer owns a condominium and is living
on structured payments established from his deceased parents' estate. His
income is modest, so he would like to purchase minimum coverage limits.
The CSR recognizes that minimum limits might be inadequate for the
customer if he is responsible for an accident. Which one of the following
would be the CSR's best option for resolving this potential problem? - -B.
Educate the customer about automobile liability exposures, his assets at risk,
and coverage that is appropriate to protect his assets
-Jim and Sue, a young married couple, are under contract to purchase a
condominium unit. Which one of the following ISO policy forms is best
designed to meet their homeowners insurance needs? - -C. HO-6 policy
-In an HO-3 policy, the definitions - -C. Might be different from dictionary
definitions.
-Which one of the following is a key way in which cross-selling benefits
customers? - -Convenience
-Usage-based insurance (UBI) is - -C. A type of auto insurance in which the
premium is based on the policyholder's driving behavior.
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