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AINS 101 Latest Update Actual Exam with Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor

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  • September 15, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AINS 101 Latest Update 2024-2025 Actual Exam
with Questions and 100% Verified Correct
Answers Guaranteed A+ At First Attempt Verified
By Professor

A liability loss has the following damages:
Medical expenses:
$
10,000
Damages for disfigurement:
$
50,000
Damages for pain and suffering:
$
100,000
What is the amount of special damages?
Select one:
A. $ 10,000
B. $ 50,000
C. $100,000
D. $160,000 - CORRECT ANSWER: A. $ 10,000


A stock insurer differs from a reciprocal insurance exchange in which one of the
following ways?
Select one:
A. Stockholders own a stock insurer. Members own a reciprocal insurance exchange.
B. Both are owned by stockholders. However, the reciprocal insurance exchange
provides coverage to investors.

,C. Both are formed to provide profit to investors. However, the stock insurer is managed
through a board of directors.
D. A stock insurer provides insurance to its policyholder-owners. A reciprocal insurance
exchange provides insurance to investors. - CORRECT ANSWER: A. Stockholders own
a stock insurer. Members own a reciprocal insurance exchange.


All of the following are sources of underwriting information to evaluate an insurance
submission, EXCEPT:
Select one:
A. Underwriting authority reports
B. Applications
C. Telematics
D. Inspection reports - CORRECT ANSWER: A. Underwriting authority reports


Allian Insurance Company is a growing regional insurer selling policies in three states,
specializing in personal auto and homeowners policies. Which one of the following is
most likely true regarding Allian and the policies it sells?
Select one:
A. The manuscript forms that Allian issues are developed by ISO.
B. Allian offers modular policies for coverages common to a large number of its
insureds.
C. Customized coverages are usually issued through a self-contained policy.
D. Allian issues more preprinted policies than manuscript forms. - CORRECT ANSWER:
D. Allian issues more preprinted policies than manuscript forms.


At Greenfield Insurance Company, Bernadette and Rachel are corporate underwriters,
and Tomas and Jose are field underwriters. All of the following are underwriting activities
typically performed by corporate (or staff) underwriters like Bernadette and Rachel,
EXCEPT:
Select one:
A. Conduct underwriting audits
B. Formulate underwriting policy

, C. Research the market
D. Support producers and insureds - CORRECT ANSWER: D. Support producers and
insureds


Because insurance contracts impose an obligation for ethical practices and behaviors
on the parties while dealing with one another, an insurance contract is called a
Select one:
A. Contract of indemnity.
B. Conditional contract.
C. Contract of utmost good faith.
D. Contract of adhesion. - CORRECT ANSWER: C. Contract of utmost good faith.


Because the insurance company usually determines policy wording and the insured has
little choice but to "take it or leave it," an insurance contract is a
Select one:
A. Contract of adhesion.
B. Contract of indemnity.
C. Nontransferable contract.
D. Bilateral contract. - CORRECT ANSWER: A. Contract of adhesion.


Bill is an insurance producer for and employed by ABC Insurance Company (ABC). He
represents only ABC when marketing insurance products, and uses an administrative
staff also employed by ABC. Bill is a producer in the
Select one:
A. Captive agency marketing system.
B. Direct writer marketing system.
C. Exclusive agency marketing system.
D. Independent agency marketing system. - CORRECT ANSWER: B. Direct writer
marketing system.

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