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AINS 102 Course Quiz|50 Questions and Answers
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AINS 102 Course Quiz|50 Questionsand Answers
Patrick's car is 12 years-old and has been driven for over 100,000 miles. He
has decided that instead of continuing to pay insurance premium for
coverage for property damage to his car, he will put the money aside to save
for a new car. Which one of the following risk management techniques is
Patrick using?
A) Loss reduction
B) Avoidance
C) Retention
D) Diversification - -C
-Heather and Jeff had the roof blown off their home during a recent storm.
Which one of the following best expresses the financial outcome they are
currently experiencing?
A) Lost income
B) Reduction in property value
C) Increased expenses
D) No change in their financial outcome - -B
-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 - -D
-SF Poultry learned that a number of individuals had become ill and
hospitalized after eating chicken from one of its processing plants. The
company did not advise the public or its distributors of the problem, and
made no effort to recall the spoiled product. Over 50 individuals ended-up
becoming ill from the spoiled chicken. SF Poultry was found liable in court. In
addition to having to pay the medical and hospital bills for the injured
individuals, damages were levied against SF Poultry to punish the company
, for its reckless and deceitful actions. These damages that were levied
against SF Poultry are known as
A) Punitive damages.
B) Special damages.
C) General damages.
D) Necessary damages. - -A
-Which one of the following is considered a high-risk driver?
A) Stacey was involved in a deadly car accident.
B) Mark was caught and convicted of driving under the influence of alcohol
C) Martin can only qualify for the most expensive auto insurance
D) Cyndy cannot obtain insurance from a private insurer - -B
-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 is
A) Compulsory auto insurance law coverage
B) Residual market coverage
C) Personal injury protection coverage
D) Financial responsibility law coverage - -C
-All of the following are true of the HO-3 Special Form, EXCEPT:
A) The HO-3 is designed for owners who occupy their dwelling or choose to
rent it.
B) The HO-3 can be modified for special needs through available
endorsements.
C) The HO-3 is typically used as a basis for understanding other HO coverage
forms.
D) The HO-3 meets the property and liability coverage needs of most
families. - -A
-Which one of the following is true regarding the use of technology in home
risk management?
A) Smart devices in the home have reaffirmed the need for existing claims
data to assess risk.
B) Data gathered from sensors is used by insurers for personalized pricing
and claims handling.
C) Sensors are generally regarded as useful in loss prevention, but not in loss
reduction.
D) Technology is more prevalent, abundant, and useful in homes than in
automotive environments. - -B
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