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AINS 102 Ch 1 Exam/27 Questions and Answers
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AINS 102 Ch 1 Exam/27 Questionsand Answers
When property is damaged, individuals sustain certain financial
consequences as a result of the damage. These consequences can include
Select one:
A. Increased expenses.
B. Coverage termination.
C. Increased premiums.
D. Policy endorsements. - -A. Increased expenses.
-Which one of the following statements regarding assets exposed to loss is
true?
Select one:
A. Real property includes intangible property.
B. Earthquake damage to a swimming pool is an example of a personal
property exposure.
C. Personal property includes only tangible property.
D. Lightning damage to a tree is an example of a real property loss exposure.
- -D. Lightning damage to a tree is an example of a real property loss
exposure.
-Which one of the following is a form of compensatory damages?
Select one:
A. Real damages
B. Punitive damages
C. Special damages
D. Exemplary damages - -C. Special damages
-All of the following could lead to a liability loss for a family, EXCEPT:
Select one:
A. The daughter, who is 16 years old, sideswipes a neighbor's car and dents
its fender while driving her own car.
B. The father trips on a broom he left lying in the driveway and breaks his
arm.
C. A guest slips on an icy sidewalk in front of the family's home and breaks
his leg.
D. The son, who is 13 years old, throws a rock at a classmate who requires
stitches for an injury to his head. - -B. The father trips on a broom he left
lying in the driveway and breaks his arm.
-Under the tort liability system, injured accident victims must prove that
Select one:
A. Another party was at fault before they can collect damages.
, B. They are unable to purchase insurance from another source before they
can collect damages.
C. The insurance limits they have purchased are equal to or greater than the
state minimum limits before they can collect damages.
D. They have met the financial responsibility laws of the state before they
can collect damages. - -A. Another party was at fault before they can collect
damages.
-Which one of the following is used by the majority of states to compensate
auto accident victims?
Select one:
A. Personal injury protection coverage
B. Tort liability system
C. Uninsured motorist coverage
D. Unsatisfied judgment funds - -B. Tort liability system
-Estelle and Richie are very conservative and want to purchase insurance to
"cover everything" in order to lessen the worries of home ownership. Which
one of the following ISO forms will provide them dwelling and personal
property insurance with the broadest possible coverage?
Select one:
A. HO-2 Broad Form
B. HO-3 Special Form
C. HO-5 Comprehensive Form
D. HO-8 Modified Form - -C. HO-5 Comprehensive Form
-Which one of the following is true regarding the use of technology in home
risk management?
Select one:
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. Technology is more prevalent, abundant, and useful in homes than in
automotive environments.
D. Sensors are generally regarded as useful in loss prevention, but not in loss
reduction. - -B. Data gathered from sensors is used by insurers for
personalized pricing and claims handling.
-Installing burglar alarms, storing vehicles in a garage, and maintaining
vehicles in good working order are all examples of which one of the
following?
Select one:
A. Risk retention
B. Transfer of risk
C. Risk control
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