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AINS 102 Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!
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AINS 102 Questions And Answers Latest 2024/ 2025 Graded A+ | 100% Verified!
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AINS 1021.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.
2.Real property (realty): Tangible property consisting of land, all
structures perma- nently attached to the land, and whatever is growing
on the land.
3.Personal property: All tangible or intangible property that is not rea
property.
4.Deductible: A portion of a covered loss that is not paid by the insurer.
5.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.
,6.Damages: Money claimed by, or a monetary award to, a party who
has suffered loss or injury for which another party is legally responsible.
7.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.
8.General damages: A monetary award to compensate a victim for
losses, such as pain and suffering, that do not involve specific,
measurable expenses.
9.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.
10.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.
,11.Criminal law: The branch of the law that imposes penalties for
wrongs against society.
12.Tort: A wrongful act or an omission, other than a crime or a breach of
contract, that invades a legally protected right.
13.Negligence: The failure to exercise the degree of care that a
reasonable person in a similar situation would exercise to avoid
harming others.
14.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.
15.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.
16.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.
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